Decentralized exchange (DEX) Gains Network has recorded over $1.5 billion in trading volume on the Arbitrum blockchain nearly a month after being deployed.
Gains Network was initially released on Polygon and has contributed to the recent rising transactional activity on that network. It allows users to trade financial derivatives of various assets, such as tokens, U.S. stocks and indices by matching user trades using smart contracts.
Such offerings have piqued the interest of global traders, who may otherwise be unable to trade U.S.-listed instruments without relying on banks and complying with extensive Know You Customer (KYC) requirements.
Data shows that the platform has processed over $25 billion worth of trading volume – all without relying on third parties – on the Polygon and Arbitrum networks. Stakers are earning 10% on their deposited GNS tokens as of Friday.
The $1.5 billion in trading volume on Arbitrum has generated $1.1 million in fees for users providing liquidity to the platform, data from Dune Analytics shows, which has added to the utility of the platform’s native GNS token.
Over $220 million in trading volume was processed in the past 24 hours. Over $120 million of that came from crypto derivatives and $70 million from products tracking foreign currency, with the remaining spread over U.S.-listed stocks such as Apple (APPL) and Amazon (AMZN), and indices.
As such, Gains Network earlier this week started a trading contest with $100,000 in total rewards for traders, which may have contributed to a recent bump in volume.
GNS tokens have increased in value by 40% over the past week, with market capitalization rising to $173 million at writing time on Friday.
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