what's gains network?
Gains Network is a decentralized finance (DeFi) protocol that powers gTrade, a liquidity-efficient platform for leveraged perpetual trading on synthetic assets. It enables users to trade a wide range of markets including cryptocurrencies, forex, stocks, indices, and commodities with high leverage options—up to 150x on crypto, 1000x on forex, and 250x on commodities—without relying on centralized intermediaries. The platform uses a unique synthetic architecture for capital efficiency, low fees, and isolated positions to minimize liquidation risks. The native $GNS token serves as a utility and governance asset, allowing holders to stake for fee discounts, earn revenue shares, and participate in protocol decisions. Recent developments include integrations with platforms like vooi_io for RWA perpetuals and 500x leverage, MUX for better order routing, and expansions to new trading pairs, alongside milestones like surpassing $100B in total trading volume and $65M in revenue without VC funding or token inflation.
Gains Network saw $50M XAG volume, 0% gUSDC PnL burn, and significant GNS token deflation.
contract
polygon-pos
apechain
base
arbitrum-one
Reached $50M in trading volume on XAG (silver) in a 24-hour period on March 3, 2026.
underwent internal restructuring with new leads stepping up and recalibrated bandwidth allocation
reduced PnL burn for the gUSDC vault from 15% to 0% while maintaining trading fee buybacks
Burned 755,000 GNS tokens in February 2026, marking one of the two most deflationary months in gTrade history occurring back-to-back.
Included in Blockworks Token Transparency Filings with a score of 38.5 out of 40.
Adjusted PnL burn for gUSDC vaults from 15% to 10%, while other vaults and collaterals remain unchanged.
Integrated GNS/USDM liquidity pool on Kumbaya into the MegaETH stack, powering GNS buybacks and burns tied to gTrade activity and MegaETH trading fees.
Reached Top 10 in TVL on MegaETH according to DeFiLlama.
Burned 25.7% of the total GNS supply during 2025.
Allocates over 55% of revenue to buybacks and burns as part of its deflationary tokenomics design.
Integrated with fundingfarmer for funding rate tracking on MegaETH deployment.
Deployed gTrade on MegaETH mainnet on 2026-02-09 as the first perpetual DEX with Bad Bunnz community, offering 280+ markets, up to 1000x leverage, USDm-fueled perpetual futures, and 1-click trading.
Achieved $2 billion in cumulative perpetual trading volume over the 30-day period ending approximately February 5, 2026.
Opens gUSDm vault in the week starting February 3, 2026.
Completed integration with DexPal, with gTrade's markets, campaigns, and trading benefits now fully reflected on the platform.
Enabled trading of $URA, $BRENT, and $URNM on gTrade across Solana and Arbitrum, with 50% discounted fees on URNM and URA uranium trading pairs.
Added XMR as a core market on gTrade with higher open interest limits, lower holding fees, and up to 150x leverage.
Listed AXS (Axie Infinity) trading pair on gTrade platform with up to 150x leverage available.
Listed LIT for crypto trading.
Commodities trading surged to 45.8% of all trading activity during the week of December 9, 2025, driven largely by XAG pair activity.
Released 2026 roadmap outlining strategic priorities and vision for the year.
Major integrations completed with Bloomberg Terminal, LSEG (Refinitiv), and Bybit for Volmex indices. BVIV and EVIV Index-linked perpetuals on Base and Arbitrum surpass $80m in trading volume, and Volmex Prime Rate Indices launch.
Enters DefiLlama's top-100 revenue dashboard at #74 with $143,168 in 7-day revenue, with gTrade deployment on Mega tracked.
Symphony Smart Wallet integration automatically counts trades for the competition without requiring extra steps.
Partnership with Carrotfunding offers ten $10K trading challenges to the community, ending in one week.
New trading competition "Naughty or Nice" runs December 3-24 with over $300K USDC in rewards, while 608K GNS tokens burn over last 30 days pushes total supply below 27 million, and gDAI vault sunsets with migration to gUSDC vault as gUSDC vault burn pauses temporarily during the competition.
gUSDC integrates with Equilibria platform offering vePENDLE boosted yields on Arbitrum with fast PENDLE reward distribution and 24/7 security monitoring.
HIP-3 protocol proposal will expand volatility perpetual products beyond existing BVIV and EVIV offerings on the platform.
Coinbase Ventures names the project among leading teams developing RWA perpetual futures in a forward-looking analysis of 2026 crypto trends.
Achieved sub-25 million GNS supply, burned over 1.5 million GNS year-to-date in 2026, representing more than 6% of current supply.
P/S ratio stands at 3.31 according to DeFiLlama data, positioning the protocol as undervalued compared to Hyperliquid's 7.64 ratio and ranking among cheaper protocols by this valuation metric.
Trick or Trade competition generates $2.6 billion in total volume and burns over 750K GNS tokens with burn APY above 40%, while VOOI integration surpasses $1 billion in routed volume and gTrade lists on CoinGecko's perpetual DEX index.
Stage III token burn reaches 695K tokens (2.5% of supply) in 30 days as of November 9, while v10.3 goes live with GNS staking fee discounts and Virtual Orderbook feature aggregating market-wide liquidity depth. Carrot Funding integrates as on-chain prop firm partner, and unique users grow 60% to 450+ wallets from 280 previously.
Trading competition prize pool expands to up to $400k USDC in prizes plus instant stable rewards, with all trades routed through MUX automatically entering gTrade's Trick or Trade contest.
Quarter-over-quarter revenue grows +16% to $2.9m, with the project trading below 6× revenue valuation.
MUX completes integration with v10 contracts, providing access to 277 pairs covering TradFi assets including Commodities, Indices, Stocks, and Forex.
A $200k trading competition launches for BVIV and EVIV Index perpetuals on Arbitrum, rewarding top 200 traders by realized/withdrawn PnL with USDC collateral only, ending November 19.
MUX protocol routes Forex trades through Gains Network with up to 1000x leverage available.
gTrade v10.3 introduces fee discounts for $GNS stakers, with fees dropping to 0.0125% on core pairs and 0.0031% on counter trades for top staking and volume tiers.
Staking vault on Arbitrum offers approximately 15% APY with variable rewards tied to trading activity and overcollateralization protection for stakers.
v10.2 launches with Virtual Order Book UI, tighter spreads, increased Open Interest on Arbitrum USDC pairs, and fees reduced from 6bps to 5bps across all chains and collaterals. $GNS circulating supply drops below 28 million with 442k tokens burned in the last 30 days, while new listings include $TURTLE, $METEORA, and $USELESS.
Gains obtains Malta MiCA License for European market expansion.
DEGEN pairs now account for a major share of gTrade's trading volume, featuring 500x leverage, 0.02% fee, and zero slippage.
Integrates $400K "Trick or Trade" competition with Symphony Terminal via Symp_AI. Listed on Arbitrum One with Variational, Ostium Labs, GMX, Boros, and Carbon Terminal.
Trading competition with $400k in rewards is underway with reportedly limited competition.
An unofficial perpetual DEX ranking places the protocol in 18th position out of 18 listed platforms.
Placed #17 out of 18 perpetual DEXs in an unofficial competitive ranking.
Systems remained operational during October 10 network congestion event despite 50x increase in gas costs, though 50% of orders executed at market prices during peak congestion and 1-Click Trading experienced stuck transactions on Arbitrum.
VOOI partnership goes live generating 30M volume, XRP DEGEN pairs launch on Arbitrum and Solana with $50M weekly volume, and twelve new tokens list ($FLUID, $NOM, $SOMI, $HEMI, $FF, $AVNT, $APEX, $DRIFT, $ORDER, $MYX, $ZEC). Base chain accounts for 50% of platform volume.
Platform launches XRP and BNB DEGEN pairs with 500x leverage generating over $50M volume in 7 days, adds VOOI integration partner bringing 30M volume since Friday launch, and lists 12 new trading pairs ($FLUID, $LQTY, $NOM, $SOMI, $HEMI, $FF, $AVNT, $APEX, $DRIFT, $ORDER, $MYX, $ZEC). v10.2 protocol update nears completion with GNS staking infrastructure for trading fee tier reductions, while circulating supply approaches 28M from 29.48M through continued deflation.
Platform goes live on vooi_io featuring Real World Asset perpetuals and 500x leverage on blue chip assets. A $5,000 trading bonanza competition launches alongside the integration.
Platform lists $LQTY token for trading.
Platform launches support for multiple BNB ecosystem tokens including $BNBDEGEN, $BROCCOLI, $BGSC, $CAKE, $TST, $FLOKI, $FORM, and $BANANAS31 with up to 500x leverage, enabling direct trading without requiring users to bridge to BSC.
gTrade-powered forex and commodities trading will soon be available directly from the Dopamine Terminal, expanding platform accessibility through a new integration.
New trading pairs $XPL, $ASTER, $SKY, $CRO, and $OKB launch on the platform with $ASTER and $XPL generating over $15M in volume as core markets. Version 10.2 development progresses with improved fulfillment through depth bands technology, while a $200k trading competition and GNS token holder fee discount system are in preparation.
Five new trading pairs ($XPL, $ASTER, $SKY, $CRO, $OKB) launch on gTrade with $ASTER and $XPL generating over 15 million in volume as core markets. Protocol update v10.2 approaches with improved order fulfillment, GNS fee discounts based on staking tiers are in development, and a $200k trading competition is being prepared as part of the v10 growth campaign.
gUSDC vaults rank #1 on Polygon with 21% lifetime return and #15 across large vaults on Base with 13% lifetime return.
New v10.1 upgrades launch featuring signed prices for limit orders and faster execution times of 0.25 seconds with reduced gas loads on oracles.
BVIV and EVIV perpetuals reach 42M in trading volume with 10k trades, representing 14x growth from previous reports.
New integration with MUX aggregator enables multi-venue order routing and competitive fill rates.
Volmex Index-linked perpetuals achieve highest daily trading volume since launch on gTrade platform.
Trading volume surpasses $100B with $65M in cumulative revenue generated
Protocol achieves $100B trading volume and $65M+ revenue milestone without VC funding or token inflation.
Trading capability expands with 150x leverage offering on SPK and Volmex Finance volatility indices.
$500,000 BtcUSD deposit into gBTCUSD vault marks enhanced Bifrost Network partnership.
Fee yield at 20.92% with 7.67% LB fees buying token, trading at 2.9x discount versus competitor despite 3x better yield metrics.
BtcUSD trading volume exceeds $250M on Base, while new Bifrost Network integration develops.
V10 upgrade introduces exact position sizing and eliminates fee-based size reductions, improving trade execution precision.
BVIV and EVIV index perpetuals reach $3M in cumulative trading volume, marking significant growth from $1.4M reported last week.
V10 platform upgrade launches next week, introducing funding fees and velocity model features.
BVIV and EVIV Index perpetuals record $1.4M trading volume in first week, projecting $74M annualized.
New MSTR trading pair launches with BTC hedging capability, enabling users to short MSTR using BtcUSD collateral in fully onchain trades.
New Kaito marketing campaign launches to increase awareness of RWA offerings and DEX capabilities.
Platform expands with 7 new RWA trading pairs and launches incentivized BtcUSD trading program backed by multi-million dollar liquidity on Base network.
New BtcUSD vault launches with multi-million dollar liquidity on Base network, while token burn accelerates with 600,000 tokens eliminated in past 30 days.
New gUSDC pool launches on Penpiexyz offering 13% APY with boosted PENDLE rewards on Arbitrum.
$COIN trading pair launches with 50x leverage capability on Arbitrum.
$RIOT trading pair launches on platform, expanding available assets for perpetual trading.
Latest token burn removes 500,000 GNS from circulation, total supply now at 29.48M
Annual token burn rate reaches 23.4% driven by sustained perpetual trading volume, more than doubling from previous rate.
New RWA tokens $CRCL and $SBET now available for trading through MUX Aggregator integration.
Generates $120K weekly protocol revenue on Arbitrum, ranking third among DeFi protocols on the network.
New integration enables trading of Volmex Finance BTC and ETH volatility indices with up to 100x leverage on Arbitrum.
Chain Reaction week launches with 30% RWA discount, daily new listings, and upcoming v10 platform upgrade featuring $200k trading contest on Arbitrum.
New BVIV and EVIV index perpetuals launch on Base and Arbitrum networks.
New partnership with Volmex Finance introduces $BVIV and $EVIV volatility indices, expanding trading capabilities.
New BVIV and EVIV index markets launching on gTrade platform.
Annual token burn rate increases to 23.44% driven by revenue growth, outperforming expectations despite perpdex competition.
MUX integrates stocks, forex, and indices trading capabilities through platform, expanding asset diversity and fee capture.
MUX protocol reintegrates with platform, expanding asset-class diversity capabilities.
Token burn rate reaches 10.8% of total supply in 2025 with accelerating pace.
Trading infrastructure upgrade eliminates spreads and price impact for BTC/ETH pairs, enabling same fills for orders from $10k to $100k.
Platform expands with BTCFi integration ($2M TVL), Volmex partnership, and multiple new trading pairs including first-to-market CRCL listing.
USDC burn rate increases to 10% with healthy overcollateralization while platform adds new trading pairs COOKIE, INIT, SIGN, and KMNO ahead of V10 launch.
Total token supply decreases below 30 million tokens for the first time.
Reaches $113M daily trading volume, securing second place in perpetuals market.
Cross-chain perpetual trading now executes in 1925068416513409065
Major platform expansion launches stock/index trading with up to 100x leverage, while USDC vault yields 14% APY and Solana volume surpasses $500M cumulative.
ReformDAO joins as market maker to enhance liquidity across multiple markets
Token burn rate stands at 11.1% annually with 10% of supply already burned in past 180 days, while project establishes unique market position despite recent underperformance against competitors.