- GNS has reached an all-time high of $10.31
- Since it launched on Arbitrum, it has seen an increase in user activity.
following him including Open trade data for the GNS/BTC and GNS/USDT trading pairs (GNS) hit an all-time high of $10.31 on Feb. 17 on the Binance Innovation Zone and cryptocurrency exchange Gains Network. coin market cap Has shown.
How much they cost Today’s value 1,10,100 GNS?
On February 17, Binance listed GNS in its Innovation Zone and opened it up for users to trade. This resulted in a significant jump in the price of the alt, as it surged almost 40% in the 24 hours after the Binance announcement.
Binance will list Gains Network (GNS) on the Innovation Zone and begin trading these spot trading pairs at 2023/02/17 11:30 (UTC). Gains Network is a decentralized leveraged trading platform.
– Wu Blockchain (@WuBlockchain) February 17, 2023
Benefits of doing a great job at Arbitrum
The Gaines network was initially implemented on the Polygon network. However, its development trajectory saw a significant uptick after its implementation at Arbitrum, an optimistic provider of cumulative solutions on Ethereum, on December 31, 2022.
according to data from Doon’s AnalysisGain has recorded over $4 billion in trading volume on the Arbitrum blockchain, almost two months after being implemented on-chain. However, this represents only 16% of the $24 billion recorded as trading volume by decentralized exchanges (DEXs). polygon.
According to data from Dune Analytics, $4 billion in trading volume on Arbitrum has resulted in users who provide liquidity on the platform earning more than $2.8 million in fees.
This further boosted the value of the platform’s GNS token, contributing to the recent all-time high.
Furthermore, since its launch on Arbitrum, there has been a significant increase in the amount of open interest in cryptocurrencies, currencies, stocks and indices on the GAIN network. At the time of writing, open interest on the protocol stood at $53.75 million, an increase of more than 30% since December 31, 2022.
When open interest increases on a crypto exchange, it means that the number of contracts that have been created and are currently pending is increasing.
This can be interpreted as an indicator of market activity, as it shows more traders entering positions in multiple publicly traded assets.
Source: Dune Analytics
As for the total value of the assets closed in the protocol, it has risen 155% since the beginning of the year, data from at the parade revealed.
While the protocol is just two months old on Arbitrum, its TVL on-chain totaled $31.36 million, while its TVL on Polygon was $17.71 million, at press time.
Source: Defilama
