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GNS up 100% After Binance Listing, Here's Why Gains Network Is So Hyped

Fri, 02/17/2023 - 12:24
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Gamza Khanzadaev
Gains Network (GNS) spikes at triple-digit rate after announcement of listing on major crypto exchange
GNS up 100% After Binance Listing, Here's Why Gains Network Is So Hyped
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GNS soared 100% after the world's largest crypto exchange, Binance, announced the listing of its Gains Network token. As part of the event, GNS became available for trading on Binance on the spot market against USDT and BTC, as well as the ability to open margin positions.

GNS to USD by CoinMarketCap

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Interestingly, the asset was listed in the exchange's innovation zone, where young and highly volatile tokens are defined, and, secondly, in light of recent events, there is no pairing against BUSD.

What is Gains Network (GNS)?

Gains Network is the team behind gTrade, a decentralized derivatives trading platform operating on the Polygon (MATIC) and Arbitrum (ARBI) networks. In addition to the crypto market, gTrade also opens up access to trading foreign exchange rates as well as stocks and stock market indices. All trading on the platform is done in decentralized stablecoin, DAI.

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GNS is the backbone of the gTrade platform. When traders lose, DAI is sent to a collateral vault, which then burns GNS when the excess collateral ratio reaches 130%. In addition, the token can be sent to staking in order to earn a portion of the commission on trading orders on the platform. Finally, GNS' supply is quite limited and stands at 30.29 million tokens.

To summarize, we get a trading platform in the increasingly relevant DeFi sector that operates on the two most hyped networks right now and provides the ability to trade traditional financial assets, while its token has deflationary tokenomics and a limited supply.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.