DeFi protocol GNS booms, will its rally be sustained?
Gains Network [GNS] was having a dream run at the crypto market, and now optimists have one more reason to cheer. The protocol’s native token, GNS, was all set to be listed on the world’s largest crypto currency exchange, Binance.
<p lang=«en» dir=«ltr» xml:lang=«en»>Binance will list Gains Network (GNS) in the Innovation Zone and will open trading for these spot trading pairs at 2023-02-17 11:30 (UTC). Gains Network is a decentralized leverage trading platform. https://t.co/t81zfWS8o8— Wu Blockchain (@WuBlockchain) February 17, 2023
How much are 1,10,100 GNS worth today?
Reportedly, Binance would list the token in the innovation zone, where users could trade new tokens that were likely to have higher volatility. GNS holders reacted euphorically to the news as the price zoomed almost 40% at the time of writing, data from CoinMarketCap showed.
Gains Network, built on Polygon [MATIC] and Arbitrum, was launched in 2021. A perpetual-focused protocol similar to that of dYdx and GMX, Gains Network’s key performance indicators surged handsomely over the past few months.
According to data from Token Terminal, the protocol’s user fees expanded by almost 280% over the last 30 days while the revenue grew by over four times in the same period. High user fees have historically attracted liquidity providers towards a DeFi protocol. On the other hand, an increase in GNS holders’ revenue would boost the demand for the token in the short run.
Source: Token Terminal
In fact, the exponential growth in trading fees has pushed Gains Network to the sixth position in the list of top 10 decentralized exchanges, alongside established market players. The DeFi protocol clocked the best month-over-month (MoM) growth when compared to other exchanges which
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