- GNS has rallied to an all-time excessive of $10.31
- Since it launched on Arbitrum, it has seen elevated person exercise.
Following its inclusion in Binance’s Innovation Zone on 17 February and the opening of buying and selling for the GNS/BTC and GNS/USDT buying and selling pairs on the cryptocurrency change, Gains Network [GNS] rallied to an all-time excessive of $10.31, knowledge from CoinMarketCap confirmed.
How a lot are 1,10,100 GNS price at this time?
On 17 February, Binance listed GNS in its Innovation Zone and opened it up for customers to commerce. This led to a major leap within the alt’s value because it rallied by nearly 40% 24 hours following Binance’s announcement.
Binance will record Gains Network (GNS) within the Innovation Zone and can open buying and selling for these spot buying and selling pairs at 2023-02-17 11:30 (UTC). Gains Network is a decentralized leverage buying and selling platform. https://t.co/t81zfWS8o8
— Wu Blockchain (@WuBlockchain) February 17, 2023
Gains doing large issues on Arbitrum
Gains Network was initially deployed on Polygon community. However, its progress trajectory witnessed a noteworthy uptick following its deployment on 31 December 2022, on Arbitrum, an Optimistic Rollup options supplier on Ethereum.
According to knowledge from Dune Analytics, Gains has recorded over $4 billion in buying and selling quantity on the Arbitrum blockchain practically two months after being deployed on the chain. This, nonetheless, merely represented 16% of the $24 billion logged as buying and selling quantity by the decentralized change (DEX) on Polygon.
According to knowledge from Dune Analytics, the $4 billion buying and selling quantity on Arbitrum has resulted in customers who present liquidity to the platform incomes over $2.8 million in charges.
This has additional pushed up the worth of the platform’s GNS token, contributing to its just lately achieved all-time excessive.
Source: Dune Analytics
Further, because it launched on Arbitrum, there was a major surge within the variety of crypto, FOREX, shares, and Indices Open Interests on Gains Network. As of this writing, Open Interest on the protocol was $53.75 million, having elevated over 30% since 31 December 2022.
When the open curiosity on a crypto change is rising, it signifies that the variety of contracts which were created and are at the moment excellent is rising.
This may be interpreted as an indicator of market exercise, because it means that extra merchants are getting into into positions on the a number of belongings listed on the change.
Source: Dune Analytics
As for the full worth of belongings locked on the protocol, it has jumped by 155% because the yr started, knowledge from DefiLlama revealed.
While the protocol is barely two months previous on Arbitrum, its TVL on the chain totaled $31.36 million, whereas its TVL on Polygon, at press time, was $17.71 million.
Source: DefiLlama
