What is the Question?🚨

Derivatives DEX Gains Network recently crossed a major milestone, with more than $1.5 million in trading volume on Arbitrum, fueling further interest in derivatives trading on the platform.

Building on this Dune dashboard, create a dashboard that shows the following data for Gains Network and any other derivatives trading markets you can find:

• Total volume
• Total traders
• Total trade fees
• Trade volume over the past day/month/three months
• Traders over the past day/month/three months

Analyzed Topics:

1. GMX & Gains Statistics Overview & Comparison
2. GMX VS Gains Previous Day
3. GMX VS Gains Past Month
4. GMX VS Gains Past 3 Months
5. GMX & GNS Tokens

Introduction🚩

What is GMX Protocol?

GMX is an on-chain decentralized perpetual and spot exchange trading platform on Arbitrum and Avalanche. Users can trade assets on-chain, without an account, KYC, geographic restrictions, or high centralized exchange fees. The GMX token is the native governance and value-accrual token of the GMX protocol.

More Info

What is Gains Network?

Gains Network is a decentralized derivatives trading platform built first on the Polygon network and expanding to other decentralized networks. On gTrade, crypto derivative traders are allowed up to 150X leverage and up to 1000x for forex trades.

More Info

Method⚡

In this dashboard, i analyzed 2 of derivative DEXs such as GMX and Gains Network in 4 different timeframes to see how they performed over time and at the end i analyzed their native tokens transfers on their main chain and the second chain to explore their activity around the market.

I used ==Arbitrum.core== and ==Polygon.core== databases provided by Flipsidecrypto and mainly used fact_event_logs table to extract the needed data from them. Also i used these contracts to filter GMX and Gains Network and their tokens data:

• GNS token contract address: ==“0xE5417Af564e4bFDA1c483642db72007871397896”==
• GMX token contract address: ==“0xfc5A1A6EB076a2C7aD06eD22C90d7E710E35ad0a”==
• Gains Network Trading Contract Address (Polygon) = ==“0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58”,”0x65187fec6ecc4774c1f632c7503466d5b4353db1””0xf8a140db8b05bec52c7e86d0d40d72f8e54fe559”==.
• Gains Network Trading Contract Address (Arbitrum) = “0x2f67a8d26f370b922b31b199c7946c3ed53c10c6”
• GMX Protocol Positions Router Contract Address (Arbitrum) = ==“0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba”,”0xb87a436b93ffe9d75c5cfa7bacfff96430b09868”==.
• GMX Protocol Positions Router Contract Address (Avalanche) = ==“0xfff6d276bc37c61a23f06410dce4a400f66420f8”==
• GMX Token Contract Address on Arbitrum = ==“0xfc5a1a6eb076a2c7ad06ed22c90d7e710e35ad0a”== (Decimals = 18)
• GNX Token Contract Address on Polygon = ==“0xe5417af564e4bfda1c483642db72007871397896”== (Decimals = 18)

1. GMX & Gains Statistics Overview & Comparison

Findings👀

• I compared GMX and Gains Network together over time and will be more specific in the timeframe in next parts. Here we see the stats from their launch dates.
• Although GMX has launched later than Gains Network, and Gains Network is on Polygon but it performed better over time and crossed Gains network in mid May. In overall charts, it is obvious that GMX totally outperformed Gains on every terms.
• GMX has recorded a total amount of 2.16B USD since its launch while Gains has recorded only 378M. GMX is so much more popular than Gains among derivatives DEXs.

2. GMX VS Gains Previous Day

Findings👀

• If we look at the charts from a general perspective, GMX is dominating Gains on activity, but although Gains has recorded less volume and fees than GMX in past day, it recorded more average volume and fees and the most activity on Gains happened on early hours of Feb 8th especially 3 AM.
• GMX recorded more than doubled Gains transactions in past day.
• GMX highest activity on Feb 8th happened on 4 PM with 390 transactions which made by 272 users.
• GMX accounted over 65% of all pie charts compared to Gains Network.

3. GMX VS Gains Past Month

Findings👀

• In this part, i showed these 2 DEXs activity in past month or since 30 days ago. As we saw in previous sections, GMX is leading Gains network on every stats and actually it recorded so many fluctuations in past month over time.
• Over 37K users made over 93K transactions on GMX with a total volume of 195M in USD and 195K spent fees. In the other hand, over 11K users recorded almost 47K transactions in past month with a total volume of 64.8M and 51.8K spent fees.

4. GMX VS Gains Past 3 Months

Findings👀

• In this part, we see the same metrics but this time from 3 months ago. Both GMX and Gains stats were bearish recently.
• GMX stats like number of transactions and users started to decrease after mid November 2022 and by far it dropped almost 75% from back then in 2022.

Conclusion💡

• In overall, GMX is totally outperforming Gains Network in terms of transactions, users, volume and spent fees but from what we saw in this analysis, this case is reversed in their tokens. GNS token has recorded much more stats than GMX native token over time.
• I analyzed 2 of derivative DEXs such as GMX and Gains Network from 4 angles, Over time, past day, past month and past 3 months and GMX was dominating Gains on all cases no matter what.
• Although GMX has recorded more than 8 times users than Gains, but it recorded only double Gains transactions over time.

Author: Sbhn_NP

Discord : Sbhn_NP#8717

Twitter : Sbhn_np

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Special Thanks to Ali3N for some modification.

Thanks for your time!

5. GMX & GNS Tokens

Findings👀

• Polygon is the main chain for GNS and Arbitrum is the main one for GMX, so it is obvious that their stats would be higher than other chain because they are their first chains and they first launched on them.
• Although GNS has launched recently on Arbitrum but it recorded pretty well stats in this short period.
• It is interesting that although GMX DEX was so much popular than Gains but Gains token i mean GNS has recorded 450M more volume than GMX native token over time when we compare their main chains.
• Also GNS recorded bigger stats on its second chain to comparing with GMX on its second chain (Avalanche).