introduction

What is a Layer2?

Layer 2 (L2) is a collective term to describe a specific set of Ethereum scaling solutions. A layer 2 is a separate blockchain that extends Ethereum and inherits the security guarantees of Ethereum.

What is Gains Network (GNS) ?

• Gains Network is a decentralized perpetual exchange on Polygon, with plans to expand and provide a suite of DeFi products.
• Their first product - gTrade, allows massive on-chain leverage, up to 50x for US stocks, 150x for cryptocurrencies, and 1000x for forex markets.
• Various trading pairs have been listed on gTrade including 10 forex pairs (USD, EUR, JPY), 25 stocks (APPL, GME, TSLA) and over 48 cryptocurrencies (APE, BTC, ETH) that all share the same liquidity in GNS/DAI.
• The biggest advantage to gTrade is the ability to open a 100x leveraged position while having a guaranteed stop-loss price feature as a protective mechanism during a downturn. By using a Chainlink node and taking the median price from seven major data sources, Gains Network also prevents manipulated scam wicks or false prices from impeding its daily trading.

What is GMX ?

• 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.
• GMX is viewed as a major representative of the “real yield” narrative in the crypto community of summer 2022. The staking yield comes in the form of “harder” layer-1 tokens such as ETH and AVAX and not in inflationary tokens, in addition to the fact that yield comes from genuine on-chain financial activities. ETH is the token rewarded on the GMX app on Arbitrum and AVAX is the token rewarded on the GMX app on Avalanche.

Metric 1

Methodology

In this dashboard we will look at the activity of the platforms GMX and GMS. We are looking to see users and volume on these two platofrms differ. The data for this dashboard will come from the polygon.core and from arbitrum.core tables in Flipside’s Database.

Metrics

1. GMX stats
2. GNS stats
3. GMX rewards
4. GNS Fee stats

Perception

ETH and USDC make about 88% of all GMX order book deposits on Arbitrum.

Ethereum accounted for more than 75% of all GMX order book deposits in Arbitrum.

The only cryptocurrencies that presently have more than 300 order book depositors are "USDC" and "WETH."

The amount of GMX order book deposits has consistently risen in recent years, rising from a relatively low foundation.

Metric 2

Perception

Since the middle of August, GNS has received 103,600 deposits totaling $641000.

Since around mid-summer, GNS has experienced double the activity it had at the beginning of the time period.

500–1,500 GNS deposit occurrences occur daily.

Metric 3

Perception

Seven wallets have generated hundreds of thousands of dollars while supplying GMX liquidity during the past year.

Three thousand five hundred million dollars have been claimed by 6020 users for supplying liquidity on Arbitrum.

The typical prize claimed is equal to about $200 in ETH.

The proportion of GMX-produced claims has been steadily rising among the GMX reward claims.

Metric 4

Perception

There have been 21,000 withdrawals, for a total of $438000 in volume, from GNS since mid-August.

Withdrawal activity in GNS has tripled since the beginning of the summer, when it was already rather high.

Daily, there are 200–400 withdrawals from the GNS.

Conclusion

ETH and USDC make about 88% of all GMX order book deposits on Arbitrum.

Ethereum accounted for more than 75% of all GMX order book deposits in Arbitrum.

The only cryptocurrencies that presently have more than 300 order book depositors are "USDC" and "WETH."

The amount of GMX order book deposits has consistently risen in recent years, rising from a relatively low foundation.

Since the middle of August, GNS has received 103,600 deposits totaling $641000.

Since around mid-summer, GNS has experienced double the activity it had at the beginning of the time period.

500–1,500 GNS deposit occurrences occur daily.

Seven wallets have generated hundreds of thousands of dollars while supplying GMX liquidity during the past year.

Three thousand five hundred million dollars have been claimed by 6020 users for supplying liquidity on Arbitrum.

The typical prize claimed is equal to about $200 in ETH.

The proportion of GMX-produced claims has been steadily rising among the GMX reward claims.

There have been 21,000 withdrawals, for a total of $438000 in volume, from GNS since mid-August.

Withdrawal activity in GNS has tripled since the beginning of the summer, when it was already rather high.

Daily, there are 200–400 withdrawals from the GNS.