Numbers by the Day - Volume, Traders, Fee, Frequency

• Fees is only calculated on the Gains Network for this analysis.
  • Gains network has seen about 70K in trading fees in the past 30 days.
  • High amount of this fees came on Jan 27 with 7K $USD.
• The overall transaction frequency is about 3K trades everyday, majority coming from GMX.
• The overall active users are about 1.2K everyday, majority coming again from GMX.
• The overall transaction volume is about 10M-20M $USD everyday, majority coming from Gains Network.
• Surprisingly the Average Transaction Volume is about 1.5K -3K per day, and is slightly higher for Gains Network.

What is Gains Network

• GNS, also known as Gains Network, is a decentralised trading platform. It offers consumers leveraged alternatives for trading in both cryptocurrencies and foreign exchange.
• Their flagship product, gTrade, offers enormous on-chain leverage of up to 50 times for US equities, 150 times for cryptocurrencies, and 1000 times for currency markets.
• Ten Forex pairs (USD, EUR, JPY), 25 stocks (APPL, GME, TSLA), and more than 48 cryptocurrencies (APE, BTC, ETH) have all been listed on gTrade and share the same liquidity in GNS/DAI.
• The ability to construct a 100x leveraged position with a guaranteed stop-loss price feature as a safety net during a downturn is gTrade's largest advantage. Gains Network also prohibits manipulating scam wicks or misleading prices from hampering its daily trading by using a Chainlink node and getting the median price from seven important data sources.[1]

What is GMX ?

• A decentralised perpetual and spot exchange trading platform on Arbitrum and Avalanche, GMX operates on-chain. Users can transact in assets on-chain without a centralised exchange account, KYC, geographical constraints, or exorbitant fees.
• In the summer of 2022, the "real yield" storyline is thought to be best exemplified by GMX. The staking income also stems from real on-chain financial operations and is represented by "harder" layer-1 tokens like ETH and AVAX rather than inflationary tokens. The tokens awarded on the GMX apps for Arbitrum and Avalanche are ETH and AVAX, respectively.[2]

Methodology

• The SQL query is build on top of this SQL query.
• The analysis looks at arbitrum.core.fact_event_logs for GMX trades and the Gains Network.
• Contract addresses are obtained from documentation
• The trades on GMX Arbitrum are filtered out by origin_to_address in ('0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba','0xb87a436b93ffe9d75c5cfa7bacfff96430b09868')
• The trades on Gains Arbitrum are filtered out by origin_to_address in ('0x2f67a8d26f370b922b31b199c7946c3ed53c10c6','0x6c612c804c84e3d20e3109c8efd06cd2d8b28f46','0xcfa6ebd475d89db04cad5a756fff1cb2bc5be33c')
• ethereum.core.fact_hourly_token_prices is used to calculate USD amount of trader for each token.

Conclusion

• Overall Derivatives markets on Arbitrum are doing really well.
• Gains network has a very small number of traders as compared to GMX, but the total number of transaction are still somewhat comparable.
• Gains network has 2X the volume of GMX.
• Both Gains and GMX are adding to the markets on Arbitrum.
• The number tell that the metrics are quite stable for the past 30 days.

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Overall Numbers - Total Volume, Traders, Frequency

• The overall numbers are quite a surprise.
• Gains network has a very small number of traders as compared to GMX, but the total number of transaction are still somewhat comparable.
• Gains network has 2X the volume of GMX.
• Overall Derivatives markets on Arbitrum are doing really well.