Try Quests to earn cryptoGains Network vs GMX
A war of the trading platforms? GMX (native to Arbitrum) - GNS (native to polygon, but announced will be launching on Arbitrum soon). Both platform native tokens (GMX - GNS) have seen meteoric price growth during a bear market. Since June GNS has gone from $0.68 to $3.68 and GMX has gone from $13.70 to $41.56 Observe Trading volume. Has one platform absorbed more volume than the other? How impactful is GNS volume to polygon? GMX volume to Arbitrum? Are there any insights that can reveal why Gains Network wants to move into the Arbitrum ecosystem?
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, We are going to compare trading on GMX Protocol (on Arbitrum) and Gains Network (on Polygon)
Then, We are going to provide some data about GNS and GMX tokens and their impact on the Arbitrum and Polygon chains and also the users behaviours with them.
For GMX Protocol, we are going to mainly use ==“arbitrum.core.fact_event_logs”== table and for Gains Network, we are going to mainly use ==“polygon.core.fact_event_logs”== table.
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Gains Network Trading Contract Address = ==“0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58”==, ==“0x65187fec6ecc4774c1f632c7503466d5b4353db1”== , ==“0xf8a140db8b05bec52c7e86d0d40d72f8e54fe559”==.
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GMX Protocol Positions Router Contract Address = ==“0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba”== , ==”0xb87a436b93ffe9d75c5cfa7bacfff96430b09868”==.
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GMX Token Contract Address on Arbitrum = ==“0xfc5a1a6eb076a2c7ad06ed22c90d7e710e35ad0a”== (Decimals = 18)
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GNX Token Contract Address on Polygon = ==“0xe5417af564e4bfda1c483642db72007871397896”== (Decimals = 18)
Findings👀
- In the above charts, i compared GMX and Gains Network on some overall stats like trades,traders and total volume and etc.
- As we see, GMX recorded more than 160K transactions more than Gains Network.
- GMX has almost 40K more users than Gains Network over time.
- GMX has recorded a total of 1.2B trade volume and its approximately 6 times more than Gains Network.
- Most of GMX trades were between 100$-1000$ while most of Gains trades were between 10$-100$, It seems GMX users are stronger and richer than Gains users on trading.
- In total, GMX is so bigger than Gains and recorded so much bigger stats on trading than Gains Network.
Findings👀
- In these charts, i showed the same metrics that i talked about in the previous section and compared these platforms but on a daily basis.
- GMX started to record bigger stats than Gains Network since mid May, the days around Terra crash.
- After May, GMX number of trades and traders increased day by day but these stats decreased for Gains sadly.
- We can see most activity on GMX has been achieved During Late-June 2022 and this is mainly because of Arbitrum Odyssey event.
- GMX daily volume had so many fluctuations since early August and finally recorded its highest volume of all time on Sep 6th 2022 with a total amount of 28M.
Findings👀
- These charts are showing these 2 platforms activity comparing to their chain whole activity and see how they performed over time.
- Based on the above charts, There is almost positive correlation between GMX and GNS transactions (both volume and count) and the native’s chain activity. This correlation is more at GMX and Arbitrum while on GNS and Polygon maybe we can not say there is quite correlation.
Findings👀
- These graphs are showing top popular destinations of GNS and GMX transactions in terms of volume and tx count.
- For GMX, the GMX Reward Router and Uniswap are the most popular destinations with over 400K total transactions and almost 32M volume together over time.
- For GNS, A huge amount of transactions in terms of volume sent to Quickswap Router with 148M.
- In GNS top destinations by tx count, we can see there are 2 destinations that are bolder than others and they are GNSNFTRewards and Quickswap Router again with almost 220K transactions sent to them.
- It seems like Quickswap Router for GNS users and GMX Reward Router for GMX users are the most popular destinations for these 2 platforms users.
Conclusion💡
- In total, GMX is so bigger than Gains Network and recorded so much bigger stats on trading than Gains Network.
- GMX has recorded a total of 1.2B trade volume and its approximately 6 times more than Gains Network.
- Most of GMX trades were between 100$-1000$ while most of Gains trades were between 10$-100$, It seems GMX users are stronger and richer than Gains users on trading.
- A total of 43,198 users recorded over 343K number of transactions with 1.2B volume on GMX Protocol and a total of 4877 users recorded over 186K number of transactions with 246M volume on Gains Network Over time.
- GMX average daily volume of trades is 5M more than Gains.
- GMX started to record bigger stats than Gains Network since mid May, the days around Terra crash.
- We can see most activity on GMX has been achieved During Late-June 2022 and this is mainly because of Arbitrum Odyssey event.
- There is almost positive correlation between GMX and GNS transactions (both volume and count) and the native’s chain activity. This correlation is more at GMX and Arbitrum while on GNS and Polygon maybe we can not say there is quite correlation.
- It seems like Quickswap Router for GNS users and GMX Reward Router for GMX users are the most popular destinations for these 2 platforms users.
