Introduction

GMX

> GMX is a decentralized platform for transactions with very low fees and zero Price Impact, which allows users to make perpetual transactions. Users can increase their trading power up to 30 times or in other words use 30X leverage. This platform was first launched on Arbitrum in 2021 and then moved to Avalanche network in 2022. Transactions in GMX are funded by a multi-asset liquidity pool. The reward of the liquidity providers of these pools is obtained from market makers, swaps transactions and leveraged transactions. What sets GMX apart from its competitors is the various benefits for GMX currency holders, pool liquidity providers, as well as the platform's inflation-free token economy. As mentioned, the GMX platform is one of the three decentralized platforms for leveraged trading. The purpose of this platform is to enable frequent transactions for users. Decentralized exchange GMX eliminates the need for its users to use centralized exchanges to carry out leveraged transactions. Read more about GMX here.

Gains Network

> Gains Network is developing gTrade, a liquidity-efficient, powerful, and user-friendly decentralized leveraged trading platform. Our uniquely designed synthetic architecture makes gTrade more capital efficient than any existing platform, allows for low trading fees, and a wide range of leverages and pairs (up to 150x on cryptos, up to 1000x on forex, and up to 100x on stocks). You can read more about this here: . The protocol revolves around the ecosystem's ERC20 utility token (GNS) and ERC721 utility token (NFTs). GNS and the NFTs are designed to be actively used within the platform (utility) and to allow ownership of the protocol through revenue capture & governance (soon). It includes GNS holders receiving platform fees through Single Sided Staking, burning of GNS using platform revenue, NFT holders getting reduced spread and boosted rewards, as well as NFT bots executing limit orders and liquidations. You can read about this here.

Methodology

• We use arbitrum.core.fact_event_logs, polygon.core.fact_event_logs, polygon.core.dim_labels, polygon.core.dim_labels, arbitrum.core.dim_labels , arbitrum.core.fact_transactions andethereum.core.fact_hourly_token_pricestables.
• Also we filter:
• Gains Network Trading Contract Address = '0xd8d177efc926a18ee455da6f5f6a6cfcee5f8f58','0x65187fec6ecc4774c1f632c7503466d5b4353db1','0xf8a140db8b05bec52c7e86d0d40d72f8e54fe559'. (The last two addresses are decepreated atm but anyway we are going to use them to include old data on our analysis).
• GMX Protocol Positions Router Contract Address = '0x3d6ba331e3d9702c5e8a8d254e5d8a285f223aba','0xb87a436b93ffe9d75c5cfa7bacfff96430b09868'.
• GMX Token Contract Address on Arbitrum = '0xfc5a1a6eb076a2c7ad06ed22c90d7e710e35ad0a’ (Decimals = 18)
• GNX Token Contract Address on Polygon = ‘0xe5417af564e4bfda1c483642db72007871397896’ (Decimals = 18)

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• Sections:

  1. GMX and GNS price

  2. GMX and Gain Network overview

  3. GMX and Gain Network daily data

  4. GMX and Gain Network New Traders

  5. Distribution of GMX and Gains Network

  6. Top 10 Traders of GMX and Gains Network

  7. GMX vs GNS

Results

Daily/weekly/Monthly state of GMX and Gains Network

New Traders

Gains Network and GMX Over view

On June 28, 29 we see the largest number of daily new traders for GMX.

Total number of new traders for GMX is 43K while the total number of new traders for Gain Network is 4856.

We see a step in cumulative chart of GMX new traders and it is because of a sudden increase in the number of daily new traders on June 28, 29.

GMX and GNS

• GMX has about 343K transactions about 64.8% of GMX and Gains Network transactions.

• GMX has about 43.13K users about 89.9% of GMX and Gains Network users.

• GMX has about 1.19B total volume about 82.9% of GMX and Gains Network volume.

• The Average volume of GMX is about 3437.1 and Average volume of Gains network is about 1318.7.

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• On June 28 and 29, the number of GMX transactions has multiplied compared to the previous days.
• On May 11, 2022, there were about 2225 transactions, which is the highest number of transactions in Gain Network.
• In the weeks of May 9 and October 31, Gain Market had the highest number of transactions.
• The number of weekly GMX transactions has increased 10 times from the week of April 18 to the week of September 19 (the trend of the weekly increase has been almost upward) and after this date it has been almost downward.
• In the week of June 27, we see the highest number of GMX transactions.
• On September the monthly transactions of GMX is about 99.5K.

• On June 28 and 29, the number of GMX users has multiplied compared to the previous days.
• In the week of June 27, we see the largest number of GMX users.
• On June the monthly number of users of GMX is about 17.6K it is the largest number of users for GMX and on October we have largest number of users for Gain Network and it is about 1437.

• On September 6 we see the highest volume of GMX and it is about 28M volume.
• The GMX volume has almost upward trend until mid-September, which is clearly visible in the weekly and monthly charts.
• On April the Gain Network has highest volume about 48M.
• GMX volume on September is 7 times more than Gain Network volume on April.

==Top GMX destinations in Arbitrum by volume:==

The most destination is related to GMX Reward Router with a share of 28.1%. In the second place is the Uniswap V3 router with a share of 24.1%.

==Regarding the top destinations of GMX in the Arbitrum according to TX count:==

The most destination is related to GMX Reward Router with a 39% share. In the second place is the Uniswap V3 router with a share of 28.8%.

==Top GNS destinations in Polygon by volume:== The largest destination is Quick Swap Router with a share of 42.4%. Other cases make up the remaining 57.6%.

==Regarding the top destinations of GNS in Polygon according to TX count:==

The largest destination is related to GNSNFTReward with a share of 38.4%.

In the second place is Quick Swap Router with a share of 27.5%.

Conclusion

GMX transactions is more than GNS transactions.

Also we can see that users in GMX is almost 7 times more than users in GNS.

The volume correlation of GMX transactions with Arbitrum's chain activity during the period of investigation shows that until the end of August 2022, the volume correlation between GMX and Arbitrum transactions was almost constant until the end of August 2022.

From the end of August until now, Arbitrom transactionshas been increasing.

In terms of volume correlation between GMX and Arbitrum Active Users, it seems that these two were not correlated from the beginning.

Regarding the correlation of a number on the GMX platform;

The results are different. It can be acknowledged that since the beginning, Arbitrum Transactions and GMX have been in correlation with each other and this correlation has increased with the passage of time. On the other hand, GMX is not related with Orbitrum active users in terms of number.

We go to the GNS platform and its volume correlation with Polygons's chain activity during the review period.

It seems that GNS and Polygons transections have been correlated from the beginning and this correlation has increased with a limited slope.

On the other hand, we can be sure that GNS and Polygons active users had no correlation at first.

Regarding the number of correlations between GNS and Polygons's chain activity, it can be mentioned that GNS and Polygons Transactions have been correlated from the beginning until now; But again GNS and Polygons active users are not correlated.

But we can see that the correlation between Arbitrum transactions and GMS is more than GNS and Polygon transactions.

• GMX has about 343K transactions about 64.8% of GMX and Gains Network transactions.

• GMX has about 1.19B total volume and Gains network has 246M volume.

• The Average volume of GMX is about 3437.1 and Average volume of Gains network is about 1318.7.

• On June 28 and 29, the number of GMX transactions has multiplied compared to the previous days.

• The number of weekly GMX transactions has increased 10 times from the week of April 18 to the week of September 19 (the trend of the weekly increase has been almost upward) and after this date it has been almost downward.

• In the week of June 27, we see the largest number of GMX users.

• On June 28, 29 we see the largest number of daily new traders for GMX.

  Total number of new traders for GMX is 43K while the total number of new traders for Gain Network is 4856.

• On September 6 we see the highest volume of GMX and it is about 28M volume.

• On the GMX platform, 52.9% transactions from users who had only one transaction; This number was around 20.4% on the Gains Network.

  On the Gains Network, 38.49% were related to users who had more than 10 trades, while for GMX is about 10%.

• On May 8 and 10 we have the highest daily average volume for GMX.

• Moving average 7 day chart for Gain Network shows a very gentle increasing trend without fluctuations (sudden large increase or decrease) while for GMX we see increasing trend with extreme fluctuations the highest moving average 7 day is about 24M

• 60% of transactions in GMX are between 10 and 100 dollars have while 25.27% of transactions on the Gains Network between 10 and 100 dollars.

• Since the beginning, Arbitrum Transactions and GMX have been in correlation with each other and this correlation has increased with the passage of time.

• The most of GMX destinations in Arbitrum by volume is related to GMX Reward Router with a share of 28.1%.

• The most of GMX destinations in Arbitrum by transaction is related to GMX Reward Router with a 39% share.

• The largest GNS destinations in Polygon by volume destination is Quick Swap Router.

• 0x57790b….7169 has highest volume of GMX about 78.6M and other top 10 in average has about 10M volume trade in GMX.

• 0x942f2d….5bc1 has highest volume of Gains Network about 19M and other top 10 (except the first top 10) in average has less than 5M volume trade in Gains Network .

• 0x9f72be….9237 has largest number of GMX transactions and it is about 3194.

• 0xf53ad4….feea has largest number of Gains Network transactions and it is about 6313 and other top 10 in average has about 2000 transactions in Gains Network.

Thanks for reading!

Also really thanks to alik110

All queries credit to this dashboard

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0x57790b….7169 has highest volume of GMX about 78.6M and other top 10 in average has about 10M volume trade in GMX.

0x942f2d….5bc1 has highest volume of Gains Network about 19M and other top 10 (except the first top 10) in average has less than 5M volume trade in Gains Network .

0x9f72be….9237 has largest number of GMX transactions and it is about 3194.

0xf53ad4….feea has largest number of Gains Network transactions and it is about 6313 and other top 10 in average has about 2000 transactions in Gains Network.

Top 10 Traders of GMX and Gains Network

Distribution of GMX and Gains Network

We will examine the distribution of traders based on the volume of transactions and the number of transactions on the two platforms GMX and Gains Network;

On the GMX platform, 52.9% transactions from users who had only one transaction; This number was around 20.4% on the Gains Network.

On the Gains Network, 38.49% were related to users who had more than 10 trades, while for GMX is about 10%.

And 29% of users on Gains Network have 2-5 trades and 31% of users on GMX have 2-5 transactions.

In relation to the distribution based on volume, we also make the following comparisons: Regarding the GMX platform, 60% of transactions are between 10 and 100 dollars have while 25.27% of transactions on the Gains Network between 10 and 100 dollars.

In the Gains Network, the distribution of the rest of the volumes is almost the same, but it is not the same in GMX, so that the transactions of 100 to 1000 dollars had a volume of 21.02 and the rest were less

GMX and GNS Price

• On May 8 and 10 we have the highest daily average volume for GMX.
• Since July the weekly average volume of Gain Network is about 1000 and it is almost constant.
• On May and April we see the highest monthly average volume for GMX.
• On April, we see the highest monthly average volume for Gain Network.
• Highest monthly average volume of GMX is almost 3 times more than the highest monthly average volume for Gain Network.
• Moving average 7 day chart for Gain Network shows a very gentle increasing trend without fluctuations (sudden large increase or decrease).
• Moving average 7 day chart for GMX we see increasing trend with extreme fluctuations the highest moving average 7 day is about 24M.
• The volume increase slope and the number of GMX transactions are higher in cumulative charts.

GMX

GNS

• We can see that Since April 11, volume, swaps number and swappers in Arbitrum on Sushiswap increase.
• Also from April 11, the number of swappers and swaps in Aebitrum on Uniswap also increase.