Connect with us
Active Currencies 13034
Market Cap $2,634,072,854,215.50
Bitcoin Share 50.15%
24h Market Cap Change $5.15

GNS plunges after meteoric start to 2023: Exploring what happened

2min Read
GNS plunges after meteoric start to 2023: Exploring what happened

Share this article



  • The daily active users on Gains Network plunged 37% from mid-February until press time.
  • The network almost reversed the TVL gains it made a month ago.

The Open Interest (OI) for Gains Network [GNS] reached its all-time high of 57 million at the time of writing. The OI rose over the past four months for all asset classes.


How much are 1,10,100 GNS worth today?


Interestingly, the OI for crypto currencies grew by 127% since the start of 2023 and accounted for nearly 43% of the total at the time of writing.

 

Gains into losses?

Gains Network, built on Polygon [MATIC] and Arbitrum, has been one of the most successful decentralized finance (DeFi) protocols in 2023. Its ascent could be gauged by the explosive growth of its trading volume from the beginning of January until mid-February, during which it jumped 34 times, as per Token Terminal.

It reached a monthly high on 16 January when the world’s biggest crypto exchange, Binance, listed its native token GNS on the exchange’s innovation zone. However, the story since then has been uninspiring.


The daily active users on the DeFi protocol plunged 37% as of 2 March, while the trading volume fell by nearly 70% since the listing of GNS on Binance.

Source: Token Terminal

As a result of the dip in trading activity, the protocol’s transaction fees declined sharply over the last week. It slid to the seventh position in the list of top 10 decentralized exchanges in terms of transaction fees collected.

Investors’ sentiment fades

The total value locked (TVL) had a similar story to narrate. After reaching an all-time high on 19 February, the TVL plummeted 12% until press time, data from DeFiLlama showed.

The TVL’s trajectory showed that the network almost reversed the gains it made a month ago.

Source: DeFiLlama

The weighted sentiment GNS tanked since reaching its zenith on 16 February. The social buzz also nosedived, suggesting that there was a lull in overall activity.


Is your portfolio green? Check out the GNS Profit Calculator


Source: Santiment

As per CoinMarketCap, GNS lost 16% of its value over the last week, in sharp contrast to its exponential trajectory seen earlier in the year.

Though the network was going through a bad phase, there were some interesting developments which could give some hope to the GNS community. A yield-bearing algorithmic stablecoin, gmUSD, built on Gains Network, was about to be launched.


Share

Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.