Gains Network

Thesis

Gains Network (gTrade) is a decentralized leveraged trading platform supporting crypto, forex, stocks, and commodities on Arbitrum and Polygon. The multi-asset approach was the core differentiator thesis. Sprint 21 downgrades GNS from 81 to 55. The protocol is losing market share on a 180-day declining trajectory. Hyperliquid's dominance in on-chain perpetuals has compressed the addressable market for alternative perp DEXs. The TVL growth that triggered earlier upgrades has not translated into sustained volume or fee generation. The multi-asset differentiator (forex, stocks, commodities) has not been enough to offset crypto perp volume losses. GNS volume has declined over 180 consecutive days relative to the category. The deep value thesis (95% below ATH) is less compelling when the decline reflects structural market share loss rather than cyclical undervaluation. Status: TRIM. Reduce exposure. The protocol works but is losing the competitive war. Re-evaluate only if volume trends reverse for 60+ consecutive days.

Catalysts

• +Multi-asset trading could find product-market fit outside crypto-native users
• +Potential recovery if Hyperliquid stumbles or faces regulatory action

Risks

• -180-day volume decline, losing market share structurally
• -Hyperliquid dominance (70%+ perp volume) compressing addressable market for alternatives
• -$14.2M market cap creates severe liquidity risk for larger positions
• -Deep value at 95% below ATH may reflect permanent market rejection, not cyclical discount

Common questions