Kwenta Receives Proposals to Integrate GMX and Gains Network into Perpetuals Marketplace

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As a seasoned crypto investor, I’m always on the lookout for promising developments in the DeFi space, and this latest announcement from Kwenta, GMX, and Gains Network on Arbitrum has certainly piqued my interest.

Grand Cayman, Cayman Islands, July 9th, 2024, Chainwire

Two notable DeFi projects, GMX and Gains Network, have proposed plans to join forces with Kwenta’s upcoming perpetuals marketplace on Arbitrum. Kwenta, the leading perpetual futures exchange on Optimism, made strides this year by introducing the Base network as part of a larger initiative to link derivatives liquidity across various blockchains. This development comes after the Arbitrum DAO granted approval for Kwenta’s initial expansion into their network.

Product Offerings from GMX and Gains Network

GMX and Gains Network have presented their plans to merge their liquidity with Kwenta’s platform. This collaboration aims to elevate the trading experience for Kwenta users by offering access to new markets and improved liquidity, all while benefiting from Kwenta’s user-friendly development plan. Key features include enabling users to sign in using standard web2 login credentials and sponsoring gasless transactions.

GMX Version 2, Arbitrum’s premier decentralized exchange featuring Chainlink Data Streams as its flagship perpetual futures Automated Market Maker (AMM), represents an advancement over its successful v1 product. By being the first to incorporate these low-latency data feeds from Chainlink, a renowned oracle solution provider, GMX v2 caters to high-performance applications. This upgrade offers lower transaction fees and a broader range of markets, contributing significantly to its rapid acceptance among on-chain traders.

As a researcher studying the financial technology landscape, I’ve come across Gains Network, a platform renowned for its gTrade offering. This solution provides an extensive range of trading options, encompassing cryptocurrencies, forex, and commodities. The uniqueness of Gains Network lies in its decentralized oracle network that supports these markets. In terms of futures trading, their innovative approach grants traders access to significant leverage – up to 150x – on a continually expanding list of approximately 200 markets.

Strengthening the Arbitrum Ecosystem

The combination of GMX and Gains Network with Kwenta’s perpetuals marketplace is anticipated to fuel expansion in the decentralized finance (DeFi) sector specialized in on-chain perpetual contracts. This integration enables users to effortlessly access advanced DeFi features offered by Kwenta through its intuitive user interface, while retail applications have revolutionized token swaps and interoperability with ease. However, on-chain leverage, a more intricate DeFi product, has yet to be simplified for the average user.

Arbitrum’s prominent derivatives trading markets are now consolidated under a unified platform through this strategic expansion, offering newcomers to on-chain products a straightforward and recognizable interface. According to Kwenta’s plans, users will soon be able to engage with various protocols within the same application, enhancing their overall experience.

Looking Ahead

Kwenta is soliciting community input on these proposals at present as it advances toward finalizing its perpetuals marketplace. The proposed integrations with GMX and Gains Network align with Kwenta’s objective to deliver a top-tier decentralized trading experience. With these advancements, Kwenta intends to establish itself as a prominent platform for DeFi derivatives trading on Arbitrum.

About Kwenta

Kwenta functions as a marketplace for derivatives on the Optimism, Base, and Arbitrum chains. It provides users with straightforward access to substantial liquidity and affordable transaction fees through on-chain means, all while keeping their funds in personal possession. Boasting over $50 billion in trading volume from its community-managed platform, Kwenta is dedicated to creating user-friendly tools that make Decentralized Finance (DeFi) accessible for all.

For more details, users can follow Kwenta’s governance discussion channels on Discord.

Contact

MarketingDAO PM
Burt Rock
Kwenta
info@kwenta.io

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2024-07-09 12:53