- Polygon (MATIC), up 8.93% in 24 hour trading, was traded at $1.09 as of press time
- Gains Network DEX was first released on Polygon, before being deployed to Arbitrum.
- The Gains Network DEX has significantly contributed to the recent rise in transactional activity on Polygon.
As the wider crypto market recovers, the price of Polygon (MATIC), has been rising steadily in recent weeks. It has now reclaimed the $1.0 level.
Polygon has been following the bullish trend of the wider crypto market. Additionally, there is increased transaction activity on this network due to the Gains Network (Decentralized exchange) Gains Network. The Gains Network DEX was later installed on Arbitrum. Arbitrum’s daily trading volume now exceeds $230M.
Gains Network: Decentralized exchange
It has been less than a month since the Gains Network was launched on the Arbitrum Blockchain. The DEX allows crypto traders trade financial derivatives of different assets, including crypto, US stocks and indices, using smart contracts. Stakers can earn up to 10% on their GNS tokens.
Global traders can trade US-listed instruments with the DEX without having to rely on banks. So far, the DEX has processed more than $25 million in trading volume.
The DEX was launched earlier this week. trading contest With rewards of $100,000, this is most likely what caused the recent spike in trading volume.
In addition to having an impact on the Polygon (MATIC price), the Gains Network activity has also led to the GNS token prices rising by more than 40% in the past week.
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