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The Gains Network, with a Total Value Locked (TVL) of $20.29 million, has been a significant player in the DeFi space since its launch in May 2023, boasting a staggering $25 billion in derivatives trading volume. However, a report from Zellic dated April 19 revealed a critical vulnerability within one of its protocol forks, enabling attackers to exploit the system effortlessly.
Two critical bugs discovered in a fork of the Gains Network leveraged trading protocol could have allowed traders to profit 900% on every trade
An attacker could have placed a limit buy order with an arbitrarily high open price to automatically win every trade, the Zellic security platform discovered.
Get ahead of the next leg higher in crypto by tapping into these overlooked projects within the growing Web3 and metaverse ecosystem.
Gains Network, initially released on Polygon and later on Arbitrum, allows users to trade financial derivatives of cryptocurrencies, foreign exchange and commodities by matching buy-sell orders using smart contracts.
Crypto tracking account @lookonchain has spotted a "Smart Money" wallet that made a healthy profit on their GMX and GNX coins within less than an hour.
Adelaide, Australia, March 17, 2023 – Fluidity Money, a spend-to-earn decentralized finance (DeFi) protocol, has partnered with Gains Network, a platform that offers gTrade, an advanced, user-friendly decentralized leveraged trading experience.
Gains Network, a liquidity-efficient, powerful, and user-friendly decentralized leveraged trading platform, has teamed up with Fluidity Money, a spend-to-earn decentralized finance (DeFi) protocol that allows users to wrap stablecoins in return for Fluid Assets.
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.
DeFi ecosystem Arbitrum, a Layer 2 scaling solution for Ethereum (CRYPTO: ETH), has now become the fourth-largest decentralized finance, with over $2 billion of total value locked (TVL). While decentralized perpetual exchange GMX (CRYPTO: GMX) leads the ecosystem, a rising star has been capturing attention in the form of Gains Network (CRYPTO: GNS).
Arbitrum has seen an increase in crypto activity on its protocol, thanks in part to increased forex demand from the DEX Gains Network (GNS). In addition, it appears that users of Ethereum's Layer 2 have saved 94.5% on transaction fees.
Trading volumes on Gains Network deployed on Arbitrum reached $230 million in the past 24 hours alone, data shows.
