In this week’s Wealth Mastery Coin Review, we’ll discuss the following topics about Gains Network.
- What is Gains Network?
- Gains Network Leverage Trading
- Gains Network Staking
- Gains Network Bridge
- Gains Network NFT
- What is a GNS coin?
- How do I buy Gains Network?
- How to buy GNS using Quickswap?
- How to buy GNS using Uniswap?
- Is GNS a good investment?
What is Gain Network?
Gains Network (formally Gfarm) is a liquidity-efficient decentralized leverage trading platform on Polygon (What is Polygon). Leverage trading is a popular financial tool that allows traders to take small amounts of capital and leverage it into more significant positions than they might otherwise be able to. With a few hundred dollars, traders can take positions valued at thousands of dollars, given they have the collateral to do so. Gains Network started as Gfarm until its rebranding in October 2021. Due to a reported bug in January 2021, Gains Network was forced to perform its first significant upgrade to the network after a white hat hacker discovered a critical bug. A bug that would have allowed all liquidity provider funds to be drained from the Gains Smart Contract (What are Smart Contracts). Due to the nature of decentralized finance, this could have easily destroyed the Gains Network.
Thankfully the individual operating the platform was able to liquidate 25% of their development funds to pay the bug bounty and hire a team to launch a new updated version of Gains Network. The timing was perfect as it was discovered shortly afterward an unknown trader had been taking positions to expose this bug and steal funds from the DAI (DAI Stablecoin) pool. The exploit required time and capital to expose correctly. Something that was thankfully not afforded to the bad actor.
Since this event, the team has maintained audits by Certik for all updates to future contracts. To ensure the platform operates as intended, some new criteria were implemented. Limited trades and not allowing any new trading contracts were a few. But, the biggest discovery in this process was renouncing the administrative privileges of the founder to create a trusted decentralized system. They had to completely replace the old system with the new one to continue operation. With the release of version 2, these privileges were reinstated to the team, allowing them to troubleshoot future bugs without needing to start over. However, this privilege is only extended to the trading contracts on Gains Network and does not include access to the Gains Network token contract.
The most prominent upgrade to the Gains Network has happened recently in its migration to Interplanetary File Service (IPFS). Hosting the Gains Network website on IPFS no longer relies on a single server to operate the Gains Network interface. After Gains Network was the subject of a targeted DDOS attack, it quickly changed to operating in a more reliable environment. With IPFS being the most secure way to host a website, the choice was easy. This makes Gains Network the most decentralized leverage trading platform in the space. Gains Network always is available via IPFS, no matter what. Anyone who uses Gains Network always has access to their funds. Surprisingly, more DeFi applications haven’t made IPFS-compatible websites.
Gains Network Leverage Trading
Gains Network offers leverage trading in a…
Head of Research Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin. As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom. “The swarm is headed towards us” -Satoshi Nakamoto
