Kwenta is Contemplating Proposals for GMX and Gains Network Integration into Perpetuals Marketplace

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

In a significant development for the derivatives landscape on Arbitrum, two leading DeFi platforms, GMX and Gains Network, have put forth proposals to merge their offerings with Kwenta’s forthcoming perpetuals marketplace. Kwenta Kwenta, renowned as the top perpetual futures exchange on Optimism, has broadened its horizons this year by launching on the Base network. This move is indicative of a larger strategy to facilitate derivatives liquidity across various blockchains. This news comes on the heels of a grant approval from the Arbitrum DAO, which is designed to kickstart Kwenta’s expansion into the Arbitrum ecosystem.

Product Features of GMX and Gains Network

GMX and Gains Network have submitted their proposals Both platforms are eager to provide their liquidity on Kwenta’s marketplace. The goal is to enrich the trading experience for Kwenta users by unlocking additional market access and liquidity, leveraging Kwenta’s user-centric approach, which includes allowing users to log in with standard web2 credentials and facilitating gasless transactions.

GMX v2, which is the standout perpetual futures AMM (Automated Market Maker) on Arbitrum, builds on the success of its first version by being the pioneer to adopt Chainlink Data Streams—a rapid data service from a leading oracle provider tailored for high-performance applications. The reduced fees and broader market selection on GMX v2 have made it a hit among on-chain traders.

Gains Network, recognized for its gTrade platform, provides an extensive array of trading pairs, encompassing cryptocurrencies, forex, and commodities, all supported by its decentralized oracle network. Their cutting-edge method toward perpetual futures enables traders to access up to 150x leverage across nearly 200 growing trading pairs.

Enhancing the Arbitrum Ecosystem

By integrating GMX and Gains Network into Kwenta's perpetuals marketplace, it is anticipated that there will be a significant boost in the on-chain perpetuals sector. This will enable users to seamlessly engage with sophisticated DeFi products via Kwenta’s intuitive interface. Although numerous retail-focused applications have made considerable advancements in enabling users to swiftly find the best prices for token swaps and bridging, navigating on-chain leverage continues to be a challenging endeavor for more experienced DeFi participants.

This strategic initiative consolidates Arbitrum’s most popular derivatives trading platforms into a single interface, presenting a straightforward and familiar user experience for traders who are new to on-chain products. Kwenta's strategic roadmap aims to enhance these practical features, allowing users to interact with various protocols from one unified application.

Looking Ahead

Kwenta is presently welcoming community input on these proposals as it approaches the finalization of its perpetuals marketplace. The potential integrations with GMX and Gains Network resonate with Kwenta’s objective to deliver an enhanced decentralized trading experience. Through these initiatives, Kwenta aspires to establish itself as a premier destination for DeFi derivatives trading within the Arbitrum ecosystem.

About Kwenta

Kwenta is an on-chain derivatives marketplace functioning across Optimism, Base, and Arbitrum. The platform provides user-friendly tools that grant access to extensive liquidity pools and competitive fees on-chain, while ensuring users maintain complete ownership of their assets. Having surpassed $50 billion in trading volume through its community-led platform, Kwenta is devoted to creating tools that make DeFi accessible for all.

For further insights, users can engage with Kwenta’s governance discussions available on Discord .

Contact

MarketingDAO PM
Burt Rock
Kwenta