Gains Network
Derivatives · Perp DEX · GNS
Gains Network (gTrade) offers synthetic leveraged trading backed by gToken LP vaults; it supports very high leverage (up to 150x) across crypto, forex, and equities/indices, accessible to retail with low minimums.
Synthetic leveraged trading (gTrade).
GNS price
$0.6266
+1.4% 24h
Latest data · 15 min delay
Risks identified
- Counterparty
The gToken vaults (gDAI, gUSDC, etc.) are the direct counterparty to every trade. During sustained periods where traders' net PnL outpaces collected fees, the vault's backing can be drawn down, exposing LPs to losses and impairing the gToken exchange rate.
- Oracle
Execution prices depend on gTrade's custom Chainlink DON, which fetches median spot prices from a set of exchange APIs. Oracle latency, feed manipulation, or thin off-chain liquidity on a given asset could allow mispriced fills or be exploited, which is especially sensitive given leverage up to 150x.
- Smart Contract
gTrade uses an upgradeable Diamond (EIP-2535) architecture across multiple chains and vault contracts. Bugs in the diamond facets, vault accounting, or the oracle aggregator could cause loss of user or vault funds despite audits and timelocks.
- Governance
A June 2022 CertiK audit flagged a centralization / privileged-role concern (acknowledged), and governance can alter core parameters — e.g. the 'Make Gains Great Again' vote paused buyback-and-burn in 2026. Concentrated control over upgrades and reward policy is a governance risk to token holders and LPs.
- Systemic
As a synthetic leveraged venue, gTrade is exposed to correlated, cross-market stress: simultaneous large adverse moves across crypto/forex/equities positions, cascading liquidations, or a stablecoin depeg of the collateral (DAI/USDC) could stress vault solvency at once.