Grand Cayman, Cayman Islands, July 9th, 2024,
Chainwire
In a step forward for the derivatives ecosystem on Arbitrum, two
prominent DeFi projects, GMX and Gains Network, have unveiled bids
to integrate their platforms into Kwenta’s upcoming perpetuals
marketplace. Kwenta, the leading perpetual futures exchange
on Optimism, expanded its reach earlier this year by launching the
Base network, reflecting a larger plan to connect derivatives
liquidity across multiple chains. This announcement follows the
recent approval of a grant from the Arbitrum DAO aimed at
supporting Kwenta's initial expansion to the Arbitrum network.
Product Offerings from GMX and Gains
Network
GMX and Gains Network have
submitted their proposals to integrate
their liquidity into Kwenta's platform. These integrations aim to
enhance the trading experience for Kwenta users by providing access
to additional markets and liquidity, while taking advantage of
Kwenta’s UX-focused roadmap, which includes allowing traders to log
in with traditional web2 credentials and sponsoring gasless
transactions.
GMX v2, Arbitrum’s flagship perpetual futures AMM (Automated
Market Maker), built on the initial success of their v1 product by
being the first to integrate Chainlink Data Streams, a low latency
product from the leading oracle provider aimed at high-performance
applications. The lower fees and wider selection of markets
available on GMX v2 allowed the offering to quickly grow in
popularity with onchain traders.
Gains Network, known for its gTrade platform, offers a wide
variety of trading pairs, including cryptocurrencies, forex, and
commodities, supported by their decentralized oracle network. Gains
Network’s innovative approach to perpetual futures provides traders
access to up to 150x leverage on a growing list of nearly 200
markets.
Strengthening the Arbitrum Ecosystem
The integration of GMX and Gains Network into Kwenta’s
perpetuals marketplace is expected to drive growth in the onchain
perpetuals space by allowing users to easily access advanced DeFi
products from Kwenta’s easy-to-use UX layer. While retail-focused
applications have made huge steps forward in allowing users to
quickly access the best prices for token swaps and bridging,
onchain leverage has remained a complex product for more
sophisticated DeFi enthusiasts.
This strategic expansion brings Arbitrum’s most popular
derivatives trading venues under a single platform, providing a
simple and familiar experience for traders new to onchain products.
Kwenta’s roadmap promises to build on these quality of life
features, allowing users to interact with multiple protocols in a
single application.
Looking Ahead
Kwenta is currently inviting community feedback on these
proposals as it moves towards finalizing its perpetuals
marketplace. The potential integrations with GMX and Gains Network
align with Kwenta’s mission to provide a superior decentralized
trading experience. With these developments, Kwenta is aims to
become a leading venue for DeFi derivatives trading on
Arbitrum.
About Kwenta
Kwenta is an onchain derivatives marketplace on
Optimism, Base, and Arbitrum. The platform offers easy-to-use tools
to access deep liquidity and low fees onchain, while users retain
full custody of their funds. With over $50 billion in trading
volume through its community-governed platform, Kwenta is committed
to developing tools that bring DeFi to everyone.
For more details, users can follow Kwenta's governance
discussion channels on Discord.
Contact
MarketingDAO PM
Burt
Rock
Kwenta
info@kwenta.io