Gains Network (GNS)

Use Cases of Gains Network

• Trading Platform: Gains Network is mainly used on a decentralized trading platform where users can trade various assets like cryptocurrencies, stocks, and forex with leverage.
• Token Utility: The token within Gains Network is used for paying fees, staking, and participating in governance decisions.
• Rewards and Incentives: Users can earn rewards by providing liquidity or participating in the platform’s ecosystem.
• Access to Features: Holding the token may unlock special features or lower trading fees on the platform.

Pros of Gains Network

• Decentralized leveraged trading platform: Allows trading of crypto, forex, stocks, indices, and commodities with high leverage (up to 150x on crypto and stocks, 1000x on forex).
• No KYC or lengthy sign-ups: Users can trade directly from their wallets without complicated identity checks.
• Open-source and audited: Transparent code with no hidden logic.
• Wide market access: Over 270 trading pairs available.
• Instant order fulfillment: No delayed order systems, optimized for mobile use.
• Rewards and staking: Offers staking pools with rewards in DAI and GNS tokens.
• Community focus: Plans for DAO governance and social features to engage users.
• Low fees: Uses synthetic assets and decentralized lending to reduce loan fees.

Cons of Gains Network

• Competitive market: Faces strong competition from other DeFi and leveraged trading platforms.
• Price volatility: The GNS token price can fluctuate significantly.
• Platform complexity: Leveraged trading can be complex for beginners.
• Limited adoption: Still growing its user base compared to bigger exchanges.
• Dependence on Polygon and Arbitrum: Currently built mainly on these networks, which may limit some users.

For more details, visit Gains Network official site.

Founders

Gains Network was founded by an anonymous individual known as Seb. He started the project alone in 2021 and has been developing the platform since then.

Background

Seb created Gains Network to build a decentralized leveraged trading platform that operates on blockchains like Polygon and Arbitrum. The project focuses on synthetic derivatives and aims to become a DAO governed by its token holders.

Investors in Gains Network

• Gains Network has raised funding primarily through grants, including a notable $250,000 grant received in early 2022.
• The project has applied for additional financing, such as a $750,000 grant from Polygon DeFi to support its development milestones.
• Specific individual or institutional investors are not widely publicized; the funding mainly comes from blockchain ecosystem grants and partnerships.
• The community and users also play a role as liquidity providers and token holders, contributing indirectly to the network’s growth and funding.

For more details, you can visit the official Gains Network website at gains.trade.

Halal Status of Gains Network

• No: Gains Network is generally considered not halal because it involves leveraged trading and derivatives, which often include elements like interest (riba) and speculation (gharar) that are not compliant with Islamic finance principles.
• Reason: Leveraged trading platforms like Gains Network typically allow trading on margin and futures, which Islamic scholars usually view as non-permissible due to the involvement of excessive uncertainty and interest-based transactions.

For a detailed and personalized ruling, consulting a qualified Islamic finance scholar is recommended.