Mid-August Update!

Important events, and what we are working on.

A lot of development has taken place since the last medium article.

To keep users up to date, here is an overview of all the recently implemented or soon to be implemented changes.

1. 10+ new cryptocurrencies listed on the platform (& UI update)

New: ALGO, BAT, COMP, DOT, EOS, LTC, MANA, OMG, SNX, UNI, XLM, XRP, ZEC.

2. Chainlink integration announced

3. New all time highs for almost all stats 🚀

  1. 24h volume ($120m+)
  2. 24h trades (700+)
  3. GFARM2 price ($700)
  4. Trading pool APR (220%+)

4. Our biggest decentralized trading contest!

5. Staking will be opened to all NFT types

Will take effect after the trading update

Currently, only gold, platinum, and diamond NFTs can be staked in the trading pool for LPs, because we wanted to incentivize running NFT bots.

We decided to open this to bronze and silver NFTs as well, because we now reasonably think the number of NFT bots running will increase proportionally to the number of order opportunities, even if NFTs could be staked instead.

Boosts: 3%, 5%, 8%, 13%, 21%

We will also prevent NFT vaults, because it makes NFT staking pointless, although autocompounding vaults without NFTs will still be allowed.

6. New architecture for the contracts

Will take effect after the trading update

We are dividing the current trading contract into 3 separate parts:

  1. Main trading contract → user interaction
  2. Trading storage → store all trades and orders
  3. Trading callbacks → execute the orders (use on-demand prices from custom aggregator)

(+ price aggregator → manages on-demand oracle requests
+ pool → stake LPs and receive trading fees, as currently)

This will allow us to make updates to the trading contracts a lot more easily, as we aim to never replace the trading storage contract (users will never have to close and their trades on the old contract and open on the new one).

This also makes the codebase a lot cleaner and easier to test as the code is further divided into separate functions.

7. Trading with DAI (integrated GFARM2-DAI swaps)

Our research showed using GFARM2 for opening and closing trades isn’t sustainable while keeping the downside protection for GFARM2/DAI. We have therefore set the max position increase to 3% until the next trading update.

We will allow traders to trade directly using DAI to open trades, and to receive DAI when closing trades. Trading using GFARM2 directly will be removed.

The GFARM2 token will still retain the exact same utility. There will only be a wrapper that performs swaps between GFARM2 and DAI.

When opening a trade, it will buy GFARM2 in the AMM pool and burn it automatically. And when closing, it will convert the GFARM2 PnL to DAI, and send it to the trader.

This will allow us to keep the GFARM2/USD volatility protection, we will even be able to set it above the previous value of 20%.

New traders coming to the platform might not even notice the platform buys and burns GFARM2 token to settle trades, which is a massive step towards a frictionless trading experience and mass adoption.

8. Forex pairs

Will take effect after the trading update

We will be able to list any market with closed hours. We are beginning with following major forex pairs:

EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD, NZD/USD, EUR/CHF, EUR/JPY, and EUR/GBP.

After that, we will be able to list commodities such as gold and silver, and any market such as stocks, and indices (as long as we find enough reliable APIs).

9. New fee structure

Will take effect after the trading update

Gov: 0.5% of unleveraged position → 0.02% of leveraged position
Dev: 0.5% of unleveraged position → 0.02% of leveraged position
Limit order: 0.5% of unleveraged position → 0.02% of leveraged position
LPs: 2% of unleveraged position → 0.045% of leveraged position

As there will be DAI trading only, every trade will incur a swap
→ 2 x 0.3% → 0.6% of unleveraged position → 0.015% of leveraged pos at 40x leverage (average leverage over 10k+ trades).

This means the total fee for LPs is effectively 0.045% + 0.015% = 0.06%

Everything else will stay the same, we are keeping the 0% funding fee.

It will be a lot easier to compare our platform fees to other trading platforms, as everyone charges them on the total leveraged position.

10. Lots of small improvements & optimizations

Follow our roadmap here: https://app.gitbook.com/@gains-farm/s/gains-farm/what-is-gains-farm/roadmap

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