Gains Network

Gains Network started as the GFARM2 token on Ethereum, moved to Polygon with a 1:1000 split and renamed it GNS. Its product is synthetic: you never hold EUR, gold or Apple shares, you hold a position whose profit and loss is computed from an oracle price and paid in your collateral.

The counterparty is a vault, and there is one per collateral: gUSDC, gDAI, gETH, gGNS and gBTCUSD. When traders lose, the vault gains; when they win, it pays. Each vault keeps an over-collateralisation buffer. If a vault falls below 100%, GNS is minted and sold OTC to refill it, capped at 0.05% of GNS supply per day; when it is above 100%, a share of trader losses buys GNS and burns it. The BtcUSD vault is refilled by its partner Bifrost instead of GNS mints.

That design means the risk for a large, correlated trader win is spread by collateral rather than sitting in one pool, and the backstop of last resort is dilution of GNS holders.

The trading app long known as gTrade is now simply called Gains in the project's own documentation. The pair list runs past 290 markets across five asset classes. Forex and commodity markets close with their underlying markets; crypto trades around the clock.

On top of that come holding fees while the position is open: a borrowing fee to the vault's buffer and a funding fee between longs and shorts. Trading revenue is currently split 76% to the DAO, 15% to vault depositors, 5% to referrers and 4% to trigger keepers (Gains docs). You cannot go into debt: the most you can lose is the collateral on the trade.

TVL at Gains is mostly vault deposits, and it tracks how confident depositors are in collecting fees without paying out big trader wins. The more telling number in 2026 is revenue. On 3 June 2026 a proposal called "Make Gains Great Again" opened by stating that protocol revenue and the GNS market cap had been falling for several months and the decline was accelerating (governance forum).

The proposal, backed by the pseudonymous founder Seb, installed new project leads (Tom and Sam) with an outside product team, redirected the revenue share that had funded GNS buyback-and-burn into growth and marketing, and tied the team's pay to incremental revenue and a price-gated token mint. It passed in June 2026. Buybacks and staking rewards can return by DAO vote once GNS holds a 30-day average of $20 or more.