Grand Cayman, Cayman Islands, July 9th, 2024, Chainwire
GMX and Gains Network, two prominent DeFi projects, have announced their plans to integrate their platforms into Kwenta’s upcoming perpetuals marketplace on Arbitrum, marking a significant step forward for the derivatives ecosystem.
Kwenta, the leading perpetual futures exchange on Optimism, has been expanding its reach by launching the Base network earlier this year, with the goal of connecting derivatives liquidity across multiple chains. The recent approval of a grant from the Arbitrum DAO further supports Kwenta’s expansion to the Arbitrum network.
GMX and Gains Network have submitted their proposals to integrate their liquidity into Kwenta’s platform. This integration will enhance the trading experience for Kwenta users by providing access to additional markets and liquidity. Kwenta’s UX-focused roadmap, which includes features such as allowing traders to log in with traditional web2 credentials and sponsoring gasless transactions, will also be utilized.
GMX v2, the flagship perpetual futures AMM on Arbitrum, has built on the success of its v1 product by integrating Chainlink Data Streams, a low latency product from a leading oracle provider. This integration has allowed GMX v2 to offer lower fees and a wider selection of markets, making it popular among onchain traders.
Gains Network, known for its gTrade platform, offers a wide variety of trading pairs, including cryptocurrencies, forex, and commodities, supported by its decentralized oracle network. Traders using Gains Network’s innovative approach to perpetual futures can access up to 150x leverage on nearly 200 markets.
The integration of GMX and Gains Network into Kwenta’s perpetuals marketplace is expected to drive growth in the onchain perpetuals space. This integration will make it easier for users to access advanced DeFi products through Kwenta’s user-friendly interface. While retail-focused applications have made progress in providing users with quick access to token swaps and bridging, onchain leverage has remained a complex product mainly for sophisticated DeFi enthusiasts.
This strategic expansion brings Arbitrum’s most popular derivatives trading venues together on a single platform, offering a simple and familiar experience for traders new to onchain products. Kwenta’s roadmap includes plans to further enhance the user experience by allowing users to interact with multiple protocols in one application.
Kwenta is currently seeking community feedback on these proposals as it finalizes its perpetuals marketplace. The potential integrations with GMX and Gains Network align with Kwenta’s mission to provide a superior decentralized trading experience, positioning it as a leading venue for DeFi derivatives trading on Arbitrum.
About Kwenta
Kwenta is an onchain derivatives marketplace available on Optimism, Base, and Arbitrum. The platform offers user-friendly tools to access deep liquidity and low fees onchain, while ensuring users retain full custody of their funds. With over $50 billion in trading volume through its community-governed platform, Kwenta is dedicated to developing tools that make DeFi accessible to everyone.
For more information, users can join Kwenta’s governance discussion channels on Discord.
Contact:
MarketingDAO PM
Burt Rock
Kwenta
[email protected]