Gains Network (GNS)

Perp DEX fork of GMX based on Arbitrum and Polygon

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

Audits & Exploits

• Gains network offers a bug bounty of 100 000$ on Immunefi (live since 3-2022).
• Scored 38%, a fail, on DeFi Safety (9-11-2022):

"There is no coverage of deployed contracts by software function documentation that could be found. There is no traceability between software documentation and implemented code that could be made. No testing evidence could be found in the repository's GitHub. This protocol has not undergone formal verification.

Gains Network's v6 update has been audited pre-launch, with most minor issues being solved, the one major issue acknowledged being centralization. For this matter, the protocol will earn 90%."

Governance

Admin Keys

• From DeFi Safety (9-11-2022):

"Gains Network's v6 update has been audited pre-launch, with most minor issues being solved, the one major issue acknowledged being centralization. For this matter, the protocol will earn 90%. Admin control information could not be found in the protocol's documentation. There are mentions of contracts being upgradeable here, but this is not specified for all relevant smart contracts. There is a mention of pausing opening of new trades opening when a contract is upgraded, but this does not constitute pause control documentation. Timelock documentation could not be found."

• It states in its long-term vision that they plan to become a DAO governed by the $GNS token. The protocol is currently (11-2022) under control by the founder.

Token

Other Details

• From their docs (31-12-2022):

"The protocol revolves around the ecosystem's ERC20 utility token (GNS) and ERC721 utility token (NFTs). GNS and the NFTs are designed to be actively used within the platform (utility) and to allow ownership of the protocol through revenue capture & governance (soon). It includes GNS holders receiving platform fees through Single Sided Staking, burning of GNS using platform revenue, NFT holders getting reduced spread and boosted rewards, as well as NFT bots executing limit orders and liquidations."

Technology

• Whitepaper or docs can be found [insert here].
• Code can be viewed here. From DeFi Safety (9-11-2022):

"The repository gTrade-v6.1 has 2 commits, 1 branch. This gives 0% to the protocol. Other repositories would not have been able to give additional points as none of them had more than 30 commits."

• Fork of GMX based on Arbitrum and Polygon

Fees

• From their docs (31-12-2022):

"Fees are calculated on the value of the total position size (leverage x collateral), with the exception of the rollover fee which is on collateral only."

Oracle Method

• The protocol utilizes a real-time custom Chainlink decentralized oracle network (DON).
• From DeFi Safety (9-11-2022):

"Front running mitigation technique documentation could not be found. Flashloan attack mitigation technique documentation could not be found."

Roadmap

• Can be found here.

Team, Funding and Partners

Team

• Full team can be found here and is comprised of pseudonyms.

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