The daily active users on Gains Network plunged 37% from mid-February until press time. The network almost reversed the TVL gains it made a month ago. The Open Interest (OI) for Gains Network [GNS] reached its all-time high of 57 million at the time of writing. The OI rose over the past four months for […]
, has been one of the most successful decentralized finance protocols in 2023. Its ascent could be gauged by the explosive growth of its trading volume from the beginning of January until mid-February, during which it jumped 34 times, as per Token Terminal.
It reached a monthly high on 16 January when the world’s biggest crypto exchange, Binance, listed its native token GNS on the exchange’s innovation zone. However, the story since then has been uninspiring. The daily active users on the DeFi protocol plunged 37% as of 2 March, while the trading volume fell by nearly 70% since the listing of GNS on Binance.As a result of the dip in trading activity, the protocol’s transaction fees declined sharply over the last week. It slid to the seventh position in the list ofThe total value locked had a similar story to narrate. After reaching an all-time high on 19 February, the TVL plummeted 12% until press time, data from DeFiLlama showed.
The weighted sentiment GNS tanked since reaching its zenith on 16 February. The social buzz also nosedived, suggesting that there was a lull in overall activity.
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