[0IP-9] List gDAI as a non-collateralizable asset


The protocol proposes to list gDAI as a non-collateralizable asset on 0VIX.

This comprises of the following vote:

  • Whether to list gDAI on 0VIX Protocol as a non-collateralizable asset


Gains Trade has achieved impressive growth with its decentralized trading platform, gTrade, hitting all-time-high volumes of over $26.5 billion and drawing attention from the Web3 community. The gDAI vault, which receives a portion of trading fees, currently offers a yield of 12.7% APY.

0VIX sees the potential for further growth by listing gDAI as a lending and borrowing asset.


In the interest of safety 0VIX will set a loan-to-value (LTV) ratio of 0%, meaning gDAI cannot be used as collateral.

More information about Gains Trade and gDAI

Gains Network is developing gTrade, a liquidity-efficient, powerful, and user-friendly decentralized leveraged trading platform.

Their uniquely designed synthetic architecture makes gTrade more capital efficient than any existing platform, allows for low trading fees, and a wide range of leverages and pairs: up to 150x on cryptos, 1000x on forex, 100x on stocks, and 35x on indices. You can read more about this here: The gTrade Platform.

gDAI is the first gToken built to support the gTrade trading protocol.

gDAI Vault is a DAI vault following ERC-4626, a standard API for tokenized yield-bearing vaults that represent shares of a single underlying ERC-20 asset. For this vault, gDAI shares represent the underlying DAI asset.

The vault serves as the counterparty to all trades made on the platform:

  • When traders win (positive PnL), their winnings are received from the vault.
  • When traders lose (negative PnL), their losses are sent to the vault.

In exchange, the vault receives a portion of trading fees. These fees are proportionally split among gDAI shares, incentivizing stakers to stay in the vault.

gDAI is an ERC-20 representing ownership of the underlying DAI asset. It follows an exchange rate model (similar to Compound’s cTokens) where the price of gDAI to DAI changes in real-time from two variables: accumulated fees and trader PnL (both open and closed).

gDAI = 1 + accRewardsPerToken — Math.max(0, accPnlPerTokenUsed)


Voting period:

  • 2 days

Vote options:

Vote a) List gDAI on 0VIX as a non-collateralizable asset.
  • Accept the proposal: Yes
  • Needs more discussion

0 voters

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Voted in this proposal!

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Vote chads! Your vote counts :smiley:


voted on this one! haha!

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I vote agree to list

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