Proposal:
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
Motivation:
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.
Details:
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)
Links
- Website: https://gains.trade/
- gDAI Vault: gTrade | Vault
- Docs: Home - Gains Network
- Github: GainsNetwork (Gains Network) · GitHub
- Full list of useful links can be found here: Home - Gains Network
- Smart Contract Security Audit of Gains Trade by Halborn: https://2065150902-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MXazyLIr0z2c0oFESmS%2Fuploads%2FEQlitmET1Xcsbr70JsTZ%2FGains_Trade_Smart_Contract_Security_Audit_Report_Halborn_Final.pdf?alt=media&token=cade2f7f-21b7-4b28-9e21-d5874da8aa15
- Audit by Certik: Gains Network - Web3 Security Leaderboard
Voting period:
- 2 days
Vote options:
- Accept the proposal: Yes
- Needs more discussion
0 voters
