Gains Network [GNS], a decentralized perpetuals exchange, was making rapid strides in the DeFi ecosystem. According to a post by Wu Blockchain on 24 January, Gains Network touched a cumulative transaction volume of more than $1 billion over the past week, recording a jump of around 78%. 

The sharp increase in trading fees was also highlighted, and the data was backed up by on-chain analyst ‘Patrick | Dynamo DeFi’ on Twitter. Patrick posted a snippet from Token Terminal to show that fees paid by traders on the Gains Network exceeded its previous peak in March 2022. 

Gains Network, built on Polygon [MATIC] and Arbitrum, was launched in 2021. A perpetual-focused protocol similar to that of dYdx and GMX, GNS recorded a surge in most of its key performance indicators.

 As per Token Terminal, the daily active users grew three-fold since the start of 2023. The earnings of GNS token holders have exploded in recent days. Notably, the value hit an ATH of $119k on 18 January.