Kwenta Receives Proposals to Integrate GMX and Gains Network into Perpetuals Marketplace

Grand Cayman, Cayman Islands, July 9th, 2024 – In a significant development for the derivatives ecosystem on Arbitrum, two leading DeFi projects, GMX and Gains Network, have announced their intentions to integrate with Kwenta’s forthcoming perpetuals marketplace. Kwenta, known as the top perpetual futures exchange on Optimism, broadened its horizons earlier this year by launching on the Base network. This move is part of a larger strategy to link derivatives liquidity across various blockchain networks. This announcement comes on the heels of a grant approved by the Arbitrum DAO to support Kwenta’s initial expansion onto the Arbitrum network.

Integration Proposals from GMX and Gains Network

GMX and Gains Network have put forward their proposals for integrating their liquidity into Kwenta’s platform. This collaboration seeks to improve the trading experience by granting Kwenta users access to a wider array of markets and liquidity, while leveraging Kwenta’s user-friendly roadmap. This includes features such as the ability for traders to log in using traditional web2 credentials and enabling gasless transactions.

GMX v2, recognized as Arbitrum’s primary automated market maker for perpetual futures, has built upon the success of its v1 product by being the first to incorporate Chainlink Data Streams. This low-latency service from a leading oracle provider is geared toward high-performance applications. The combination of lower fees and a broader selection of markets on GMX v2 quickly made it a favorite among on-chain traders.

Gains Network, particularly known for its gTrade platform, offers a diverse range of trading pairs encompassing cryptocurrencies, forex, and commodities, supported by its decentralized oracle network. Their innovative approach to perpetual futures allows traders to leverage up to 150x on an expanding list of nearly 200 markets.

Enhancing the Arbitrum Ecosystem

Bringing GMX and Gains Network into Kwenta’s perpetuals marketplace is expected to catalyze growth within the on-chain perpetuals sector. This integration will enable users to access sophisticated DeFi products through Kwenta’s intuitive user interface. While retail-focused applications have advanced significantly, facilitating quick access to optimal token swap prices and bridging, on-chain leverage remains a complex area for more experienced DeFi users.

This strategic expansion consolidates Arbitrum’s most popular derivatives trading venues into a single platform, providing a familiar and straightforward experience for newcomers to on-chain products. Kwenta’s development plan promises to enhance user interaction across multiple protocols within one application.

Future Outlook

Kwenta is currently seeking community feedback on the proposed integrations as it prepares to finalize its perpetuals marketplace. The potential collaboration with GMX and Gains Network aligns with Kwenta’s goal to deliver an exceptional decentralized trading experience. With these exciting developments, Kwenta aims to secure its position as a premier venue for DeFi derivatives trading on Arbitrum.

About Kwenta

Kwenta operates as an on-chain derivatives marketplace on Optimism, Base, and Arbitrum. The platform provides accessible tools for deep liquidity and low-cost on-chain transactions while ensuring users retain full control of their funds. With over $50 billion in trading volume through its community-supported platform, Kwenta remains dedicated to creating tools that make DeFi accessible to all.

For additional information, users are encouraged to engage in Kwenta’s governance discussions on Discord.

Contact:
MarketingDAO PM: Burt Rock
Kwenta
[email protected]

This article was originally distributed via Chainwire.