Bear Market Still, Right?
In a deep bear market, we're not used to seeing coins break through their all-time-highs:
![](https://www.thebankrunners.com/content/images/2023/01/GNS-Price.png)
Well, Gains Network hasn't only made new all-time-highs on its $GNS token price, but also in:
- Active Users
- Earnings (from fees)
- Trading Volume
And all of these accomplishments in a, bear? what gives..
![](https://www.thebankrunners.com/content/images/2023/01/GNS-dailyactives.png)
Usually in crypto, price is always outperforming the actual fundamentals of a protocol or blockchain, but here it seems as if the price still hasn't caught up!
Exponential growth of $GNS on @arbitrum is insane.
— Midgetwhale (@derpaderpederp) January 18, 2023
After just over two weeks, half a billion dollar in volume, now reaching 75M/day.
Over 50k/day in fees.$DAI vault bulging with 11.5M in cash.
And here I am stacking at 12.6% APR 💪 pic.twitter.com/BiFHgdpsq4
"After just two weeks, $500m in volume, ..over $50k/day in fees"
PERP lover, and GNS community member @derpaderpederp (great handle), displays how nearly all Gains Network stats and charts have been up and to the right, recently.
![](https://www.thebankrunners.com/content/images/2023/01/gainsNetwork.png)
Up until recently, Gains Network lived on the Polygon network, but a recent move to Arbitrum has generated a lot of buzz for the PERP platform, and for good reason:
Just within ~30 days of launching on the Arbitrum network, the DAI pool (which GNS users countertrade) has become the largest DAI-holding wallet on Arbitrum, passing its friendly competitor, GMX.
![](https://www.thebankrunners.com/content/images/2023/01/GNS-DAI.png)
We can even see MakerDAO (minting house of the DAI stable coin), congratulating the community on this achievement on twitter:
Oh wow! Congrats @GainsNetwork_io and let's go @arbitrum!
— Maker (@MakerDAO) January 25, 2023
So why is $GNS, the native token getting so much love on its price?
Probably because unlike most tokens, it does a good job at capturing value which the protocol accrues via staking 'dividends' - and there's definitely dividends to be had, given that Gains Network is the #4 top earner in all of DeFi (revenue - token incentives), in the past 6 months.
![](https://www.thebankrunners.com/content/images/2023/01/GNSearningz.png)
This is the kind of growth we like to see during low-interest times, where most have checked out of crypto.
The PERP DEX category is one we are very excited about and will keep wathching and reporting on.
Happy HODL'ing!
Disclaimer: Author owns Ethereum, GNS, GMX and other crypto.