Daily Hot Token — Gains Network (GNS)
U.S. equity indices were mixed last Friday, with tech stocks suffering significant losses. Meanwhile, the broader cryptocurrency behaved unimpressed, with Bitcoin testing $25k resistance again during the weekend. The hot token for today, GNS, registered a 7-day return of 33.3%, outperforming the broader market due to traders front-running the token’s CEX listing.
Gains Network - Daily Trading Volume
GNS is the native token of Gains Network, the team behind gTrade, a decentralized trading protocol on Polygon and Arbitrum. What sets Gains Network from other DEXes is its trading of non-crypto perpetual, including FX and stocks. The recent outperformance comes as traders front-run GNS’ CEX listing, which usually leads to a price spike as more traders are accessible to owning GNS tokens. While the soaring price was triggered more by speculative moves, gTrade’s fundamental has continued to improve. In particular, the daily trading volume on the network has been growing rapidly while its competitors struggled to retain users.
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Check Out the Latest Prices, Charts, and Data for GNS/USDT!
Talk of the Town
Chatter that Hong Kong will legalize retail trading on crypto has been all the rage. Despite no official affirmation, multiple sources indicate that retail investors could invest in crypto assets under a new regulation framework starting June 1, 2023. Brian Armstrong, CEO of Coinbase, commented that the U.S. is losing ground to the U.K., E.U., and now Hong Kong in crypto regulation progress. However, many critics wonder if Hong Kong regulators will be as open as rumored to allow its citizens to trade crypto freely. Instead, the compliance regulation in Hong Kong will likely be as stringent as its western counterparts.
Check out what else is buzzing in the crypto scene today:
DeFi protocol Platypus suffers $8.5M flash loan attack, suspect identified. (Link)
TrueFi token clocks triple-digit gain as Binance mints TUSD stablecoin. (Link)
SEC finally sues Terraform Labs over TerraUSD. (Link)
Top Mt Gox creditor opts for Bitcoin payout. (Link)
A tweet suggesting Hong Kong will make crypto fully legal for all citizens is a misreading of the legislation. (Link)
Sony eyes investment in Web3 projects from around the world. (Link)
