Loading...
Loading...
Penta Lab 研报 - Gains Network 独具创新的高杠杆低费用永续加密合约交易平台項目名稱: Gains Network
代幣: GNS
目前市值：1.6亿美金
预估市值：4.8亿美金
上升空間： 202%
Penta十緯度評分: 76
數據截至：2024年2月1日
完整報告下載：pentalab.io
Penta十維度評分：
研報概述：
獨特綜合架構設計使得資本效率領先同業。Gains Network 是一個在以太坊上創立的去中心化合成資產杠杆交易协议，它的旗艦產品是使用合成資產交易的gTrade，支持加密貨幣、外匯、股票、股票指數和大宗商品在內的高杠杆永續合約交易平臺。獨特綜合架構設計使得gTrade可以提供了豐富的交易對、低交易費用以及高杠杆選擇，其中加密貨幣交易的最大杠杆為150倍，外匯交易則能夠達到驚人的1000倍杠杆，股票和指數的杠杆則分別可達到100倍和35倍。gTrade 的资金效率領先同行，截至2024年1月30日，gTrade的7日平均交易量/TVL達到2.11，而GMX和dydx的7日平均交易量/TVL分別是0.27和1.14。
gTrade V7引入gETH和eUSDC並新增多抵押存款功能加速打開交易量天花板。資金池會從USDC、ETH或DAI，V7新版本將引入流動性收益代幣gUSDC和gETH。Gains Network還透露過去18個月gTrade處理了超過138萬筆交易，總交易量為564億美元，費用收入達到3800萬美元。
多重機制控制交易風險，自製預言機確保穩健發展。Gains Network在交易端提供了三種控制風險的機制，包括 1）Dynamic Spread/Price Impact（價差/价格冲击）用於防止價格操縱攻擊並促進小型貨幣的上市交易；2）Rollover Fee（展期費用）用於控制交易者的杠桿和風險；3）Borrowing Fee（借貸費用）用於平衡多空比例，避免過度的單邊風險暴露。同時，Gains Network建立了一個混合架構，結合了Chainlink Price Feeds和自製的Chainlink去中心化預言機網絡(DON)，8 个节点将分别向将 7 个交易所的索取價格，從而可以有效地過濾異常值並且避免價格操縱，為其高槓桿交易產品提供安全、準確、即時的聚合價格。
代幣淨通貨緊縮機制以及協議收益分成增厚持有者利益。於 GNS 持有者希望賺取質押收益，單邊質押將促使更多 GNS 代幣退出流通。賺取的收益以 $DAI 計價，而非通過通貨膨脹鑄造更多 GNS 代幣。
估值：雖然GNS的TVL體量只有GMX不到7％，但是市值比上TVL的比值卻已經是GMX的三倍，隱含了市場對於其借貸效率，增長潛力以及安全性的認可。六個月維度我們認爲隨著gETH和eUSDC納入以及新功能拓展，TVL有機會突破一億美元大關，根據過去兩年歷史平均市值/TVL的比值为4.84，得到六個月预估市值4.84亿美元。
風險提示：資金池管理風險，擠兌風險，被攻擊風險
聲明：本文之著作權由Penta Lab持有。任何商業性質的複製、分發或傳播，均需事先取得Penta Lab明確的書面授權。對於非商業性的信息傳播，必須保留並明確註明本作品的原始出處和Penta Lab信息。本文內容反映的僅為Penta Lab觀點，並不代表推薦任何投資行為。本文提及的任何標的均不構成投資建議。投資者應基於自身獨立判斷作出投資決策，且需自行承擔相應投資風險。市場存在風險，投資需謹慎。
Enterprise-Focused Blockchain Network Gains Warm Welcome in Regulatory and Corporate CirclesAdvertisement
In the rapidly evolving world of blockchain technology, the XDC Network has emerged as a promising player, gaining widespread recognition and support from regulatory bodies and corporations alike. This wave of endorsement comes on the heels of a significant partnership between Fluent Finance, a leading blockchain and fintech development firm, and Impel, a company specializing in financial messaging and blockchain integration. The collaboration has set the stage for a new era of enterprise-focused blockchain solutions.
The XDC Network, tailored for enterprise-grade financial services, has garnered attention for its innovative approach and commitment to security and transparency. The network’s regulatory-forward stance provides an ideal environment for the integration of blockchain technology, particularly in the realm of stablecoins.
The crux of the partnership between Fluent Finance and Impel revolves around the introduction of the US+ stablecoin to the XDC Network. Known for its regulator-friendly design, US+ is set to make a profound impact on the digital currency landscape. It maintains a 1:1 ratio with the U.S. Dollar, offers real-time audits and boasts backing by vetted federated banking partners. This unique approach addresses a critical challenge in the world of stablecoins, eliminating counter-party risk and creating a more secure and regulated ecosystem for digital currencies.
The partnership also signifies a major shift in how businesses conduct transactions. Fluent Finance’s federation of banks will play a pivotal role in minting and redeeming US+ on and off the XDC Network. This initiative is set to open doors for cross-border payments, international trade, and instant settlement, all underpinned by blockchain technology’s security and transparency.
The successful deployment of US+ smart contracts on the XDC Network serves as a proof of concept for this partnership. It underscores the collaborative spirit and smooth integration between Fluent Finance and Impel, promising a bright future for the stablecoin ecosystem.
Advertisement
Troy S. Wood, CEO and Founder of Impel is equally enthusiastic about the partnership, citing Fluent’s strong management team and regulatory soundness as key factors contributing to its success. The XDC Network, designed specifically for enterprise-grade trade finance and payments, aligns perfectly with Impel’s mission to provide secure, stable, and efficient financial solutions. The ISO 20022 financial messaging API and the R3 Corda | XDC Network Bridge, which forms part of Impel’s offerings, provide innovative solutions for settling debt obligations on the blockchain, disrupting traditional methods.
1/ Fluent is pleased to announce our activity in the UAE Ministry of Economy’s NextGen FDI programme, per @Zawya.
We are as excited to develop and implement deposit token infrastructure in the UAE as we are grateful for the support of @ThaniAlZeyoudi.https://t.co/RPOPPZG0cV
— Fluent Finance (@FluentDAO) October 11, 2023
Fluent Finance has shared exciting news as they join the UAE Ministry of Economy’s NextGen FDI program. This strategic move underscores Fluent’s commitment to advancing deposit token infrastructure in the UAE, a region known for its forward-looking approach to financial technology. The company expresses deep gratitude for the support received from His Excellency Dr. Thani Al Zeyoudi, recognizing the UAE’s vital role in fostering innovation and growth in the fintech sector. This marks a promisingstep toward realizing their vision for a more efficient and secure financial ecosystem in the UAE and beyond.
In addition to the blockchain and fintech industry, Fluent Finance’s inclusion in the UAE’s NextGen FDI program marks an important step in the broader adoption of blockchain technology. The company’s innovative approach to cross-border trade, facilitated by bank-issued cryptocurrencies and stablecoins, aligns with the UAE’s vision to embrace advanced technology tools in global supply chains. It also complements the UAE’s Comprehensive Economic Partnership Agreement program, aimed at achieving frictionless trade between the UAE and an increasing number of nations across the world.
In summary, the partnership between Fluent Finance and Impel, the adoption of the US+ stablecoin on the XDC Network, and Fluent’s inclusion in the UAE’s NextGen FDI program signify a bright future for enterprise-focused blockchain networks. This collaboration showcases the potential of blockchain technology to revolutionize the fintech and enterprise sectors, offering enhanced security, transparency, and efficiency, ultimately shaping the future of finance in the digital age.
Ads by Cointraffic
Bitcoin Futures Market Overheating Again, Volatile Storm Ahead?Data shows the Bitcoin futures market is starting to overheat again, which could lead to higher asset price volatility.
Bitcoin Open Interest Has Been Climbing Recently
As an analyst in a CryptoQuant Quicktake postexplained, the open interest has seen some rise during the past month. The “open interest” is an indicator measuring the total amount of Bitcoin futures contracts currently open on all derivative exchanges.
When the value of this metric goes up, it means the investors are opening more positions on the futures market right now. Since new positions usually come with more leverage, such a trend can increase the overall leverage in the sector. This can make the price of the cryptocurrency more volatile.
On the other hand, the indicator decreasing implies that the investors are either closing their contracts or getting liquidated. This kind of trend usually results in the asset becoming more stable.
Now, here is a chart that shows the trend in the Bitcoin open interest over the past year:
As displayed in the above graph, the Bitcoin open interest had fallen to relatively low levels back in August. Still, the metric started to turn around again in September and has since climbed appreciably.
In the chart, the quant has highlighted the zone for the indicator where the risk of the price showing sharp volatility becomes particularly high. It would appear that while the open interest has gone up recently, it’s still just below this historical zone.
Interestingly, each time the indicator has entered this zone during the last year, it has exited with a sharp plummet. These plunges have been because of the occurrence of “liquidation squeezes.”
A liquidation squeeze is an event where a sudden swing in the price liquidates a large amount of contracts at once. These liquidations only help fuel this price move further, thus resulting in even more liquidations. In this way, liquidations can cascade down like a waterfall, and so the open interest naturally plunges.
The analyst has also attached the data for the short and long liquidations in the same chart. There would seem to be more long squeezes in this period than short ones.
The Bitcoin open interest can be the one to watch in the coming days, as the metric entering inside the volatility zone could lead to sharp action for the asset’s price.
In theory, any volatility that may emerge can go in either direction, but the precedence during the past year may suggest a long squeeze (and, hence, a price crash) could be more likely to happen.
BTC Price
At the time of writing, Bitcoin is trading at around $27,100, down 1% in the last week.
A Saudi Prince, Chinese Government Officials, and Thai Prostitutes: Former Alameda Research CEO’s Damning Testimony Continues against Sam Bankman-FriedA Saudi Prince, Chinese Government Officials, and Thai Prostitutes: Former Alameda Research CEO’s Damning Testimony Continues against Sam Bankman-Fried
Caroline Ellison, former Alameda Research CEO and ex-girlfriend of disgraced FTX founder Sam Bankman-Fried, stunned the jury today in Manhattan Federal Court when she revealed startling claims involving Alameda Research’s ties to international government officials.
Taking the stand for the first time yesterday, Ellison admitted to falsifying a number of balance sheets to make investing in the crypto hedge fund seem “less risky than it was and to hide the fact we were borrowing tens of billions of dollars from FTX customers.”
"I knew it was wrong"
Testifying under a cooperation agreement with the US government,Ellison appeared to be remorseful, calling her actions “wrong.”
Moreover, the former Alameda CEO said that she had been left in “a constant of dread” in the lead-up to FTX’s collapse. By 2022, Alameda Research’s total assets, which were mostly illiquid, totaled $21 billion, while their liabilities were estimated at over $14 billion.
Ellison testified that she and Bankman-Fried predicted and analyzed a number of “bad market scenarios” that could tank their crypto empire.
At one point, Ellison calculated there was 100% probability they would not be able to repay their loans should the crypto market experience a downturn while they attempted large venture investments. Nonetheless, Bankman-Fried charged on, instructing Ellison to repay their loans using customers’ funds on FTX.
“Every day, I was worrying about the possibility of customer withdrawals and worried about this getting as well as who it would it hurt,” she stated.
Bankman-Fried tried to raise FTX funds while utilizing discreet messaging
With little remaining sources of capital left, Ellison recalled Bankman-Fried attempting to raise funds for his company by selling shares to the Crown Prince of Saudia Arabia, Mohammed bin Salman Al Saud. However, these attempts ultimately proved futile.
Ellison further alleged that Bankman-Fried was concerned about the subject matter of his employees’ conversations coming back to haunt him, even going so far as enabling an automatic deletion feature on their company’s end-to-end encrypted messaging platform, Signal. “Sensitive conversations were saved for Signal, in-person, or not at all,” Ellison added.
Moreover, she testified that Bankman-Fried instructed that company communication should “The New York Times Test,” meaning employees should only communicate information they would be comfortable reading as a headline in the newspaper.
Bankman-Fried bribed Chinese government officials
However, one of the most damning pieces of evidence came when Ellison recalled Bankman-Fried bribing Chinese government officials to unlock Alameda’s frozen trading accounts. These accounts were held on exchanges called OKX and Huobi, with those belonging to Alameda Research holding over $1 billion in assets.
According to Ellison, their bribery came as a last resort after hiring a lawyer who failed to negotiate with several Chinese officials. Following this, they unsuccessfully attempted to use the trading accounts of several Thai prostitutes in order to unlock their funds.
When a trader for Alameda Research attempted to dissuade Bankman-Fried from bribing the Chinese government, the fallen “King of Crypto” yelled at her to “shut the f–k up!”
Bankman-Fried sat silent in the courtroom, resting his hand slightly over his mouth. Ellison remained somewhat hunched as she calmly continued her testimony.
After a detailed review of Alameda Research’s financial documents, the prosecution announced they were submitting one last balance sheet into evidence.
“Microsoft stock must be plunging then,” Kaplan joked.
Having pled guilty to seven different fraud charges, Ellison is expected to finish her time on the stand this week. It is currently unclear if Bankman-Fried will testify in his own defense.
Judge sides with Ripple again, denies SEC appeal: Law DecodedCrypto lawyers are seemingly divided over the significance of a court order to dismiss the SEC’s motion.
On Oct. 3, United States District Court Judge Analisa Torres rejected the U.S. Securities and Exchange Commission’s (SEC’s) motion to appeal its loss against Ripple Labs, the company behind the XRP (XRP) cryptocurrency. Torres denied the SEC’s motion, claiming the regulator failed to meet the burden to show that there were controlling questions of law or substantial grounds for differences of opinion on the matter.
The regulator appealed against the court’s July decision declaring that retail sales of the XRP token did not meet the legal definition of a security. The SEC argued there was “substantial ground for differences of opinion” on the laws at hand.
Immediately after the SEC’s appeal was rejected, the XRP price surged nearly 6%. However, the decision isn’t an outright loss for the regulator, as Torres scheduled a trial for April 23, 2024, to address the remaining issues in the case.
Crypto lawyers are seemingly dividedover the significance of the court order. While many lawyers and commentators chalked the decision up as a substantive win for Ripple in its case against the regulator, other legal experts have urged the public to temper their enthusiasm. Bill Hughes, a lawyer at blockchain firm ConsenSys, told Cointelegraph that the rejection of the SEC’s appeal was something he’d expected, explaining that it’s not typical for such an appeal to make it through during this part of a trial. “The court says that [Torres’] ruling is limited to this case. Frankly, that’s fine for the SEC if they don’t mind one case not telling you very much about the next,” Hughes explained.
Keeping up with the SBF trial
If you are having a hard time keeping up-to-speed with the ongoing Sam Bankman-Fried trial, Cointelegraph has got you covered. Our reporters are on the ground in New York following every day of the trial. And there is much to recap with, from the defense’s insistence on the role of Binance in the FTX’s collapse to in-depth details about how Bankman-Fried’s former crypto empire ended up with an $8 billion hole in customer assets.
Continue reading
Hong Kong forms crypto task force
The Hong Kong Police Force and the Securities and Futures Commission (SFC) have set up a crypto-focused working group to deal with illicit crypto exchange activities. The working group aims to enhance monitoring and the investigation of illegal activities carried out by virtual asset trading platforms, share information on suspicious activities, assess risks of dubious exchanges and collaborate on investigations.
Days before the meeting, 11 people were detainedfor questioning over their possible role in the JPEX scandal, in which the SFC alleged the firm had been promotingits services in the region without a license.
Continue reading
Canada comes up with the rules for stablecoins
The Canadian Securities Administrators (CSA) has guided exchanges and cryptocurrency issuers on its interim approach to what it calls value-referenced crypto assets, with a particular focus on stablecoins. The CSA reaffirmed that stablecoins “may constitute securities and/or derivatives,” which Canadian crypto exchanges are prohibited from trading. However, if issuers maintain an appropriate reserve of assets with a qualified custodian and crypto exchanges offering stablecoins make “certain information related to governance, operations, and reserve of assets publicly available,” then the CSA could allow those assets to be traded.
Continue reading
U.K. adds 143 crypto companies to its warning list
The United Kingdom’s financial markets regulator, The Financial Conduct Authority (FCA), added 143 crypto exchanges to its warning list of non-authorized firms that customers “should avoid.” Among them were major exchanges, such as Huobi-owned HTX and KuCoin. The warning list doesn’t reveal much apart from the statement, “You should avoid dealing with this firm.” However, failure to comply could result in criminal charges.
Continue reading盖因治疗公司(Gain Therapeutics, GANX)近期接连公布管线进展和临床数据，正在帕金森病治疗领域扩大其影响力。随着其核心候选药物'GT-02287'的临床/临床前成果和监管日程加速推进，投资者的关注度也随之扩大。 临床阶段生物技术公司盖因治疗公司(GANX)基于其变构小分子治疗平台，主攻神经退行性疾病、罕见病和抗癌领域。特别是作为主要靶点开发的帕金森病药物GT-02287，近期在临床1b期试验中获得了有意义的生物标志物变化和早期临床信号。 公司在2026年AD/PD会议上公布的数据显示，脑脊液中的葡萄糖神经鞘氨醇(GluSph)水平在给药90天后有所下降，并且在部分患者亚组中，观察到多巴脱羧酶(DDC)减少的同时，运动功能评估指标MDS-UPDRS评分保持稳定。这被评价为表明药物实际作用于中枢神经系统靶点的"核心证据"。 此前公布的补充数据显示，在基线GluSph水平较高的患者亚组中，平均降低了81%。公司方面强调，这种变化不仅仅是症状缓解，更是显示出"疾病修饰可能性"的早期信号。共有21名患者参与了临床试验，其中多数已进入延长研究。 临床前研究也持续取得积极结果。盖因治疗公司公布了支持GT-02287作用机制的各种生物学数据，包括改善线粒体功能、神经保护效应、增加GCase活性等。特别是线粒体内活性氧减少和细胞保护效应，被认为是与帕金森病病理直接相关的因素。 监管日程也在顺利进行。盖因治疗公司(GANX)已于2026年3月向美国食品药品监督管理局(FDA)提交了IND相关答复函，预计将在数周内收到回复。公司计划以此为基础，在2026年第三季度启动安慰剂对照的临床2期试验。 与此同时，公司也在加强与投资者的沟通。接连参加摩根大通医疗保健大会、奥本海默医疗保健大会、ROTH大会等重要活动，扩大与机构投资者的接触面。首席执行官吉恩·麦克(Gene Mack)通过会议演讲和一对一会议，亲自解释临床策略和数据解读。 业界正关注盖因治疗公司的研发策略。与现有疗法侧重于症状缓解不同，该公司通过基于变构调节的平台，提出了扩展为能够延缓或改变疾病进程本身的"下一代治疗策略"的可能性。 不过，鉴于其仍处于早期临床阶段，也有观点认为商业化仍需进一步验证。生物技术行业相关人士指出："生物标志物改善与临床指标之间的相关性越明确，企业价值越可能被重估"，但同时强调"关键在于后续临床试验中能否重现一致的结果"。 最终分析认为，盖因治疗公司(GANX)未来的股价走势将取决于GT-02287能否顺利进入临床2期试验以及数据能否进一步扩展。通过连续的数据公布和全球学术会议展示所积累的"科学证据"能否真正引领治疗范式的转变，市场的目光正聚焦于此。
