By augustine16 //
December 15, 2022

Excerpts from CareYourPresent – a crypto enthusiast

Crypto Rug Pull – Sick of rug pull by CEX?

Recently there are many news of  crypto rug pull with trading plaforms/CEX/Lending company (3AC, Hodlnaut, Terra, Celsius etc) that bankrupt, rugged pull and collapses etc….Do you still feel safe to put your money in Centralized exchange?

Decentralized platform to solve crypto rug pull

Small sum that you can afford to lose should be fine…what about those big sums that you can’t afford to lose? That’s why you need a decentralized platform.

decentralized platform

Besides GMX, another possible platform that one can look at will be Gains Network.

gains network
Source: gTrade

Gains Network is developing gTrade, a liquidity-efficient, powerful, and user-friendly decentralized leveraged trading platform. This platform allows for low trading fees, and a wide range of leverages and pairs (up to 150x on cryptos, up to 1000x on forex, and up to 100x on stocks).

The main token that enable gTrade will be GNS token ($GNS). It started initially as the $GFARM2 token on Ethereum, which was fairly distributed in an ETH pool and a GFARM2/ETH LP pool.

The dev fund and the gov fund had a 5% share of the token distribution (10% total). It was later bridged to Polygon, and had a 1:1000 split to $GNS.

The GNS token also acts as a mechanism of liquidity efficiency, offer returns for those participating in the ecosystem. Over its lifetime it has been net deflationary.

In order to start trading in this platform, you will need 3 things:

  1. A Web3 wallet e.g. Metamask that you can connect directly to this platform.
  2. MATIC in that wallet to pay for transaction fees.
  3. DAI in that wallet to use as collateral.

Basically, after you have the 3 items above, just click the connect wallet button at the top right side of the platform to start. If you wish to stake, you can also do so via this site too.

crypto rug pull

Dune gaining traction?

If you look at the stats using dune (see screenshots below), this is definitely gaining traction. It is worth exploring to find out more and try the platform.

However, do note that currently is still bear market, please your own due diligence before doing anything. Personally, I feel that this is still early but worth considering.

dune platform
dune platform

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