Altcoin
STEPN: How Play-to-Earn gaming tokens have fared since the launch of its DEX
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Journalist
Amidst regulatory sanctions, DDOS attacks, and the general market downturn that has impacted the activities of the leading play-to-earn gaming platform, STEPN launched its decentralized exchange (DEX) on 11 June. By a whitepaper published by the team, the DEX was referred to as DOOAR. The DEX allows the users of the gaming platform to provide liquidity in its native tokens – GST/USDC or GMT/USDC pairs.
According to data from Dune Analytics, STEPN’s DEX DOOAR recorded a daily active user index of 66052 users on 30 June, putting it atop the list of DEXes with the highest daily active users on the Solana Chain.
Source: Dune Analytics
Now, you may ask, since the launch of the DEX, how STEPN’s GMT and GST-SOL tokens have reacted?
Price-performance analysis
On 11 June, when the DOOAR DEX was launched, the price of the GMT token was pegged at $0.92. However, on 26 June, the token saw a high of $1.08. Alas, the bears forced a reversal that pushed the price downward.
Exchanging hands at $0.8113, the price of GMT registered a 13% decline in the last 20 days. Within the same window period, data from Santiment revealed an 11% drop in the token’s market capitalization.
Source: Santiment
Furthermore, in the last 24 hours of 1 July, the token saw a 2% uptick in price and a 16% growth in trading volume.
On the other hand, the GST-SOL did not see any relief in the last 20 days. At $0.38 per GST-SOL token when the DOOAR DEX was launched, the token’s price proceeded to shed 68% by press time.
During press time, the token exchanged hands at $0.1227. As a result, the market capitalization within the period under review also recorded a drop from $39.61 million to $24.48 million.
According to data from CoinMarketCap, in the last 24 hours of 1 July, the GST-SOL token’s price decreased by 3%. Trading volume also went down by 37.54%.
Source: Santiment
What do the metrics say
On a social front, the GMT token saw rapid growth in the last 20 days. Since 11 June, the social dominance grew over 300%. Within the same period, the social volume also registered a 61% growth. However, within the same period, the supply of the GMT token held by whales saw a decline of 4%.
Source: Santiment
