STEPN: How Play-to-Earn gaming tokens have fared since the launch of its DEX

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