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

Amidst regulatory sanctions, DDOS assaults, and the final market downturn that has impacted the actions of the main play-to-earn gaming platform, STEPN launched its decentralized exchange (DEX) on 11 June. By a whitepaper revealed by the group, the DEX was known as DOOAR. The DEX permits the customers of the gaming platform to supply liquidity in its native tokens – GST/USDC or GMT/USDC pairs.

In accordance with knowledge from Dune Analytics, STEPN’s DEX DOOAR recorded a every day lively consumer index of 66052 customers on 30 June, placing it atop the record of DEXes with the best every day lively customers on the Solana Chain. 

Supply: Dune Analytics

Now, it’s possible you’ll ask, for the reason that launch of the DEX, how STEPN’s GMT and GST-SOL tokens have reacted?

Value-performance evaluation

On 11 June, when the DOOAR DEX was launched, the value of the GMT token was pegged at $0.92. Nevertheless, on 26 June, the token noticed a excessive of $1.08. Alas, the bears compelled a reversal that pushed the value downward.

Exchanging arms at $0.8113, the value of GMT registered a 13% decline within the final 20 days. Throughout the identical window interval, knowledge from Santiment revealed an 11% drop within the token’s market capitalization.

Supply: Santiment

Moreover, within the final 24 hours of 1 July, the token noticed a 2% uptick in worth and a 16% development in buying and selling quantity.

Then again, the GST-SOL didn’t see any aid within the final 20 days. At $0.38 per GST-SOL token when the DOOAR DEX was launched, the token’s worth proceeded to shed 68% by press time.

Throughout press time, the token exchanged arms at $0.1227. In consequence, the market capitalization inside the interval below overview additionally recorded a drop from $39.61 million to $24.48 million. 

In accordance with knowledge from CoinMarketCap, within the final 24 hours of 1 July, the GST-SOL token’s worth decreased by 3%. Buying and selling quantity additionally went down by 37.54%.

Supply: Santiment

What do the metrics say

On a social entrance, the GMT token noticed speedy development within the final 20 days. Since 11 June, the social dominance grew over 300%. Throughout the identical interval, the social quantity additionally registered a 61% development. Nevertheless, inside the identical interval, the availability of the GMT token held by whales noticed a decline of 4%. 

Supply: Santiment

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