STEPN (GMT) Expands with Native Decentralized Exchange

STEPN is one of the most widely used move-to-earn apps, but the quick popularity also led to its reward token dumping.
  • Minting scrolls will be added to the game to limit new shoe creation.
  • GST token sinks to $0.37, players pick game for almost no earnings.
  • GMT earnings not coming to the game any time soon.

STEPN (GMT), the first and leading move-to-earn game launched in 2022, is now adding a native decentralized exchange. As intended in the white paper, the DOOAR exchange will go through three stages. 

Initially, the exchange will work as a swap within the game. Later, it will open a frontend with limited GMT and GST liquidity pairs. The last stage will be an open DEX where others can create liquidity pairs and inject assets into the pairs. 

What are Minting Scrolls

STEPN has a problem with system abuse, namely not all game participants are walkers. Some are trying to mint more shoes and turn a profit without the move-to-earn element.

Minting scrolls will be a necessary element to create new pairs of sneakers. Until now, the game only had a mechanism where two pairs of sneakers were needed to generate a new shoebox. Minting scrolls, on the other hand, will be NFT that can only be generated from walking.

Over time, the scrolls may be resold, but for the initial period, they may be enough to stop the overproduction of digital shoes.

There are 91.7K pairs of digital shoes listed on OpenSea, with a floor price that is rather high at 11.5 SOL. 

Will Token Prices Survive

STEPN was off to a fast start, meaning it onboarded many users and started grinding out GST in-game tokens. GST peaked at $7.77 at the end of April, then tanked dramatically and continued to slide down to the current level of $0.37. 

With such a high-profile app reaching out to mainstream users and introducing crypto tokens for the first time, such a loss of value was stunning. 

The game is then moving to a withdrawal limit for GST, as well as introducing a new asset, GMT Silver. The new token will be a placeholder until the game brings the planned GMT earnings.

In the future, the game will introduce token burn mechanisms, such as organizing events and burning GST to buy tickets.

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