STEPN (GMT) Starts Early Stage of DEX Trading

STEPN (GMT) retains its high profile in move-to-earn games, but now strives to improve potential rewards and NFT value.
  • DEX will offer in-game swaps first, then expand to more pairs and an open frontend.
  • GMT, GST tokens slide by 50% in a week on the overall market downturn.
  • New mechanics proposed to limit the minting of new shoe NFT and control supply.

STEPN, one of the most active move-to-earn apps, is entering its next stage with a native decentralized exchange (DEX). The first on-chain transactions indicate the DEX, which was almost ready, is now operational. 

A DEX will add liquidity to the native tokens of STEPN, as well as allow fully decentralized trading. GMT and GST are listed across multiple exchanges, but a native DEX may give the app more flexibility for swaps and the potential for liquidity staking. The new DEX will be added directly to the move-to-earn app, meaning no need to leave and use an external wallet to exchange tokens. 

As previously agreed, the DEX will evolve slowly and initially only serve the game. Only at the third stage will the market open as a full DEX for external liquidity pool creators. 

STEPN User Growth Breaks Trend

The user growth of STEPN moved up more gradually from the beginning of 2022 and with back data peaked in May. In the beginning of June, user count had fallen by half, counting monthly active users.

The current state of STEPN in June is that new users are added by invitation only. There are also additional mechanisms to stop new shoe minting, as now the number of shoe NFT exceed the growth of new players. 

With no NFT buyers and a sliding market for GMT and GST, STEPN may be unsustainable. However, the app is still accessible as a movement tracker, with much smaller rewards. STEPN was highly attractive for leading to significant income in its early stages, while new users growth was still in the expansion stage.

STEPN Aims for Token Burns to Stave Off Crash

GMT is feeling pressure, especially after the latest crypto market downturn that sent BTC closer to $20K and ETH down to $1,000. 

STEPN is down to $0.57, losing nearly 50% over the past week. GST is down to $0.21, sliding from above $0.57 in the past week. This pricing formation has almost destroyed the STEPN model, even with aggressive token burns.

Even with burns and buybacks in the past weeks, the STEPN team has not managed to stabilize the assets during the overall accelerating price drop for crypto.

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