Amid legal sanctions, DDOS attacksand the general market downturn that has impacted the business of the leading play-to-earning platform, STEPN launched its decentralized stock exchange (DEX) on June 11. The DEX was mentioned DOOAR in a white paper published by the team. The DEX allows the users of the gaming platform to provide liquidity in its own tokens – GST/USDC or GMT/USDC pairs.
According to data from Dune AnalyticsSTEPN’s DEX DOOAR recorded a daily active user index of 66052 users on June 30, placing it at the top of the list of DEXs with the highest daily active users in the Solana Chain.
Now you may be wondering, since the launch of the DEX, how have STEPN’s GMT and GST-SOL tokens reacted?
On June 11, when the DOOAR DEX was launched, the price of the GMT token was fixed at $0.92. However, on June 26, the token hit a high of $1.08. Unfortunately, the bears forced a reversal that pushed the price down.
When trading hands at $0.8113, GMT’s price registered a 13% drop in the past 20 days. Within the same window period, data from Santiment revealed an 11% drop in the token’s market cap.
In addition, in the last 24 hours of July 1, the token saw a 2% increase in price and a 16% growth in trading volume.
On the other hand, the GST-SOL saw no relief for the past 20 days. At $0.38 per GST-SOL token when the DOOAR DEX was launched, the price of the token fell 68% by press time.
During press time, the token switched hands at $0.1227. As a result, the market cap also declined from $39.61 million to $24.48 million during the reporting period.
According to data from CoinMarketCap, the price of the GST-SOL token has fallen by 3% in the last 24 hours of July 1. The trading volume also decreased by 37.54%.
What do the statistics say?
On the social front, the GMT token has seen rapid growth over the past 20 days. Since June 11, social dominance has grown by more than 300%. In the same period, the social volume also registered a growth of 61%. However, during the same period, the supply of the GMT token owned by whales fell by 4%.
This post STEPN: How Play-to-Earn Gaming Tokens have fare since the launch of its DEX
was published first on https://ambcrypto.com/stepn-how-play-to-earn-gaming-tokens-have-fared-since-the-launch-of-its-dex/