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STEPN’s DEX Surpasses Orca to Become Largest Decentralized Exchange on Solana

·1-min read

Don't miss CoinDesk's Consensus 2022, the must-attend crypto & blockchain festival experience of the year in Austin, TX this June 9-12.

The decentralized exchange (DEX) of move-to-earn game STEPN is now the largest DEX on Solana, according to a tweet from the anonymous founder of Solana-based lending platform Solend.

  • With about 77,000 daily active users according to data from Dune, STEPN’s DEX DOOAR has surpassed Solana-based DEX Orca, which as recently as Sunday topped STEPN by roughly 6,000 users.

  • STEPN Chief Marketing Officer Shiti Maghani told CoinDesk the app has 800,000 daily active users as of Thursday. In mid-June, STEPN launched DOOAR, allowing those users to provide liquidity in its native tokens – GST/USDC or GMT/USDC pairs.

  • The anonymous Solend founder – sharing a screenshot showing a 542.5% borrower annual percentage yield (APY) on gameplay token, GST – further said he wants to see STEPN integrate with Solend “so their users can get access to these yields."

  • The founder told CoinDesk that Solend hopes an integration of STEPN would help “users earn yield while they’re saving up,” and “[hedge] entry costs.” Data from Magic Eden shows the current floor price of a sneaker NFT (non-fungible token) costs 2.80 SOL, or about $90 at current prices.

Read More: 'Move-to-Earn' Application Stepn Suffers Cyber Attack After Upgrade