Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5986
    -0.0020 (-0.34%)
     
  • NZD/EUR

    0.5537
    -0.0006 (-0.11%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    82.60
    +1.25 (+1.54%)
     
  • GOLD

    2,235.30
    +22.60 (+1.02%)
     
  • NASDAQ

    18,268.50
    -12.34 (-0.07%)
     
  • FTSE

    7,969.75
    +37.77 (+0.48%)
     
  • Dow Jones

    39,775.01
    +14.93 (+0.04%)
     
  • DAX

    18,507.33
    +30.24 (+0.16%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • NZD/JPY

    90.4060
    -0.3740 (-0.41%)
     

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

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