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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.