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

The anonymous founder of the Solend protocol has expressed interest in integrating STEPN’s tokens into its lending platform.

AccessTimeIconJun 30, 2022 at 5:17 p.m. UTC
Updated Jun 30, 2022 at 5:51 p.m. UTC

Cam Thompson is a news reporter at CoinDesk.

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.

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Cam Thompson is a news reporter at CoinDesk.

CoinDesk - Unknown

Cam Thompson is a news reporter at CoinDesk.