STEPN (GMT) Enters the Early Stage of DEX Trading
STEPN (GMT) has begun plans to expand its ecosystem by improving in-game rewards and NFT value through DEX trading.
STEPN enters its next phase with a native decentralized exchange (DEX), which is now functional after the first series of on-chain transactions.
Through DEX, liquidity would be added to STEPN's native tokens, and fully decentralized trading will be enabled. Although GMT and GST are listed across several exchanges, a native DEX is likely to enhance the app's flexibility for exchanges and the potential for liquidity staking. The new DEX is set to be added directly to STEPN. This implies that there will be no need to use an external wallet to exchange tokens.
STEPN Token Trajectory
The user growth of STEPN rose at a gradual rate from the start of 2022 and reached its maximum rate in May. However, at the beginning of June, the user count was seen to have fallen by half, based on monthly active users. Currently, new potential users can only be added to the app by invitation. New mechanisms have been included to stop new shoe minting, as the number of shoes NFT now exceeds the growth of new players. With a plummeting GST and GMT market coupled with a lack of NFT buyers, STEPN may likely be unsustainable. However, the app is still accessible as a movement tracker, with much smaller rewards.
Following the crypto market crash that has seen BTC fall to $20K and ETH down to $1K, GMT appears to be under much pressure. STEPN, on the other hand, has lost almost 50% over the past week and is currently valued at $0.57. GST has fallen from $0.57 to $0.21 in the past week. This price pattern has negatively affected the STEPN model. Despite aggressive token burns, the STEPN team is still unable to bring stability to the assets during the overall accelerating price drop for crypto.