STEPN Introduces Native DEX, and Minting Scrolls among other features
New DEX will strengthen the in-game economy, while minting scrolls will curb the overproduction of shoes.
STEPN has announced a native decentralized exchange. Through its Twitter handle, the exchange will go through three stages and it will serve users within the STEPN app in the early stage. Then it will have a front end, and users can provide liquidity to GST/USDC and GMT/USDC pairs. The last stage will allow anyone to create liquidity pools for other tokens. Thus, it will serve as a multi-chain.
One of STEPN’s problems is that not all users are walkers. Some are only interested in minting shoes and exchanging them for profit. Thus, it has introduced minting scrolls, which will be necessary for creating sneakers. Initially, a new shoebox was generated when two pairs of sneakers were put together. However, minting scrolls will now be NFT that can only be produced from walking. This move may stop the overproduction of digital shoes. However, scrolls may be resold over time.
OpenSea hosts 91.7K pairs of digital shoes with a floor price greater than 11.5 SOL.
The STEPN token has been dramatic for a while now. GST peaked at $7.77 at the end, but it slid and is currently hovering around $0.37. This drastic change in value is surprising for a high-grade app reaching out to users and introducing its tokens. However, the game plans to set a withdrawal limit for GST and introduce a new token, GMT.
Over time, the game will organize token-burn mechanisms, which may include burning GST to get tickets and organizing events.
