STEPN's DEX is Now the Largest Decentralized Exchange on Solana

In less than a month, STEPN's native DEX (DOOAR) has become the biggest decentralized exchange on Solana. How did it happen? Let's take a look!

Jul 3, 2022
by Akira Ming
STEPN's DEX is Now the Largest Decentralized Exchange on Solana

STEPN's new DEX just became the largest DEX on Solana 

In a rather interesting development, STEPN's new decentralized exchange (DEX) overtook Orca to become the largest DEX on Solana. The Founder of Solend Protocol @0xrooter first noticed this and shared his observations on Twitter. 

Based on the data from Dune (see below), it only took less than a month for STEPN's DEX called DOOAR to take the crown. In fact, the daily active users on DOOAR peaked at 77,560 on June 28th before reducing slightly to 63,923 active users as of writing. 

How did STEPN's DEX become the largest DEX on Solana? 

Prior to this, STEPN used to create liquidity pools on Orca. Then, all token swaps on the fitness app would be routed through these Orca liquidity pools. However, things changed when the app decided to launch its own DEX called DOOAR on June 10th. 

By switching to its own DEX, many STEPN users started to move out of Orca. Thus, the number of Orca users plunged. For that reason, DOOAR became the biggest DEX on Solana. 

Why use DOOAR? 

To those who don't know, STEPN is a move-to-earn fitness app where users can earn $GST or $GMT tokens by staying active. In order to boost liquidity for both $GST and $GMT tokens and have total control of the fee structure, STEPN chose to come up with its own DEX (DOOAR) instead. 

Looking at the whitepaper, DOOAR will be released in 3 stages as below. 

  • Stage 1: Initially, the DEX will not have any front-end interface. Instead, users can only access the DEX through the STEPN app on the Solana network. Take note that DOOAR is still in Stage 1 at the moment. 
  • Stage 2: Next, the DEX will finally have its own front-end interface and anyone can provide liquidity to GST/USDC and GMT/USDC token pairs.
  • Stage 3: Lastly, the DEX will support multi-chains and anyone can create liquidity pools for other tokens. 

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
We have sent you an email, please confirm!

News Filter
Play Games Now
Galaxy Fight Club
Galaxy Fight Club
Gods Unchained
Gods Unchained