STEPN announced the launch of its decentralized exchange

In the first stage, Solana exchange will be available within the application interface

11.06.2022 - 08:15

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What’s new? STEPN has created its own multi-chain decentralized exchange (DEX), DOOAR. Its launch will take place in several stages. In the first stage, the exchange will only be available to STEPN users within the app itself and only for Solana (SOL), as the project’s representatives revealed in the White Paper.

White Paper STEPN

A White Paper is a document that describes the concept of the project and its roadmap.

Launch details. In the second stage, users will be able to provide liquidity to GST/USDC and GMT/USDC pairs. In the third stage, users will be able to create liquidity pools for third-party tokens.

A 1% trading fee will be charged for exchanges within STEPN. This includes 0,3% payments to liquidity providers as a reward and 0,6% that will be held at a separate address to be returned to the STEPN ecosystem. The company intends to use these funds to buy back and burn GMT tokens or NFT sneakers as well as for raffles. Another 0,1% of this amount will be used for future development within the app.

What is known about STEPN? It is an NFT Move-to-Earn game launched in August 2021. Users purchase sneakers in the form of NFT, after which they can earn from their physical activity. The game has two types of tokens: GST, in which payouts take place, and GMT governance tokens. As of June 11, 08:10 UTC, GMT is trading at $0,92, having lost 5,97% in price per day, according to Binance.

On June 5, the STEPN project team reported that the app had been subjected to a massive DDoS attack for several hours.

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