STEPN will launch the decentralized exchange DOOAR in three phases, expanding from single-chain to multi-chain.

Since the incident of STEPN clearing out Chinese users, the number of new users has gradually decreased. However, the team has recently released many updates. In addition to announcing four major mechanism changes on Wednesday, they also revealed yesterday that they will launch a decentralized exchange called DOOAR, which will be rolled out in three phases.

STEPN Decentralized Exchange DOOAR

According to the official whitepaper of STEPN, the exchange plan of STEPN will go through the following three stages:

Phase One: The Swap function is integrated within the STEPN application, with no standalone frontend and limited to Solana users only.
Phase Two: Frontend interfaces start to appear, and any user can provide liquidity for GST-USDC and GMT-USDC trading pairs.
Phase Three: Any user can provide liquidity pools for other tokens, making it multi-chain accessible.

When swapping in DOOAR, a 1% transaction fee will be charged, and the fee will be distributed as follows:

1. 0.3% for rewarding liquidity providers.
2. 0.6% for feedback to the STEPN ecosystem, such as GMT, shoe buyback and burn, supporting ecosystem construction activities, community giveaways and raffle events.
3. 0.1% for future development work.

No Growth in Daily Active Users

Although the STEPN team has released many future development plans recently, the attraction for new users is limited. According to data on Dune Analytics, the number of daily new users has dropped to below 5,000, about 50% less than the past month. Additionally, the number of daily active users is also declining, now below 20,000.