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    TrackN StepN

    STEPN is a Game-Fi/Social-Fi project with a dual-token system (GMT and GST) and an NFT system (STEPN Sneaker). Users acquire the STEPN Sneaker to participate in the move-and-earn program and earn GST and/or GMT. GMT and GST can be used to upgrade Sneakers and increase the rate of earning. In this dashboard we attempt to track the flow of the governance token GMT into Solana. TL;DR: The net flow of GMT to Solana has so far been negative, indicating that primarily Solana natives use (and sell) the token.

    Notes

    Number of unique cex buyer addresses: 18122 cex seller addresses: 5372
    when searching for it explicitly, I found no intra-cex transactions

    Questions

    How is GMT getting into user wallets?

    Currently it isn't possiple to earn GMT in the STEPN app directly, once it's enabled, you will need a level 30 sneaker to do so. However, any user can swap for GMT from the GST they earned or buy it on one of the central exchanges (cex).

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    1. Net flows were dominantly outwards directed from Solana, especially before April 18.
    2. Net flows on the exchanges were dominantly positive between April 20 and May 10, except for a large selloff at May 2.
    3. Exchange flows outweighed dex swaps for the entire observed period so far.
    4. 13.55M GMT were sold off on cexs on May 23, doubling the net outflow from Solana in a single day.

    Lets make the net flow even more explicit by cumulating the flows

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    About 10M GMT left the ecosystem up to April 19. These were presumably early users and airdrop recipients cashing out. The cex flow trend reversed afterwards not considering the large dump on May 2. Cumulative cex flow almost reached positive (-700k GMT) on May 10, but the trend reversed afterwards. Dex flows were not significant compared to cex flows before April 19 and remained net negative afterwards, largely compensating the inflow of GMT, maintaining the net outflow aroud 10M GMT until May 23 cex dump.

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    Looking at in and out/flows separately, we can see that dex activity generally picked up after April 19 and even exceeded cex activity on most days, but the net flows were closer to cancelling out than cex flows.

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    Considering the price of GMT, the fist large selloff may have been due to the price trend reversal (investors, traders selling at the top). However, the price offers no apparent reason for the May 23 selloff (yet).

    Conclusions

    • GMT generally flows to cexs and dexs, therefore at least on Solana, I presume most users (using GMT) to already be Solana natives
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    Looking at the GST to GMT swap flows specifically we can see that a significant amount of the flow into GMT came form the games token, GST.