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Q79. StepN has remained the fastest growing Web3 app in the world, currently picking up tremendous hype for its move-to-earn concept.

GMT is the governance token for StepN that will provide holders with a share of all fees earned within the app. However, recently StepN has made some changes to require using GMT in the game mechanics itself to give it additional utility and incentivize burning of the supply.

Currently, the only way acquire GMT is by trading for it (you can not currently earn it in the game, this will change soon).

Track the flow of GMT into the app. How are users acquiring GMT? Is by swapping using a DEX like Jupiter, or do flows seem to be coming from centralized exchanges? How often is GST (the token earned in the game) swapped for GMT? What other actions are wallets that are sending GMT into the app doing?

Additionally, where do SOL inflows into the app seem to be coming from? Does it seem like most StepN users were already active within the Solana ecosystem, or is there a lot of activity that originated from inflows from centralized exchanges? Essentially, is StepN onboarding users into Solana?

Create visualizations showing these inflows of GMT and SOL into the StepN app and if the announcement of Coinbase adding StepN to their list of tokens sparked additional interest from sources outside of the Solana ecosystem."

Approach:

The inflow of GMT token on StepN app has been investigated in this essay.

The methodology of this content contains following steps:

• Track swap flows

    from flipside_prod_db.solana.fact_swaps
    and mint='7i5KKsX2weiTkry7jA4ZwSuXGhs5eJBEjY8vVxR4pfRx' for GMT
  

• Track CEX flows

    from flipside_prod_db.solana.fact_transfers joining with
    solana.dim_labels
  

• Other DeFi usage

    from solana.fact_transactions with joining solana.dim_labels
  

• SOL inflow

    mint='So11111111111111111111111111111111111111112'
  

Results:

In the first part of results, the ways to inflow GMT in the app has been investigated. As shown in this pie graph, 93.5% of users GMT came from DEXs by swap and only 6.54% are from CEXs.

DEX analysis:

The analysis related to DEXs has been provided in this section.

It can be seen that:

• The most used DEX for obtaining GMT is Orca.
• The most used tokens for obtaining GMT are GST, SOL and USD coin.
• The role of GST in acquiring GMT could not be ignored as 42.4% of GMT inflow came from GST swap on DEXs.

CEX analysis:

This part investigated on the inflow from CEXs. From the results it can be concluded that:

• As expected FTX is the leading CEX for GMT inflow into the app.
• Since announcement of adding GMT into the Coinbase (April 26th), the share of Coinbase on GMT inflow has been risen and takes the second place after announcement.

SOL inflow by StepN users

Now look at the SOL inflow by StepN users. According to this chart, 66.6% of users inflow SOL by swapping and 33.4% of them used CEXs to inflow SOL on app.

Other DeFi programs used by StepN users

In the final part, we want to track the other actions of wallets sending GMT in the app.

According to this bar graphic, The Jupiter and Raydium are two of the most used Defis by these users.

The Magic Eden takes the 4th rank and its interesting to see the interaction between StepN users and NFT marketplace.