STEPN Pool
Pool Description/Risks
GMT/GST are tokens of the STEPN move-to-earn game. GMT is the governance token of the STEPN network, and GST is the utility token that users get rewarded with for running. GST can also be used for in-game utilities, such as minting new shoes or upgrading them.
Read the detailed tokenomics of GST/GMT here.
Max Utilization Risk
GST is frequently at 100% utilization, preventing liquidations & withdrawals. The protocol will manage this utilization by tweaking Max Borrow APR & Borrow Fees to discourage borrows at higher utilizations. Stay tuned to updates here.
At 100% utilization, users with GST deposits might not be able to withdraw. Users will have to wait for repays or deposits to occur before withdrawing.
Oracles:
The price of GMT/GST is detected using Switchboard oracles that pull data from Orca as well as multiple centralized exchanges (FTX/Binance/OKex & Gate). Currently, prices will be updated every 60s, or when a 0.5% move occurs.
Switchboard currently employs an equal weighting mechanism, where the average of these three prices are taken. In times of market congestion, we will bump the OracleBatchSize to 5 to improve oracle reliability.

GMT

Parameter
Value
Optimal utilization rate (%)
80%
Loan to value ratio
65%
Liquidation penalty
5%
Liquidation threshold
85%
Min borrow APR
0%
Optimal borrow APR
150%
Max borrow APR
255%
Interest Rate Spread
20%
Borrow fee
2.5%
Flash loan fee
0.3%
Host fee percentage
20%
Deposit limit
400,000 GMT
User Deposit Limit
None
Borrow limit
None
Oracle

GST

Parameter
Value
Optimal utilization rate (%)
80%
Loan to value ratio
65%
Liquidation penalty
5%
Liquidation threshold
85%
Min borrow APR
0%
Optimal borrow APR
30%
Max borrow APR
2,000%
Interest Rate Spread
20%
Borrow fee
5%
Flash loan fee
0.3%
Host fee percentage
20%
Deposit limit
800,000 GST
User Deposit Limit
None
Borrow limit
550,000 GST

USDC

Parameter
Value
Optimal utilization rate (%)
80%
Loan to value ratio
75%
Liquidation penalty
5%
Liquidation threshold
85%
Min borrow APR
0%
Optimal borrow APR
12%
Max borrow APR
200%
Interest Rate Spread
20%
Borrow fee
0.5%
Flash loan fee
0.3%
Host fee percentage
20%
Deposit limit
2,500,000 USDC
User Deposit Limit
None
Borrow limit
None
Oracle
Last modified 2mo ago
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GMT
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