DOOAR (Ethereum) – Multi-Chain DEX Review

First Impressions

DOOAR is a multi-chain decentralized exchange launched by the STEPN team. It began as an in-app swap for STEPN users and has now expanded to a standalone front end on Ethereum and other chains. It’s clearly aimed at users familiar with STEPN’s ecosystem – but it’s open to all and growing fast.

What it Actually Offers

On Ethereum, DOOAR allows users to swap tokens, provide liquidity, and stake in pairs built on the platform. The protocol supports token creation across chains and positions itself as a DEX alternative within the broader STEPN infrastructure. Farming functionality and NFT sneaker integration are still in the background but planned down the line.

Volume and TVL Signals

DOOAR is currently modest in size. Total value locked across chains sits around USD 8 million – broken down into about USD 7 million on Solana and USD 1 million on BSC. No specific Ethereum TVL was listed, but it’s reasonable to assume it’s growing as more liquidity migrates. It shows promise but remains small compared to large AMMs.

Fees and Tokenomics

The swap fee is set at a flat 1 percent. Of that, 0.3 percent goes to liquidity providers, 0.6 percent is allocated back into the STEPN ecosystem (for token burns, buybacks, community support), and 0.1 percent funds further protocol development. That structure incentivizes participation and supports the native ecosystem while providing fair yield to LPs.

Security and Transparency

Public audits or reserves aren’t available. TVL numbers and fee splits are visible, but there’s no full transparency report. It leans heavily on STEPN’s branding and community trust. As a smaller multi-chain DEX, risk includes smart-contract exploits and admin privileges. That said, the phased launch suggests the team is taking incremental steps.

Functionality and Features

DOOAR operates like a typical automated market maker. On Ethereum, users can add liquidity to existing pools and swap tokens. The experience is polished, but tools like range orders or complex analytics aren’t available yet. Cross-chain functionality is promised but still under rollout.

Community and Ecosystem Fit

DOOAR benefits from STEPN’s engaged audience. App users are already familiar with the token flow, rewards and ecosystem linkages. However, outside of that circle it’s still early-stage. It trails behind bigger names, but its roadmap and STEPN backing give it a clear path forward.

Strengths and Weaknesses

Strengths:

• Built by a known and active team behind STEPN
  
• Fee model supports LPs and funds ecosystem growth
  
• Open-ended multi-chain ambition with clear roadmap
  
• TVL is modest but steadily climbing
  

Weaknesses:

• No public audits or proof-of-reserves available
  
• Smart-contract and admin risk is present
  
• Limited token listings and feature depth on Ethereum
  
• Lower liquidity compared to major DeFi players
  

Who it Suits

DOOAR may appeal to:

• STEPN users looking to swap or stake ecosystem tokens
  
• DeFi users interested in smaller pools with community backing
  
• Active farmers supporting token buybacks and ecosystem growth
  

It’s less right for:

• Traders needing deep liquidity, margin tools or advanced order types
  
• Users seeking high security guarantees or institutional-grade audits
  
• Anyone needing cross-chain features fully live on Ethereum
  

Final Thoughts

DOOAR is an ambitious multi-chain DEX in growth mode. With a clear fee-split model and user base tied to a successful app, it has solid foundations. But it’s still finding its footing on Ethereum – TVL is small, features are basic, and transparency is incomplete.

If you’re aligned with STEPN’s vision and ready to take a smaller-scale risk for potentially higher protocol growth, DOOAR could be worth exploring. For swap-heavy users needing deep liquidity or assurances, bigger AMMs remain safer bets.