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- Stepn has generated a profit of $122.5 million in the H2 of 2022.
- Stepn Move- to- earn application has an active user base of 2-3 million.
Stepn is a Move- to- earn application functioning on a Blockchain Mechanism. Stepn has generated a profit of $122.5 million in the H2 of 2022.
In a Medium post, the business stated that it plans to use 5% of the profits to launch a repurchase and burn program for its green metaverse token (GMT), a governance token that serves as a store of value.
The notice warned customers that the repurchase and burn procedure might take several weeks to complete to prevent generating unexpected GMT price volatility.
Yawn Rong mentioned in his statement that Stepn was the first to influence the users to keep their body and mind healthy and fit by rewarding their digital tokens.
Although Solana tokens are needed to buy sneaker NFTs, now, users can only earn GST(Green Satoshi Token) while running, walking, and jogging.
Stepn is also offering the facility of converting Green Satoshi Tokens into Green Metaverse Tokens and USD coins. However, the greater the number of conversions, the lower the price of GST, resulting in lower potential revenues.
According to Yawn Rong Stepn, entry into the second phase will take approximately six months. The feature to earn Green Metaverse Tokens can trade on “completely functional” DEX (decentralized exchange) and other marketplaces.
According to the reports of The coin republic, Stepn Move- to- earn application has an active user base of 2-3 million. Stepn also owns a water brand called Stepn water.
While writing this article, the native tokens of Stepn are trading at $ 0.9246, and its total market cap is $554744389.
In the last seven days, the highest recorded price was $1.05 on 30th July, and the lowest recorded price was $ 0.8787 on 27th July.
Stepn inspired many other companies working in a similar field and has set a new trend, and use cases of Blockchain mechanisms are increasing rapidly.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
