STEPN Reports $122.2M Q2 Profit

The leading Move-to-Earn project in crypto still made a significant profit despite the market’s dive in recent months.

Impressive Performance During the Bear Market

STEPN recorded a profit of $122.5 million during the second quarter of 2022, a five-fold increase upon its $26 million in earnings during the first three months of the year.

This result shows that STEPN was still reaping success in the past three months despite the bottom dropping out of the general cryptocurrency market.

Although users in China were banned from using STEPN for legal reasons, STEPN still became the most used application on Solana. Recently, the project also announced it will launch Realm 3 on Ethereum and hold a free Sneaker mint for BAYC holders.

In addition, STEPN announced that it will spend 5% of Q2 profits (equivalent to $6.1 million) to buy and burn GMT tokens. Also the project is promoting actions in other areas to improve features and expand the ecosystem, including:

Enhance security to avoid future DDoS attacks

Update the anti-cheat mechanism

Expand the staff

Strengthen cooperative relationships

Widely promote the brand STEPN

Implement the plan to buy and burn GMT with NFT shoes.

Through its impressive business metrics, STEPN is highly likely to attract a significant number of users back to the platform, as the project has become a craze for the crypto community, partnering with shoe company ASICS to sell NFT sneakers on Binance and attracting strategically investment from Binance Labs.

What is STEPN:

STEPN is a Web3 application combining GameFi and SocialFi elements that allows users to Move & Earn (move and earn). Users will earn in-game tokens by walking, jogging, or running outdoors. STEPN operates under the mechanism of 2 tokens, GST and GMT (governance token, limited supply).

Where to find StepN:

Website | Twitter | Discord | Whitepaper

Source : web3wire

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