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STEPN Expands to Ethereum Blockchain and Prepares to Repurchase & Burn GMT

  • STEPN (GMT) recorded a monthly gain of 30%.
  • The fitness app has over 3 million users worldwide.
  • Rival token Sweatcoin is set to introduce $SWEAT in September.

STEPN, The world’s leading move-to-earn startup, has announced its quarterly profits and revealed plans for the near future. Thanks to the consistent growth of its community, STEPN’s fees garnered the platform a net profit of $122.5M, of which 5% will be used to sustain the price of GMT.

5% of Profits to Be Set Aflame

To date, the fitness & well-being startup has burned over $216 STEPN (GMT) tokens. Now, with STEPN recording gains of $122.5M for Q2, $6M is reportedly set to be put towards the repurchasing and burning of GMT tokens.

Shiti Manghani, the chief officer of marketing at STEPN, explained the reasoning behind the move: “The buyback and burn accrue value back to GMT—our unifying thread across all the initiatives that we undertake at STEPN”. 

The company is further aiming to build its own decentralized crypto exchange, named ‘DOOAR’. Before the crypto exchange is officially launched, the price of GMT must first be proven stable and sustainable. In order to achieve this, STEPN has made plans to make the buyback & burning of the token a regular process.

At press time, STEPN (GMT) trades at $0.875569, which marks a 3.9% increase over the last 24 hours. Despite a prolonged crypto winter, GMT is up 30.1% in the last 30 days. In contrast to this, the company’s native token is still far from its impressive ATH, which was $4.11 around three months ago.

Rival Sweatcoin to Introduce $SWEAT in September

Sweatcoin, another popular move-to-earn app, is gearing up to release its native coin ‘$SWEAT’ onto the markets in September. Users will reportedly be able to collect $SWEAT before the official launch, although the conversion rate has yet to be revealed.

While Sweatcoin is free to use, STEPN requires the initial purchase of an NFT sneaker in order to participate in the program. This means that STEPN has three million users worldwide, which pales in comparison to Sweatcoin’s more than 100 million registered users.

On the Flipside

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.