The project developers named the areas for the development of which the earned funds will be spent
The STEPN project announced a profit of $122.5 million in the second quarter of 2022. The developers have identified several areas for the development of which the earned capital will be directed.
STEPN, a Move-to-Earn mobile app, was launched on March 2, 2022. The main idea of the application is to receive cryptocurrency for movement. Participants purchase NFT sneakers and earn in-game GMT currency by moving around in the real world.
The project will allocate 5% of the funds received to launch the program of “repurchase and burning” of tokens. The project team draws attention to the fact that this process may take several weeks to avoid sudden volatility in the price of coins.
Also, the money earned will be spent on improving the security of the platform and the bandwidth of the servers to prevent DDoS attacks. Part of the funds will be used to improve the SMAC fraud protection system, a tool that allows you to detect anomalies, prevent the use of bots for mining and falsify the movement of project participants.
Due to the huge growth in the total number of users and activity on the platform, the developers decided to direct the funds, among other things, to the expansion of the STEPN team. A portion of the profits will be allocated to the creation of a line of marketing merchandise to increase overall brand awareness and acceptance. At the same time, STEPN has expressed interest in sponsoring sports and entertainment events.
On April 28, the price of the STEPN (GMT) token hit an all-time high , reaching $4.1. As of 11:20 am GMT on July 13, the altcoin is trading at $0.87, with a market cap of $526 million, according to CoinGecko.
