Solana based run to earn platform reports great profits
The Solana-based move-to-earn game STEPN has released their Q2 report with a $122.5 million report in second quarter profits, even while the market is seeing a downtrend.
With STEPN users are rewarded for their exercise with cryptocurrency similar to how gamers are rewarded for their gaming with tokens based on the game. Users purchase a shoe NFT to be able to participate and earn. Currently the shoes are available on Magic Eden for less than 3 Sol, with the current market price of Sol this can be seen as a deal.
The company intends to allocate 5% of the profits it has made to buyback and burn its native token GMT, moreover the company intends to allocate reserves to improve features already existing on the platform. The plan is to improve the gameplay , security, anti-cheat mechanisms, and anti-bot protocols.These changes will insure a fair and just earning cycle for everyone. The team at STEPN is also looking for partnerships and sponsorship opportunities.
GMT had an all-time high of $411 in April but currently sits at $0.87. The current price of the token means that about 7 million tokens would be removed from the max supply which is currently sitting at 6 billion. The burn is made to reduce the amount available and increase the value of the token. STEPN has previously burned 216 million tokens in April spending $26 million to do so and has plans to burn tokens quarterly.
STEPN has garnered more than 3 million active users using the platform to earn app. Currently the app is Solana based but the team has released their sneakers on the BNB chain and has announced plans to expand into Ethereum in the future. The plan for the Ethereum chain is to offer BAYC holders a free mint of sneakers.