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.
https://t.co/HO9hTEehtx
— STEPN | Public Beta Phase IV (@Stepnofficial) July 12, 2022
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...
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