Solana-Based Move-to-Earn App STEPN Generated Over $122M in Profits in Q2

The platform fees paid by Solana’s move-to-earn app generated $122.5 million in profits in Q2 2022.

Fund Deployment

Officially, STEPN announced that it will use 5% of its profits to fund a Q2 GMT buyback program. The program will include sneakers and GMT, according to STEPN. STEPN revealed that the entire buyback and burn process could take several weeks in order to avoid sudden volatility in prices.

The platform will also use capital reserves to expand its features and strengthen the team. It will continue to prioritize branding as it plans to use a portion of the profits for the development of physical merchandise lines for marketing purposes. This is an effort to increase brand awareness and adoption.

STEPN was previously subject to multiple distributed denial of service (DDOS) attacks. The platform announced that it would double its security and server enhancements efforts to prevent similar incidents. This was in addition to the Q2 profits.

One of the most important areas for fund deployment is the improvement of its SMAC (STEPN’s Model for Anti-Cheating), which aims to remove fake users and prevent fraudulent movement data.

STEPN’s Attempt to Meet with China

The popularity of the move-to-earn concept is growing rapidly, which has led to the rise in platforms like STEPN. CryptoPotato reported in April that its native coin, Green Metaverse Token, (GMT), had increased more than 30.000% since it was sold on Binance Launchpad.

Since its December 2021 public beta launch, the self-described web3 “lifestyle application” has experienced a tremendous increase in daily active users.

It was unable to maintain its success in mainland China, due to increasing regulatory pressure. The platform stated that it would no longer provide IP or GPS-related services to users in the region. The deadline for the end of these services is July 15th.

The STEPN team clarified that it had ruled out any business and offered no means for anyone to download the app in the area. Jerry H, the founder of STEPN, stated that Chinese clients account for only 5%. Therefore, a ban on the app is unlikely to have any significant effect on the business.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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