STEPN, the “move-to-win” fitness app based on the Solana Blockchain, has been hit hard by the bear market. Altcoin laid off more than 100 contract employees amid the ongoing crypto bear market. The number of users decreased compared to the previous high period. Here are the details…
Altcoin project goes to zero
According to blockchain journalist Wu Blockchain, the famous blockchain game STEPN has started laying off staff in the bear market. Founded by Australia-based fintech Find Satoshi Lab, STEPN hit the market in 2021. It offers users NFT sneakers used for walking or running in the real world.
To buy these, there is the Green Satoshi Token (GST). STEPN got off to a promising start after its launch. The network’s management token, the Green Metaverse Token (GMT), recorded an all-time high of $4.11 in April. GST, on the other hand, reached $8.51. It also had a fairly large user base in Turkey. You can examine the change in the user base from the chart below since it entered the market:
Now, GMT is down over 85 percent and is trading at $0.61 at the time of writing. GST, on the other hand, is heading to zero – down more than 99 percent to $0.026. According to Dune Analytics data, this is in line with the decline in the number of users of the app. Among the news that hindered the development of the platform is the termination of activities in China. Also, a DDoS attack in June cannot be said to have helped the platform. The one-year price charts of GMT and GST reveal the current situation quite clearly:
What is behind the fall?
Crypto researcher Lucia Kim of Nonce Classic claims that the drop could be due to the limitations of STEPN. In a lengthy Twitter post on October 4, Kim explained that the system is structured to allow users to sell their tokens on the market to claim rewards. However, this resulted in an increase in supply. Therefore, “the decline in token prices has accelerated due to the oversupply of NFTs”. “The more rewards users received, the more tokens they sold to the market,” Kim said. That also impacted the ecosystem,” she said.
On the other hand, the STEPN team recently encountered a tweet from co-founder Yawn Rong. Changes are happening in the Satoshi Lab ecosystem so we can continue to add value to GMT and Find. We will dedicate all our resources to moving to the next phase of FSL.” No details were disclosed, but Rong noted that more information will be revealed in the next few weeks. He told his 34,000 Twitter followers that they “won’t want to miss the next step.”
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