Solana-based gaming platform STEPN, In a post on Tuesday, he reported that he made $122.5 million profit in Q2 despite crypto market conditions having been down in the past few months.
The “Act-win” project earned $26 million in the first quarter of last year. Similar to play-to-win, “move-to-win” is for users’ step counts in the STEPN app. cryptocurrency It can be described as a model in which it is rewarded.
STEPN To Use 5 Percent Of Its Profits To Buy And Burn Coins
STEPN retains 5% of the profits in its local GMT He said he would use it to launch a buyback and burn program for his tokens.
He added that the buyback and burn process “could take several weeks to complete” to avoid sudden price fluctuations.
GMT tokens and sneakers will be part of the buyback and burn program.
“In addition to the buyback and burn program, STEPN will allocate capital reserves to develop existing features and strengthen its team,” the developers said.
STEPN said the team has identified several areas where the company will deploy the capital earned to develop the game.
These include security enhancements, anti-cheat mechanisms to prevent bots from earning GMT, growing the developer and core team, and seeking partnerships and sponsorship opportunities.
GMT price showed a limited increase after the earnings announcement. The coin was trading at $0.85 at the time of this writing, down 71% compared to April’s all-time high of $4.11.
*Not investment advice.