Popular Web3 coin project STEPN (GMT) has been one of the top earners among the top 100 cryptocurrencies in the past 30 days. To expand the growth of GMT, his team announced the start of a quarterly STEPN buyback and burn.
Web3 Coin project launches buyback and burn program
Web3 Coin was founded in August 2021 by Australian blockchain entrepreneur Yawn Rong. STEPN is a distinctive Web3 lifestyle app with GameFi elements on the Solana Blockchain. It combines the features of a play-to-earn game with a fitness app. This creates a new category called move-to-earn. Users purchase NFT sneakers that they can use to earn in-game cash while walking, running or jogging.
According to the announcement, GMT made around $122.5 million in profits from platform fees alone. He said he will use 5% of profits to initiate the Q2 STEPN buyback. However, it will set aside capital reserves to upgrade its existing properties.
cryptocoin.comAs you follow, GMT prices have increased by over 22% in the last 30 days. Although it had problems after the decision to withdraw from China, STEPN seems to have partially overcome these problems. The altcoin is trading at an average price of $0.862 at press time. Meanwhile, it still stands at 80% lower than its all-time high (ATH). Ranking 69th in the market, STEPN’s total market value is approximately $517.4 million.
STEPN noted in the statement that they will continue with the economic plan outlined in the whitepaper. GMT tokens and sneakers will be part of the buy and burn program. However, he added that recently there has been an increase in Distributed Denial of Service (DDoS) attacks targeting GMT. The team will increase server and service capacity to avoid such problems.
GMT to improve anti-cheat system
According to the announcement, STEPN will develop its anti-cheat system, SMAC, to ensure fair accounting. In addition, AI’s ability to detect motion and avoid events such as using bots for mining will take it to the next level. Meanwhile, STEPN also stated that it will expand its team based on the response they have received since its launch.
The team stressed that they will look for partnership and sponsorship opportunities. STEPN will focus some on brand sports and other events. It will send some of the profits to physical goods. It will do this for marketing purposes to increase overall brand awareness. Recently, STEPN announced that it will introduce its third domain, the “APE kingdom”.
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