STEPN, a Solana-based game platform, reported $122.5 million in second-quarter profits. The team said this in a Medium post on Tuesday, despite declining crypto market conditions over the past few months.
— STEPN | Public Beta Phase VI (@Stepnofficial) July 12, 2022
The team plans to allocate 5% of these profits strategically. They aim to launch a buyback and burn program for their native GMT tokens.
As mentioned in previous reports, the “move to earn” initiative generated $26 million in the first quarter. Move-to-earn, akin to play-to-earn, follows a framework in which users receive cryptocurrency rewards based on their step count recorded on the STEPN application.
According to the developers, STEPN plans to implement the buyback and burn program. Additionally, they intend to utilize their capital reserves for enhancing current features and expanding the team.
STEPN’s Token Upgrade Strategy Unveiled
STEPN announced its plan to utilize 5% of its earnings to commence a buyback and burn initiative for its native GMT tokens. The company stated that the buyback and burn procedure would be implemented cautiously over several weeks to prevent abrupt token price fluctuations.
STEPN revealed that they had identified numerous industries in which they intend to employ their earned funds to improve games.
These sectors encompass security upgrades and implementing anti-cheating measures to prevent bots from accessing GMT. Additionally, they involve strengthening the developer and core team and exploring potential partnerships and sponsorship prospects.
After the earnings report, there was a slight increase in GMT prices. At press time, traders are currently trading the tokens at 85 cents.
In conclusion, STEPN’s extraordinary second-quarter profits on the Solana blockchain highlight the platform’s unwavering commitment to innovation and success. These profits demonstrate their dedication and drive for continued innovation and success in the industry.
STEPN is introducing a visionary buyback and burns program for GMT tokens. This initiative aims to strengthen its position as a frontrunner in Solana-based gaming platforms.
The company also allocates resources to enhance gameplay, security, and team expansion, further bolstering its competitive edge. With these strategic initiatives, STEPN is poised to solidify its position and become a leading force in the Solana gaming ecosystem.