- STEPN has expanded a program to buy back and burn its GMT tokens.
- 5% percent of the earnings from the earned $122.5 million will be used to buy and burn Green Metaverse Token.
- The buyback and burn process may take a few weeks to complete
STEPN made $122.5 million in profits via platform fees in Q2 2022. Now it will leverage 5% of the profits to commence a Q2 GMT buyback and burn program.
July 12, 2022
STEPN figured out various areas to use the earned capital to improve the STEPN app. This was done after analyzing the progress throughout Q2 and upon a continuous interaction with its community.
Fund deployment will have its focus on the below listed
1. Security and server development: The company is reducing the evolving number of DDoS attacks that have hit STEPN. Efforts to provide standard service to users are being made besides working on improving the security as well as server capacity to avoid future attacks.
2. SMAC anti-cheat system development: STEPN’s anti-cheat system identifies bad actors. Efforts to maintain the same will be continued to ensure the genuinity of the landscape.
3. Increased team size: There’s been exceptional growth and the number of users and activity, which is why, expanding the team size is the way to serve the users. To do so, STEPN is looking for professionals who have experience in tech development & engineering, marketing, public relations, business development, distribution or legal teams.
4. Partnerships: STEPN is open for partnership and/or sponsorship opportunities with major on-brand sports and entertainment events.
5. STEPN branding: A part of the profits will be used to create physical merchandise for marketing and to increase brand awareness & adoption.
6. Buyback and Burn: A part of funding will be used to initiate the Q2 buy and burn program. Assets belonging to this program are GMT and sneakers.
Health Points have also been released. According to the sources, the movement will lead to decay of HP and the degree of decay will be impacted based on the quantity of energy consumed, sneaker quality as well as the comfort stat.
1/10— STEPN | Public Beta Phase IV (@Stepnofficial) July 13, 2022
In our efforts to implement an additional token sink and bring relevance to the Comfort attribute prior to GMT earning being released, we are introducing a new attribute:
Health Points (HP) 💖
Less than 20% HP will be unable to provide energy. Depletion of HP will cause unavailability of sneakers for movement. All in all, 100% HP is required to be listed or transferred on the sneaker marketplace.
4/10— STEPN | Public Beta Phase IV (@Stepnofficial) July 13, 2022
Things to note about HP Part 1:
1️⃣ All Sneakers start with 100% HP
2️⃣ HP < 20% = Sneaker cannot be counted to provide energy in that realm
3️⃣ HP = 0, Sneaker cannot be used for moving