STEPN (GMT) Will Buyback And Burn Tokens, Get Ready!

STEPN developers will buyback and burn GMT. (TheCoinRepublic)

JAKARTA – STEPN (GMT) is a blockchain-based move-to-earn game that allows players to get rewards in the form of cryptocurrency after walking, running, or jogging. STEPN is one of the crypto games that is gaining popularity in 2022.

Recently, developer STEPN revealed that it is eyeing new prospects for partnerships and sponsorships for this STEPN sports game.

For information, the STEPN game built on the Solana network has earned around 122.5 million US dollars in platform fees in the second quarter of 2022.

Based on the announcement from its official website, STEPN plans to use 5% of the profits to start the GMT token buyback and burn program in the second quarter. STEPN also revealed that the entire buyback and burn program process may take several weeks to complete in order to avoid sudden price volatility.

It doesn't stop there, STEPN developers will also allocate their spare capital to improve a number of features and build a team. Branding also remains one of STEPN's top priorities as it is one of its sources of profit for the development of its physical merchandise line. The goal is to increase overall brand awareness and adoption.

STEPN has previously experienced several DDOS attacks. In order to prevent such incidents, the platform said it will double the security and server upgrades with realized gains in Q2.

Improvements with respect to SMAC (STEPN's Model for Anti-Cheating), a system that aims to eliminate fake users and prevent fraudulent movement data on apps, are also one of the developer's main focuses, as reported by CryptoPotato.

As of writing, the price of the GMT cryptocurrency is trading at IDR 14,805. STEPN (GMT) prices have increased 5% in the last 24 hours, based on data report from Coingecko, July 18, 2022.