STEPN also revealed actively eyeing fresh prospects for partnership and sponsorship with on-brand sports and entertainment events.
Solana-based move-to-earn application amassed $122.5 million in profits through its platform fees in Q2 2022., STEPN plans to use 5% of the profits generated to commence a Q2 GMT buyback and burn program. It said that GMT and sneakers will be part of the program. STEPN also revealed that the entire process of the buyback and burn program may take a few weeks to complete to avoid triggering abrupt volatility in price.
STEPN previously suffered multiple distributed denial-of-service attacks. To prevent such incidents, the platform said it will double down on security and server enhancements with the profits realized in Q2. The self-proclaimed web3 “lifestyle app” has seen tremendous growth in terms of the number of daily active users since its public beta launch in December 2021.
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