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STEPN Scores $100 Million in Profits, GMT Price Up By 7%, Can the Rally Continue?

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VOC, Voice of Crypto, Stepn,

STEPN is a one-of-a-kind project in the crypto-verse. Since its inception in December 2021, it has really bolstered its Q2 earnings in 2022.

Due to the global market downturn and crypto being no exception, GameFi was also bleeding.

STEPN still managed to retain a profitable quarter while also introducing new features in the hood.

‘STEPN’ Up Amidst The Bear Times

In a blog post launched on Medium, STEPN published a report analysis of its quarterly analysis while also calling attention to its new updates to the system.

In Q2 2022, STEPN announced a collection of $122.5 million in profits through transaction fees. It also announced using 5% of reserved profits in the employment of the buyback and burn program for its native token, GMT.

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The company has various plans to deploy its earned capital to improve the app performance and fix the dire issues.

STEPN will aim at improving its network security. The protocol has been a subject of distributed denial of service(DDOS) attacks in the recent past. Thus, the company will use the earned resources to create a secure platform for the users.

In reality, the crypto company further progresses to improvise on its SMAC anti-cheat system. This system will allow STEPN to spot fault points proactively.

Fairly, STEPN is also dedicated to revolutionizing the ability of its AI to find defaults and prevent suspicious user accounts from using bots to exploit the mining mechanism.

Conveying the demand around the buyback and burn program, STEPN has serious intentions to improvise upon user support. It will be supported via GMT token rewards and sneakers.

GMT Price Action

STEPN’s native token GMT is currently changing hands at $0.89, at press time.

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Even though the token is 80% down from its April highs, which makes its downturn in tandem with the crypto market, GMT has succeeded to seek some gains since 12 July.

This week, the token has managed to gain back 7.6% since the start of the week. While on the weekly charts, the coin is still down by 6.15%.

Jatin Sewani is crypto markets writer/reporter based in India. He is skilled in onchain as well as technical analysis. He's currently pursuing actuarial science which lets him look at things from a risk-based perspective.

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