$100M in profits for STEPN, but is GMT really out of the water
STEPN [GMT] stepped up its performance in Q2 of 2022. The move-to-earn based gaming app has enjoyed its share of success since its release in December 2021.
But the game as with the entire GameFi world had to go through a market downturn. STEPN still managed to reap profits during this crypto carnage. In fact, it continued to release new features on its network.
STEPN shared its quarterly performance report via a blog post on Medium. The report highlighted the network’s performance and also discussed updates that have been launched recently.
In Q2 2022, STEPN was able to accumulate $122.5 million in profits through transaction fees. The move-to-earn based app further shared plans to kickstart a Q2 GMT buyback and burn program by leveraging 5% of its profits.
The allocated funds would majorly address various concerns on the network. The company will, first and foremost, target improvement in network security.
STEPN has been a victim of Distributed Denial of Service (DDoS) attacks in the recent past. The organization, will thus, attempt to use its resources to create a safe platform for its users.
In fact, the company further wishes to enhance its MAC anti-cheat system. This system will allow STEPN to quickly and efficiently identify bad actors.
Well, the organization is also expected to improve its AI’s ability to detect anomalies and prevent accounts from using bots for mining.
Addressing the hype around the buyback and burn program, STEPN also plans to increase user support on its platform. GMT token rewards and sneakers are said to be a part of this program.
Is GMT in the green then?
STEPN’s native token GMT was trading at $0.87, at press time, as per CoinMarketCap. The token suffered losses in value recently and has been in tandem with the broader crypto market.
However, GMT has managed to seek some gains since 12 July. The token still lagged behind in the weekly chart where it stood 5.12% lower than its price in the last seven days.