STEPN expands to Ethereum Blockchain and prepares to repurchase and burn GMT by DailyCoin

• STEPN (GMT) recorded a monthly gain of 30%.
• The training app has over 3 million users worldwide.
• Rival token Sweatcoin is set to introduce $ SWEAT in September.

STEPN, the world’s leading move-to-earn startup, has announced its quarterly profits and unveiled plans for the near future. Thanks to the consistent growth of the community, STEPN’s fees gave the platform a net profit of $ 122.5 million, of which 5% will be used to maintain the price at GMT.

https://t.co/HO9hTEehtx

– STEPN | Public Beta Phase IV (@Stepnofficial) July 12, 2022

5% of the profits will be set on fire

To date, fitness and wellness startups have burned over $ 216 STEPN (GMT) tokens. Now, with STEPN recording $ 122.5 million in Q2 gains, it is reported that $ 6 million will be used to repurchase and burn GMT tokens.

Shiti Manghani, Head of Marketing at STEPN, explained the rationale behind the move: “The repurchase and incineration accrue value back to GMT – our unifying thread across all the initiatives we take at STEPN”.

The company also aims to build its own decentralized crypto exchange, called ‘DOOAR’. Before the crypto exchange is officially launched, the price of GMT must first be proven stable and sustainable. To achieve this, STEPN has made plans to make the repurchase and burning of the token a normal process.

At press time, STEPN (GMT) is trading at $ 0.875569, marking an increase of 3.9% over the last 24 hours. Despite a prolonged crypto winter, GMT is up 30.1% in the last 30 days. In contrast, the company’s original token is still far from its impressive note, which was $ 4.11 about three months ago.

Rival Sweatcoin introduces $ SWEAT in September

Sweatcoin, another popular move-to-tearn app, is preparing to release its original coin ‘$ SWEAT’ on the markets in September. Users will reportedly be able to collect $ SWEAT before the official launch, even though the conversion rate has not yet been revealed.

While Sweatcoin is free to use, STEPN requires the first purchase of an NFT sneaker to participate in the program. This means that STEPN has three million users worldwide, which pales in comparison to Sweatcoin’s more than 100 million registered users.

Make your calendars ready … Token Generation Event will take place September 12, 2022! The race is underway. Earn 1 SWEAT for every sweatcoin you have at TGE. This 1: 1 frequency will never happen again pic.twitter.com/Ooc6Z6StXT

– Sweat Economy (@SweatEconomy) June 22, 2022

On the other side

• STEPN gets off on the wrong foot: STEPN removed GPS in China and crashed.

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