Solana-Based STEPN Reports $122.5M in Q2 Profits
The team always makes sure to keep an eye on the bottom line. Accordingly, they will use 5% of the profits to initiate a buyback and burn program of our native GMT tokens.
Despite the decline of the crypto market in recent months, STEPN, a Solana-based game platform, reported $122.5 million in second-quarter profits. The team announced on Medium that they are confident in the evolution of their product and business model.
The move to earn project brought in $26 million in Q1, as previously reported. Move-to-earn, which is similar to play-to-earn, is a model where users are rewarded in cryptocurrency based on their step count on the STEPN application.
STEPN will be using 5% of the profits to initiate a buyback and burn program for its native GMT tokens. It added that the process may take a few weeks in order to avoid causing sudden price volatility.
Alongside the buyback and burn program, STEEM has allocated capital reserves to improve upon existing features and build out a team of developers.
After their annual shareholder meeting, STEPN’s management said that the company would deploy its capital in order to improve game play. These actions include security enhancements and anti-cheating methods to prevent bots from earning GMT points. They will also work on building the developer and Core team, as well as seeking out partnerships or sponsorship opportunities.
The price of the token, or GMT, increased slightly following our earnings release. It is now trading at 85 cents and is down 71% from its all-time high in April of $4.11