STEPN’s Q2 Profit Reaches $122.5 Million, 5 Times More Than Q1

The leading Move-to-Earn application in the crypto market today, STEPN, said it is still making great profits despite the market’s decline in recent months.

STEPN records a profit of $122.5 million in Q2

On July 12, the Move-to-Earn project STEPN announced its activity figures for the second quarter of 2022. Accordingly, this project recorded a profit of up to $122.5 million from the collection of fees for the above activities platform, increasing 5 times the $26 million figure in the first quarter.

STEPN has still achieved great achievements despite the project’s encounter with a lot of negative information. Although the project had a rough time due to the announcement of banning Chinese users for legal reasons, this project still became the most used application on Solana. Recently, the project also announced its implementation on Ethereum after Solana and BNB Chain, in cooperation with the famous NFT brand Bored Ape Yacht Club.

STEPN announced that it will spend 5% of its Q2 profits, or $6.1 million, to buy and burn GMT tokens.

In addition, the project will promote investment in other aspects to improve features and expand the ecosystem, including:

• Enhance security to avoid DDoS attacks in the past
• Update anti-cheat mechanism
• Expanding the human resources team
• Promote cooperation
• Promote this brand; and
• Buy and burn GMT with NFT shoes.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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