In spite of the overall crypto market decline in the past few months, fitness app STEPN said it is still making great profits as the company reported a profit of $122.5 million in Q2.
Leading Move-to-Earn project STEPN, announced its earnings for the second quarter of 2022. STEPN recorded a profit of up to $122.5 million from the collection of fees for the activities platform. This is over 4.5 times greater than the $26 million profit the company reported for the first quarter. STEPN will use some of the profits for growth as well as making improvements to the platform.
STEPN still achieved great second quarter performance despite the project’s encounter with a lot of negative news. In May, the price of GMT crashed after STEPN announced that they were banning Chinese users for legal reasons. Then in June, STEPN was hit with multiple DDoS attacks. With all of this happening, the 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 Plans to Burn GMT, Update Security and Expand their Team
STEPN announced that it will spend 5% of its Q2 profits, or about $6.1 million, to buy and burn their GMT tokens.
In addition, the project will promote investment in other aspects to improve features and expand the ecosystem, including:
- Enhance security to help avoid DDoS attacks
- Update anti-cheat mechanism
- Expand the team
- Promote cooperation
- Promote their brand
- Buy back and burn GMT
Disclaimer: Although the material contained in this website was prepared based on information from public and private sources that chiliznews.com believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and chiliznews.com expressly disclaims any liability for the accuracy and completeness of the information contained in this website.