In the second quarter of 2022, M2E-platform STEPN posted a profit of $122.5 million from app usage fees.
— STEPN | Public Beta Phase IV (@Stepnofficial) July 12, 2022
Five percent of profits will go toward a GMT token buyback and burn program. The developers also identified several areas where the proceeds would help drive improvements:
- bolster security and expand server capacity to counter DDoS attacks that occurred;
- improvement of the SMAC fraud-prevention system;
- recruitment of new specialists in technical development, engineering, marketing, public relations, distribution, and legal services;
- new partnerships and sponsorships for key sports and entertainment events;
- branding STEPN to build a line of physical goods under the project brand to raise awareness.
Back in June, STEPN ceased serving users from Mainland China.
Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.