The STEPN team will distribute 100 million bonus FSL points to users, which will convert into the native token of the M2E project after the airdrop concludes. Company representatives disclosed this in a conversation with The Block.
FSL can be exchanged for GMT through the app’s marketplace at a 1:1 ratio. At the time of writing, the asset trades around $0.3, making the distribution worth approximately $30 million.
“This year’s airdrop is the largest in history. It is awarded to badge holders, rewarding both the smallest and largest users. Genesis participants, who have held our NFTs for the longest period, are also eligible,” said STEPN CEO Shiti Manghani.
The first phase of the distribution has already concluded, although the company had not previously announced the funding amount. The next phase will commence on April 10.
STEPN noted that FSL points can “increase users’ chances of receiving exclusive prizes.” According to Manghani, the airdrop is ahead of a “partnership with one of the most renowned sports brands, to be announced soon.”
“Major plans are underway this year to accelerate our growth and strengthen our leading position in the Move-to-Earn sector,” added the company head.
Built on the Solana and BNB Chain networks, the STEPN game gained popularity in spring 2022. It allows users to earn GST and GMT tokens by walking or running. To participate, users must purchase sneakers in the form of NFTs.
On April 8, 2024, project developers announced on X that STEPN users have collectively covered 295 million km—760 times the distance from Earth to the Moon.
295,000,000 kilometers run with STEPN?
Together, we have traveled more than 760 times the distance from the Earth to the Moon. While travelling this distance we burned the equivalent of 36,000,000 burgers.
Yes, we are big. And yes, we will keep growing.
And you, how many… pic.twitter.com/l0vwYtCMFP
— STEPN | Public Beta Phase VI (@Stepnofficial) April 8, 2024
In May 2023, STEPN developers added the option for direct payment via Apple Pay. Later, the app integrated the corporation’s music service.
In July, the company behind the project, Find Satoshi Lab, conducted a distribution of 2 million GMT as part of promoting the new game Gas Hero.