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    STEPN Gains $122.5 Million in Profits in Q2 2022

    Cryptory.net - The leading move-to-earn app, STEPN, still gained a big profit despite the market crash in recent months.

    In a post on July 12, the move-to-earn app STEPN announced its earnings in the second quarter of 2022. The project has made 122.5 million USD in profit from platform fees, 5 times more than $26 million in the first quarter.

    STEPN has clearly been doing very well in the past 3 months despite the fact that the crypto market is in the red. Although STEPN was banned in China due to requirements of local regulatory agencies, it is still the most used app on Solana. The project also recently rolled out Realm 3 called APE Realm on Ethereum after Solana and BNB Chain.

    STEPN said it will spend 5% of Q2 profits, or $6.1 million, to buyback and burn GMT tokens. The project will also deploy its earned capital in order to improve game play and expand the ecosystem. They include:

    • Enhance security to avoid DDoS attacks;
    • Update anti-cheat mechanism;
    • Build developer and core team;
    • Seek out partnership and sponsorship opportunities;
    • Buyback and burn GMT tokens and NFT sneakers.

    GMT price keeps stability and drifts sideways in the $0.50-1-$1 range after constant decline from April’s all-time high of $4.11.

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