STEPN improved its performance in 2022 Q2. The move-to-earn gaming application has cheered impressive success since its December 2021 release.
However, the game, like the overall GameFi sector, had to experience market downturns. STEPN still accumulated profits amidst the cryptocurrency carnage. Furthermore, the network continued to unveil new functionalities.
STEPN Outlook
STEPN published its quarterly presentation via Medium’s blog post. The report indicated the platform’s performance and evaluated recent updates by the gaming site.
STEPN accumulated $122.5M in returns via transaction charges in 2022 Q2. Moreover, the move-to-earn network revealed strategies to begin a GMT buyback for Q2 and leverage 5% of its returns for a burn program.
The allocated capital would address various issues within the network. First and foremost, the company targets heightened network security. STEPN has suffered DDoS (Distributed Denial of Service) attacks. Thus, the organization will utilize available resources to ensure a secure platform for its customers.
Moreover, the company wishes to improve the MAC anti-cheat structure. STEPN will use this system to efficiently and quickly recognize bad actors. Also, analysts expect the organization to enhance its AI functionality to identify anomalies ad avoid bot-mining in trading accounts.
Addressing the burn program and buyback hype, STEPN also contemplates heightening user support within its network. The program will comprise GMT token rewards & sneakers.
GMT Price
While publishing this blog, STEPN’s native coin GMT traded at $0.87 (Coinmarketcap data). The alternative token has recently suffered massive losses and tracks the overall market tendencies.
Nevertheless, GMT has secured some increases since July 12. The altcoin remains lower on its weekly chart, losing approximately 5.12% within the previous seven days.
The digital asset markets remain in bearish hands. The global cryptocurrency market cap remains under the crucial $1 trillion level. Meanwhile, this metric stayed with brief 1.34% overnight changes at $891 trillion during this publication.
On the other hand, the overall crypto market volume increased by 36.52% within the previous 24 hours to $75.38 Billion. The broad market sentiment should improve to strengthen GMT’s price.
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