Solana-Based STEPN App Generated $122M In Q2 Profits

The Solana-based STEPN app generated $122 million in profits for the second quarter of the year and it is eyeing fresh prospects for partnerships and sponsorships with various sports and entertainment events so let’s have a closer look at today’s latest blockchain news.

Solana-based STEPN amassed $122.5 million in profits via platform fees in the second quarter of the year. According to the official announcement, STEPN plans to use a 5% profit to commence a Q2 GMT buyback and burn program and said that the GMT and sneakers will be a part of the program. STEPN revealed that the entire process of the buyback program might take a few weeks to complete in order to avoid triggering abrupt volatility in prices. Alongside, the platform will allocate capital reserves to ramp up the features and create a new team. The brand will remain one of the main priorities as it looks to deploy a chunk of the profits towards the development of the physical merchandise line for marketing purposes and the goal is to enhance brand awareness and adoption.

STEPN suffered multiple distributed denial of service attacks and to prevent such incidents, the platform wanted to double down on security and server enhancements with the profits. The improvement with regards to the SMAC model for anti-cheating aims to eliminate fake users from accessing data on the app. The move to earn model is becoming a huge hype that contributed to the growth of the platforms like STEPN. Also, the STEPN team issued a clarification ruling out any businesses or people that offered to download the app within the jurisdiction of China and its founder said that the Chinese clients only account for 5% of the total user base so a ban is not expected to have a strogn impact of the operations.

As earlier reported, Stepn is a popular web3 move-to-earn fitness game that expanded the program to buy back and burn the GMT tokens and the game will also expand to the Ethereum blockchain. The STEPN web3 fitness game offers a move-to-earn experience and makes major moves of its own after announcing that it will use a portion of the Q2 profits to buy back and burn the tokens with the company revealing an expansion to the ethereum blockchain.