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Stepn Commences ‘Move-to-Earn’ GMT Token Unlock

Stepn is a web3 lifestyle application featuring gaming and social features. Its tokenomics are based on a vested unlock concept, which is now popular among many cryptocurrency projects. The platform blends play-to-earn games with an aspect of augmented reality (AR).

Yet, compared to other projects’ planned monthly releases, Stepn token unlocks happen significantly more often.

The supply of GMT, Stepn’s native token, was 966 million as of February 28th, according to Token Unlocks. It will increase by 16.5 million tokens on March 5 to reach 982.5 million.

600 million GMT tokens, or around 10% of the 6 billion total, are now in circulation. The vesting period will end in November 2030.30% of the supply is held by the Treasury, while the other 30% was sold privately and given to the team. The remaining 30% goes into its “move to earn” initiative.

Stepn users may utilize the “Move-to-earn” app to earn cryptocurrency for brisk walking, jogging, or running. Participants must buy NFT shoes that give various returns when working out in order to achieve this. The Genesis Sneaker, the platform’s most exclusive NFT shoe to date, was airdropped on February 19.

In addition, Stepn will release 812,903 GMT per day between March 1 and April 1 in order to receive a bonus, according to Token Unlocks. Daily unlocks for the squad and the treasury will total around 580,000 tokens each.

At the time of writing, GMT had increased by 2.5% for the day to $0.397. Nonetheless, GMT has lost 35% over the last 30 days and has been in a downturn for more than a month. Yet in recent days, it has become popular.

After reaching an all-time high of $4.11 in April 2022, GMT prices have fallen 90%. The project seems to be here to stay for a while (pun intended). Whether the move-to-earn concept will take off, only time will tell.

 

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