STEPN to Introduce New Features Soon, Drive Value Back to GMT

Stepn, the Solana-based move-to-earn app, said it plans to launch new features, including an achievement and badge system, according to Decrypt. The move aims to attract users’ interest and revitalize its GMT and GST tokens following a bumpy 2022.

Stepn to “Capture Value Back” to GMT Token Through New Features

Web3 running platform Stepn said it plans to roll out a set of new features to boost the value of its native token, GMT. One of the features Stepn intends to launch “soon” include an achievement and badge system, its COO Shiti Manghani told Decrypt.

If “GMT is at the center of the solar system, we want to add value and capture value back to GMT through all of our products,” Manghani said in the interview. The planned features also include apps that would help “onboard consumers from Web2 to Web3,” thereby fulfilling consumers’ needs such as providing liquidity for their non-fungible token (NFT) swaps or supplying them with tools to roll out their projects.

Launched in December 2021, Stepn is a move-to-earn project that rewards users with Green Satoshi Tokens (GST) for running and exercising. It operates via its native mobile app powered by the Solana blockchain, utilizing a dual-token model including the Stepn governance token called Green Metaverse Token (GMT) and GST. The GMT token trades at $0.38, up 1.5% in the past 24 hours.

Stepn’s 2022 Challenges

After reaching its peak of over 700,000 monthly active users (MAUs) in May 2022, the company saw a steep downturn, with its MAUs plummeting to below 45,000 in December. The decline came after the app blocked its GPS function for consumers in Mainland China, making it practically unusable for users in that region.

The ban, requested by Chinese authorities, came into force in July. As expected, the move resulted in a steep drop in both Stepn tokens. During that period, Stepn also experienced several distributed denial-of-service (DDoS) attacks, putting additional pressure on the project.

After a difficult 2022, Stepn will attempt to rejuvenate its tokens and win back users’ trust through new features. After dealing with DDoS attacks, the project launched an AI-powered anti-cheat mechanism to fight fraud on its platform.

This article originally appeared on The Tokenist