As cryptocurrency adoption noticed new heights, a number of ecosystems started to spring up. The Solana-based protocol, STEPN is one such community.
The platform and the governance token [GMT] went on a tear since making its first look in March 2022.
Regardless of dropping the trail for a while, the protocol appears to collect power to unite gamers.
Simply maintain on, we’re going house
On the time of writing, the move-to-earn gaming platform was trending inside the market. Moreover, STEPN’s sneaker NFTs noticed a big uptick in demand as of 25 August.
In truth, greater than 4.6k sneakers have been minted on the time of writing as per knowledge from Dune Analytics. The dashboard, given beneath additional showcased the aforementioned statistic together with the variety of energetic customers.
Certainly, it noticed some vital progress points, particularly, after an vital replace.
Herein, STEPN laid out growth plans to launch the launch of Well being Factors (HP) which introduces a life span to STEPN sneakers.
As per the press launch, “with out HP, the sneakers have an infinite provide and would by no means be worn out which is a recipe for inflation and eventual value drop.”
The quantity of shoe mint definitely rose as in comparison with per week in the past. Persevering with the identical bullish narrative, even a majority of holders stood towards the concept of promoting their GMT tokens. This was evident by the truth that 24 August marked the month’s greatest withdrawal.
In line with Dune Analytics’ chart, over 18M GMT (∼8.7K ETH) have been withdrawn in a day.
What’s the irony?
Regardless of the rise in sneaker gross sales, every day customers on STEPN remained stagnant. Whereas current customers nonetheless dominate the pattern, the brand new customers chart barely noticed any vital progress.
Moreover, the native GMT has remained considerably unchanged over the previous week. On 25 August GMT traded simply shy of the $0.80 mark and stood at $0.78 with a 1% drop within the final 24 hours.
So do you have to put money into the token now or wait and look ahead to some time till the mud settles? Solely time would inform.