Stepn to buy back and burn GMT using a portion of its $122 million Q2 earnings 

Quick Take

  • Solana’s move-to-earn game Stepn earned $122.5 million in platform fees during Q2. 
  • Five percent of those earnings will go towards buying back and burning its in-game token GMT — an unusual move in the GameFi space. 

Stepn, a Solana-based game that rewards users with cryptocurrency for walking or running, announced Tuesday that it has earned $122.5 million from platform fees in the second quarter of 2022. 

Five percent of those earnings will go toward buying and burning Green Metaverse Token (GMT), the game’s governance token that users earn after reaching level 30, as well as sneakers, non-fungible tokens that a user must have to begin earning in-game cryptocurrencies. 

The move to burn GMT is unusual, considering that GMT has a fixed supply of 600 million coins, whereas Stepn’s other in-game currency Green Satoshi Token (GST) has an unlimited supply, making it more likely to experience inflation.  

It’s also not common for blockchain-based gaming projects to buy back their own tokens. This practice is more common among decentralized finance (DeFi) protocols such as PancakeSwap. 

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