The Solana based game STEPN generated $122.5 million in profits through its platform fees.They will also leverage a 5% of the profits to initiate a Q2 GMT buyback and burn program.
With 5% of its earnings going towards buying and burning Green Metaverse Token (GMT). This is to ensure users are supported with the best experience.
The game’s governance token will be earned by users after reaching level 30, the user must have sneakers, and non-fungible tokens to start earning in-game cryptocurrencies.
Additionally, Green Satoshi Token (GST), the second in-game currency offered by STEPN, has an unlimited supply, making inflation a possibility. STEPN introduced the GMT burn to prevent the harmful in-game token inflation that impacted other blockchain-based games like Axie Infinity.
Knowing GMT has a fixed supply of 600 million coins, the move to burn GMT is quite unusual.
Also Read: STEPN Faces Multiple DDoS Attacks During Anti Cheat Upgrade
The practice of buying back their own tokens by blockchain based gaming projects is uncommon. However, it is more practised among decentralised finance (DeFi) protocols such as PancakeSwap.
STEPN said the Q2 profits will be used as token buybacks and it will use the funds to bolster security, reduce cheating and expand its team.
