STEPN Announces Q2 Profits & Initiates Quarterly GMT Buyback & Burn
In Q2 2022, STEPN generated $122.5 million in profits through its platform fees. STEPN will leverage 5% of the profits to initiate a Q2 GMT buyback and burn program. In addition to the buyback and burn program, STEPN will allocate capital reserves to improve upon existing features and build out the team.
After taking a look at its progress throughout Q2 and by being in constant communication with its community, STEPN identified several areas where the company will deploy its earned capital in order to improve upon the STEPN app. Fund deployment will focus on the following areas:
- Security and server enhancements: The company has taken an active role in combating the growing number of Distributed Denial of Service (DDoS) attacks that have been targeting STEPN. We are committed to delivering the best possible service to our users and have been working to amplify the platform’s security and server capacity to prevent future DDoS attacks. With the profits realized during Q2, we will be able to double down in our commitment to this and devote more resources to our efforts.
- SMAC anti-cheat system improvements: STEPN prides itself on the anti-cheat system that allows us to quickly and efficiently identify bad actors that harm our ecosystem. We have heavily invested in this mechanism since day one and we will continue to do so that we can ensure the fairness of the STEPN game landscape. We are set to improve upon our AI’s ability to detect anomalies, prevent accounts from using bots for mining, accounts faking movement to gain additional rewards, and more.
- Team expansion: Due to the tremendous growth in total users and platform activity that STEPN has experienced since our launch, we have decided to expand the STEPN team, which will allow us to better serve our dedicated users, both new and old. Currently, STEPN is looking for professionals with experience in any of the following fields: tech development & engineering, marketing, public relations, business development, distribution and legal (internal and external advisory) teams for delivering a full product suite of DEX, NFT marketplace, and social products.
- Partnerships: STEPN is actively seeking out partnership and/or sponsorship opportunities with key on-brand sports and entertainment events that align with our core missions.
- STEPN branding: We will be allocating a portion of the profits towards the creation of our physical merchandise lines for marketing purposes and to increase overall brand awareness and adoption.
- Buyback and Burn: To ensure that our users are best supported and to continue with our economic plan outlined in the whitepaper, STEPN will also use a portion of the funding to initiate the Q2 buy and burn program. Assets that will be part of this program are GMT and sneakers.
Please note that the process of “buyback and burn” may take a few weeks to complete in order to avoid causing sudden price volatility.
STEPN has product and community at its core in everything we do, now and ever. A heartfelt thank you to our strong community for their support that fuels us to push forward!