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.
Despite dropping the trail for a while, the protocol appears to collect energy to unite gamers.
Just maintain on, we’re going residence
At the time of writing, the move-to-earn gaming platform was trending inside the market. Additionally, STEPN’s sneaker NFTs noticed a major uptick in demand as of 25 August.
In truth, greater than 4.6k footwear had 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.
Indeed, it noticed some important progress elements, particularly, after an essential replace.
Herein, STEPN laid out growth plans to launch the launch of Health Points (HP) which introduces a life span to STEPN sneakers.
As per the press launch, “without HP, the sneakers have an infinite supply and would never be worn out which is a recipe for inflation and eventual price drop.”
The quantity of shoe mint actually rose as in contrast to per week in the past. Continuing the identical bullish narrative, even a majority of holders stood in opposition to the concept of promoting their GMT tokens. This was evident by the truth that 24 August marked the month’s greatest withdrawal.
According to Dune Analytics’ chart, over 18M GMT (∼8.7K ETH) had been withdrawn in a day.
What’s the irony?
Despite the rise in sneaker gross sales, every day customers on STEPN remained stagnant. While current customers nonetheless dominate the development, the brand new customers chart barely noticed any important progress.
Furthermore, 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 should you spend money on the token now or wait and look ahead to some time till the mud settles? Only time would inform.