Solana-Based STEPN Reports $122.5M in Q2 Profits

STEPN, a Solana-based game platform, reported $122.5 million in second-quarter profits even as crypto market conditions have declined in the past few months, the team said in a Medium post Tuesday.

The “move to earn” project brought $26 million in Q1, as previously reported. Move-to-earn, similar to play-to-earn, is a model whereby users are rewarded in cryptocurrency for their step count on the STEPN application.

STEPN said it would leverage 5% of the profits to initiate a buyback and burn program for its native GMT tokens. It added that the buyback and burn process “may take a few weeks to complete” in order to avoid causing sudden price volatility.

“In addition to the buyback and burn program, STEPN will allocate capital reserves to improve upon existing features and build out the team,” developers said.

STEPN said the team had identified several areas where the company will deploy its earned capital in order to improve game play. These include security enhancements, anti-cheating mechanisms to prevent bots from earning GMT, building the developer and core team and seeking out partnerships and/or sponsorship opportunities.

GMT prices rose nominally following the earnings release. The tokens traded at 85 cents at press time, and are down 71% from April’s all-time high of $4.11.