GMT, the governance token of the web 3.0 lifestyle app STEPN, spiked 35% in the last 24 hours after the developers updated the app and fixed some bugs.
The improvements that came as a result of the update include the sneaker NFTs recycling issues with the network introducing a new burning mechanism which made the synthesizing of five same-quality sneakers into a sneaker of the next higher quality possible.
The spike of GMT came after the downtrend of about 81% from its ATH and the reward token is down by 98% in just a space of two months.
What Is the STEPN App?
The STEPN app is a fitness app that is built on the Solana blockchain. To enhance engagement, the mobile app features an incentive – rewarding users with cryptocurrencies whenever they walk, jog, or run outside. So as long as you move, you get rewarded. STEPN uses GPS to track users’ whereabouts. If the GPS signal indicates white, then it is not working at all. When it shows red, it means the signal is poor. When it indicates green, then the signal is strong. The signal is very significant as it determines whether you will be rewarded with tokens as you move.
According to the CMC, GMT recorded 33% at $1.07. The token witnessed massive trading volume in the last seven days. Traders and investors showed interest in the platform, hence the uptick.
Notwithstanding, the present volume is not significant compared to the Total Trading Volume. But this did not stop users from their constant commitment to the cause. Good to know that the NFT-based exercise app acquired 3 million active users each month, still the number of daily new users reduced to an average of 2,500 mark. The project is still kept operating by faithful users.
Walken’s $WLKN token was released on 21 June and is up by 750% since launch. The game has similar mechanics to STEPN, using NFTs to optimize earnings.
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As reported by Cryptolifedigital four weeks ago, crypto-related transactions in China are considered illegal, and this was also valid when an offshore exchange provides services to a Chinese national. It was further stated that employees of any exchange based in China or outside the country providing services to its citizens would be investigated.