Solana-Based STEPN Skyrockets After Sustainability Update

Solana-based play-to-earn game STEPN saw its two tokens – GMT and GST- surge in value after it updated its mechanics.

GMT jumped as much as 11% to $1.05, while GST rose 6% on Solana and over 100% on the Binance Smart Chain.

The price surge comes after STEPN introduced new updates to improve the sustainability of the project. Most crucially, the update will make minting new sneakers on the platform more constant.

It will also incentivize exercising with the app with mystery box NFT rewards. The update comes just a few days after the project was hit with DDOS attacks.

STEPN is the most popular move-to-earn project, which rewards users with tokens for exercising while using the application. Users must first mint NFT sneakers on the platform to be eligible for rewards.

STEPN to make minting NFTs more accessible

STEPN’s latest update was outlined in a blog post. The program will adjust dynamic minting costs for minting sneakers on its platform, and keep the GST component of the cost constant.

This aspect of the update is largely behind GST’s price surge, given that it makes the token more valuable on the platform.

Additionally, STEPN will also offer people exercising with the app the chance to obtain minting NFTs from mystery boxes.

Other features tweaked in the update include energy generation.

Criticisms over sustainability

STEPN’s updates come amid growing criticism of the platform’s sustainability. The main point of contention is that the platform needs to keep adding new users in order to maintain rewards.

Popular crypto trader @AlgodTrading, who had called Terra a ponzi scheme well before its crash, has levelled the same criticism against STEPN.

While today’s update may make GST and GMT more viable in the short-term, STEPN faces growing calls to roll out more concrete revenue streams and sustainability measures.

This criticism, coupled with the project’s recent withdrawal from China, has seen GMT and GST prices fall substantially in the past month.

DDOS attacks on the project also dented prices earlier this week.

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn’t trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns.
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