Solana’s move-to-earn web3 app Stepn released notable statistics on Thursday to mark a year in operation.
Users logged over 67 million miles (108,017,738 kilometers) on the app, reaching an all-time high of 1 million users on Jun. 2, 2022 and a total of 4.72 million registered users.
While generating ample revenue this year, Stepn struggled to find the right tokenomic balance at certain points. As The Block Research’s Erina Azmi wrote in April, users who surpassed level 30 lost key ways to burn their tokens, which could lead to the inflation of GST, one of its in-game tokens, if not corrected.
The stakes were high as prior play-to-earn giants like Axie Infinity experienced a drastic decline in users after its in-game token decreased in value due to inflation. Stepn saw its own decline in user in April when the price of GMT, the game’s second in-game currency, fell 80%, reducing with it the game’s monthly users from 700,000 to less than 100,000, Azmi writes. Thus, maintaining stable prices for GMT and GST were crucial.
Throughout the year, though, Stepn implemented ways to regulate the token supply such as through token buy back and burns that reduced the amount of GMT in July, helping to make its gaming ecosystem more sustainable.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).