Web3 lifestyle platform Stepn has been unlocking tokens on a linear basis. However, just like token unlocks on other platforms, GMT prices have been in decline.
Stepn is a web3 lifestyle app with social and gaming elements. Its tokenomics revolve around a vested unlock model that has recently become common for many crypto projects. The platform combines an augmented reality (AR) component with play-to-earn gaming.
However, Stepn token unlocks are much more frequent than the monthly releases that other projects plan.
According to Token Unlocks, the supply of GMT, Stepn’s native token, was 966 million on Feb.28. By March 5, it will rise by 16.5 million tokens to 982.5 million.
Stepn Locks Majority of Tokens
There is currently a circulating supply of 600 million GMT tokens, around 10% of the total 6 billion. Its vesting schedule concludes in November 2030.
The treasury holds 30% of the supply and another 30% was privately sold and awarded to the team. The final 30% is allocated to its ‘move to earn’”’ program.
“Move-to-earn” is an app that lets Stepn users earn crypto for walking, jogging, or running. To do so, participants need to purchase NFT sneakers that offer differing returns while exercising. On Feb. 19, the platform airdropped its rarest NFT sneaker yet, the Genesis Sneaker.
Furthermore, Stepn will unlock 812,903 GMT per day from March 1 until April 1 for the move to earn incentive, according to Token Unlocks. Around 580,000 tokens will be unlocked daily for the treasury and a similar amount for the team.
GMT Price Outlook
GMT has gained 2.5% on the day to reach $0.397 at the time of writing. However, GMT has been in a downtrend for more than a month and has lost 35% over the past 30 days.
It was trending over the past few days, however.
GMT prices are currently down 90% from their April 2022 all-time high of $4.11. The project appears to be in it for the long run (pun intended). Only time will tell if the move-to-earn model will gain traction.
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Source: https://beincrypto.com/stepn-commences-move-earn-gmt-token-unlock/