STEPN, the popular move-to-earn dApp, had just one active user today. Have users lost interest in getting paid to workout? Or is there a different story?
According to data from DappRadar, a tool that provides insight into decentralized applications, STEPN had just one active user. However, DappRadar defines an active user as a number of unique wallet addresses interacting with a particular Dapp’s smart contracts. It may not include the users who might just be exploring around without making a transaction in the smart contract.
What is STEPN?
Move-to-Earn was the talk of the town in around April 2022, and STEPN, powered by Solana, was the flagbearer. STEPN aims to incentivize users to live a healthy lifestyle. Users needed to buy a “sneaker” NFT to earn crypto. Different types of sneakers have different rewarding attributes based on the user’s physical activity.
The price of GMT tokens exploded by over 1900% from March to May. STEPN sneakers cost was as high as $1200. The high cost of entry was justified because some users reported earning over $1200 daily.
The craze for STEPN and GMT was such that some runners in China offered substitute running to earn GMT for a commission. STEPN announced $122.5 million in profit for Q2 2022.
Gradually, things started to go downhill for STEPN. The cost to mint a new sneaker is around $4 now, according to Dune. The third quarter profits for STEPN are down 90% fr
GIPHY App Key not set. Please check settings