The Solana StepN app gains a breakthrough for a five-month-old project. The app is a move-to-earn (M2E) crypto gaming app. According to a new report, the market cap for StepN’s native token GMT is now at around $860 million. This is as of May 22.
In an interview with TechCrunch, StepN co-founder Jerry Huang stated that the app now has two to three million active monthly users worldwide.
What is the Solana StepN app?
StepN’s success stems from the fact that they are fundamentally financial product with which you can have fun.
StepN was founded in Adelaide, Australia, by Huang and his co-founder Yawn Rong and made its debut at a Solana hackathon in October. Its fourth-place finish in the tournament helped it land its first group of beta users.
StepN has grown so quickly in a few weeks that the company had to limit the number of everyday registrations. According to Huang, tens of thousands of new users join the app every day.
How does StepN work?
To begin earning tokens and logging mileage on StepN, users must first spend at least 12 sol, or roughly $600 at the current market rate, for a pair of virtual shoes. The digital shoes are a non-fungible token (NFT) that operates on the Solana network.
StepN users will need to gather new shoes over time to level up. The typical return on investment takes roughly a month, after which consumers can start earning up to several thousand dollars every day. In other words, the game has the potential to be highly profitable.
Indeed, the rapidly expanding app appears to be self-sustaining for the time being. It earns $3-5 million in net profit per day from trading fees and $100 million per month. Binance also committed another round of strategic investment in April.