STEPN’s Quarterly Profits Exceed $100M

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STEPN’s M2E platform generated $122.5 million in revenue from app usage fees in the second quarter of 2022.

The company has said that it will send 5% of the profits to the program of buying back and burning GMT tokens.

The project developers have also identified a number of areas in which the funds will help make improvements, including strengthening security and expanding server bandwidth to combat the increasing frequency of DDoS attacks, the improvement of the SMAC fraud protection system, hiring new specialists in the fields of technical development, engineering, marketing, public relations, distribution and legal services, new partnerships and sponsorships for key sports and entertainment events as well as STEPN branding to create a line of physical products under the project brand to increase awareness.