STEPN, a Solana-based protocol, is one of the newly-emerged ecosystems that have resulted from the rapid adoption of crypto.
Since its debut in March 2022, STEPN and its governance token GMT have experienced tremendous growth.
The protocol seems to be gaining ability to bring players together despite losing the course for a while.
The move-to-earn GameFi and Social-Fi project was hot in the market at press time. Recently, STEPN’s sneaker NFTs have experienced a considerable increase in demand.
According to data from Dune Analytics, over 4.6k sneakers were minted at the time of writing. Besides this impressive figure, the user activity rate has also gone up significantly.
In fact, it experienced several notable growth factors, especially following a crucial update.
STEPN outlined its development roadmap for the introduction of Health Points (HP), a way to give its sneakers a longer lifespan.
Without HP, “the sneakers have an infinite supply and would never be worn out which is a recipe for inflation and eventual price drop,” according to the press release.
As compared to a week ago, shoe minting has undoubtedly increased. Keeping with the bullish narrative, most GMT holders opposed the idea of selling their tokens. This was demonstrated by the fact that the largest withdrawal for the month occurred on August 24.
Nearly 18M GMT were withdrawn in a single day, according to a chart from Dune Analytics.
Daily users on the network stayed the same despite improved sneaker sales. Existing users continue to dominate the trend, although the number of new users hardly increased.
Additionally, during the last week, the native GMT hasn’t moved much. On August 25, the asset’s price was slightly below the £0.68 mark and was at £0.66, down 1% from the day before.