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In the context that Play-to-Earn has just received negative news, a project separate from this segment, STEPN (GMT) has set a new value record.
At noon on March 30, the GMT token price of the STEPN project crossed the threshold of 2 USD and temporarily established ATH at 2,239 USD, up to more than 110% compared to 24 hours ago. In the last 2 days, GMT also recorded a new impressive upward momentum with a steady increase of nearly 50%.
The trading volume of the GMT/USDT pair on Binance in the past 24 hours is nearly $2.4 billion, overwhelming the top names like BTC/USDT ($1.9 billion) and ETH/USDT ($1.6 billion) ).
STEPN is a project that uses the Move-to-Earn model, allowing users to make money from just running every day. To do that, users need to download STEPN’s app, then buy a pair of shoes that match their mobility and earn GMT from each of their workouts.
STEPN uses 2 tokens in its project, GMT (administration token, total supply of 6 billion tokens) and GST (in-game bonus token, infinite supply).
Thanks to its novelty as well as its support for fitness, STEPN was selected as the 28th project to receive IEO on the Binance Launchpad platform on March 9, despite coming from Solana. A total of 8.7 million BNB were locked by Binance users to participate in the IEO, worth nearly $3.5 billion.
420 million GMT has been allocated to Binance investors at an IEO price of 0.01 USD. This means that GMT is currently up more than 223 times from the initial asking price.
Much of the growth momentum of GMT comes from the news that STEPN is about to connect to BNB Chain in April, as well as support GMT trading/swap right on the running app. The STEPN team aims by the end of 2022 to organize real-life interactive events between runners to form the SocialFi trend, i.e. a social network that applies crypto elements to promote decentralization. .
A beginning of many possibilities! pic.twitter.com/jfYPB7Pwe0
— STEPN | Public Beta Phase III (@Stepnofficial) March 28, 2022
However, with the recent hack of the Ronin bridge by Axie Infinity, STEPN said it will not use the bridge between Solana and BNB Chain.
It is terrible what happened to @Ronin_Network For STEPN’s Solana and the BNBChain integration in April, we will not implement any bridge between these two systems. pic.twitter.com/RJRskVRIUe
— STEPN | Public Beta Phase III (@Stepnofficial) March 29, 2022
In addition to GMT, recent IEO projects on Binance Launchpad such as League of Kingdoms (LOKA) and Voxies (VOXEL) are also growing strongly on March 30.
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