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Apr 14,2022
STEPN Announced That GMT Buy Back (~ $1 million) and Burn Has Started STEPN announced that GMT buy back and burn has started, and the team plans to buy 10,000 SOL (~$ 1 million) worth of GMT every day until the fund run out ( ~ $ 26 million). According to STEPN, in the first quarter of 2022, it earned 198,635.62 SOL (~ $26,815,807.35) from in-app NFT transaction royalties (4%) and fees (2%). The total transaction volume is approximately 3,310,593.67 SOL (~ $446 million). Meanwhile, the team announced that they would use the profits to buy back GMT from the secondary market and burn. The whole process can take up to a month to complete to avoid wild swings.
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