Over $6 million for buybacks: Solana-Based Move-to-Earn App STEPN Generated Over $122M in Profits in Q2.

It's always a delight to read success stories around the space of cryptocurrency, and today we're looking at the Q2 report from the popular move-to-earn application.

STEPN announced on July 12 that the project ended the quarter with a whopping $122.5 million in profit. Citing different areas of funding that will commence accordingly from profit balance.

Since the season has been mostly dominated by bear activities, it's been difficult for companies to turn a tangible profit going up. This specifically has led to many folding up in the process and some tearing down. The atmosphere has left many projects exposed as to their poorly designed structures.

Regardless of this, STEPN scaled through. It is a delight to note that the project suffered multiple distributed denial-of-service (DDOS) attacks which caused a lot of fear in the markets, leading to the price losing 77% of its gains since the last all-time high(ATH).

It shows great management for projects to come out in profit despite market turbulence, this is specifically the center of crypto, these measures of revenue generation are what make crypto a unique piece of investment. Developing sustainable revenue-generating structures puts every project in safe heaven even when things fall rapidly.

For most projects, this lies in its fee structures, this happens to be by far a major revenue framework that sustainably earns and maintains value.

Over $6 million for the buybacks program

Yes, this is one of the areas of funding as announced by the STEPN team. 5% of the supply will be pushed to commence buybacks and burn, which judging from the current circulating supply of 600,000,000 GMT, would send roughly 5-6 million liquid GMT off the market, if all volatility prevention measures are put in place.

This always has a bullish impact on most projects, mostly because investors feel the increased worth of their previous bags, given the elimination of a percentage supply, something not found in tradefi.

Also, some of the revenue will be allocated for security and server enhancements following the impact of the DDOS attacks. SMAC anti-cheat system improvements will also be funded to help combat spam activities from those trying to game the system. Team expansion, branding, and partnership will always be funded to help the project scale to new levels.

This is generally exciting news for all STEPN users and GMT holders, the power in developments turns a profit for further developments. This is why crypto works in circles, giving value to recreate value, the industry being backed by its ever-developing nature is what I have very unique. In the long run, it's definitely a winner in the space of financial structures, it's a build and earn economy.

Posted Using LeoFinance ^Beta