STEPN completes GMT allocation for VCs, advisors and project team

STEPN, the once “storm” Move-to-Earn project, has just completed the GMT unlock for VCs, advisors and project teams.

STEPN completes GMT allocation for VCs, advisors and project team

The total number of GMT vested in this time is 61.2 million tokens, equivalent to about 20 million USD.

According to Wu Blockchain – a Twitter account with over 260,000 famous followers in the crypto community, StepN has completed the following vesting transactions:

  • 37.2 million GMT allocated to 25 VC wallet addresses;
  • 17.75 million GMT unlocked for 14 wallets belonging to the project development team, including 2 addresses receiving more than 4 million tokens;
  • The remaining 6.25 million GMT is for 7 addresses of the advisory team, including 1 distributed wallet of 3.75 million tokens.

In it, some wallets have moved to transfer GMT received to exchanges like Binance, implying a profit-taking move. In the past, unlocking events were often seen as price “dump” signals, as the project freed up more supply and increased the dilution value, causing the token value to plummet, but also dependent on the price. depends on the percentage liberated.

GMT currently has a circulating supply of 600 million tokens, which is about 10% of the total supply of 6 billion. The GMT token vesting schedule will take place until November 2030. As Kyptos reportedwill unlock around 812,903 GMT every day from March 1 to April 1, according to Token Unlocks. Of which, 580,000 GMT will go to the treasury wallet and the project team.

STEPN is a project that “opens the bowl” of the Move-to-Earn trend in the late 2021-early 2022. At that time, users need to buy or rent NFT shoes to run to earn in-game tokens GMT or GST, respectively. corresponding to the distance traveled.

The Move-to-Earn platform also recently suddenly announced a “huge” airdrop for holders of the NFT Genesis sneaker, a collaboration product between STEPN and the Spanish team Atlético de Madrid and the WhaleFin exchange in September. 08/2022.

As of the time of writing, the price of GMT – the official currency in STEPN is hovering around the $0.33 mark and has fallen by nearly 3% compared to 24 hours ago.

1h chart of GMT/USDT pair on Binance at 15:00 PM on 09/03/2023

But investors should also be careful before making investment decisions during this period because it is estimated that there are still hundreds of billions of dollars of tokens waiting to be unlocked in the coming years.

Synthetic Kyptos

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