Stepn announced a token distribution of $30 million to its users. The company is distributing 100 million FSL points, which can be exchanged for GMT tokens via the Stepn Market at a 1-for-1 exchange rate.
With GMT tokens currently worth around $0.30. This points distribution equates to a whopping $30 million.
Steppen performs a $30 million cryptocurrency drop
Shetty Manghani, CEO of Stepn, expressed the company's commitment to giving back to its users.
“Since we have the runway, we have stability as a company and we are able to give it back to the users. This year’s airdrop is the largest ever… It was given to badge holders, which reward the smallest to the largest users, and it was also given to Genesis holders who saved NFTs,” Mangany said. Ours for longer periods.
Its total size was not previously revealed through the cryptocurrency airdrop, which began a few days ago. According to the company, the next phase began on April 10. The initiative follows Stepn's February 2022 cryptocurrency airdrop, which rewarded Genesis sneaker NFT holders with between $1,800 and $14,400 in GMT tokens.
In addition to the cryptocurrency airdrop, Stepien revealed that FSL Points can improve users' chances of receiving exclusive prizes. The company is also preparing for a partnership with a popular sports brand, following previous collaborations with Asics and Athletico Madrid.
“[Stepn] “The company currently finds itself at a very exciting juncture, with major plans in the pipeline this year to boost our growth and consolidate our leading position in the transportation and earning sector,” Mangany concluded.
Read more: The best airdrops coming in 2024
The Stepn app, created by FSL, motivates users to stay active by rewarding them with cryptocurrency for walking or running. To receive the rewards, users must purchase a virtual sneaker NFT. The app generates revenue from platform fees and has seen significant growth since its launch in 2021, now boasting 5 million users.
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