Due to bear market conditions and declining app users, STEPN plans to lay off 100 employees on its team.
Journalist Colin Wu said that there would be moderators and ambassadors among this number. In addition, investment in the application will also be reduced.
STEPN will shift the focus of work to the development of Find Satoshi Lab and its projects.
STEPN was founded by Australian fintech Find Satoshi Lab in 2021 and immediately gained popularity due to its unique mechanics. Both application tokens, GMT and GST, hit all-time highs of $4.11 and $8.51, respectively, in April, according to CoinGecko.
During the summer, daily active users rose to over 105,000, and with the beginning of autumn, this figure dropped sharply to 6,000. As of October, the number of daily active players is about 11,000.
STEPN faced severe setbacks over the summer – a forced blocking of users from mainland China and a DDoS attack. Many analysts attribute these cases to the decline in user interest and their departure from STEPN.
They added that the app’s structure revolved around selling tokens and earning rewards, which led to a surge in STEPN. And this was the reason for the accelerated fall in token prices:
“The more rewards users receive, the more tokens they sell on the market, affecting its ecosystem.”
A few days ago, the application team sent an open letter to their community in which they announced the following vector of their development. The letter outlined some changes to add value to GMT and the Find Satoshi Lab ecosystem.
What kind of changes are expected is still unclear. However, the creators of STEPN promised to reveal details soon.
