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STEPN launches quarterly token burning program

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NFT STEPN (GMT) game tokens have appreciated by 3.64% in the last 24 hours after developers announced the start of two programs. One is a buyback of GMT tokens, followed by the burning of these tokens on the market.

The second program concerns STEPN security, particularly the fight against in-game fraud. In this sense, the team will reinforce the anti-cheating system and seek to eliminate the use of robots within the game.

STEPN launches token buyback and burn program

According to one official announcement, STEPN generated profits of around $122.5 million from platform fees alone. Of this total, 5% will be earmarked for token buybacks and will allocate capital reserves to upgrade its resources.

The statement then states that all repurchased tokens will be burned, which will increase the shortage of GMT itself. In this way, the team will continue with the economic plan described in the white paper.

Both tokens and GMT sneakers will be part of the buy-and-burn program.

However, the team highlights the rise in distributed denial-of-service (DDoS) attacks on GMT recently. One such attack occurred in early June, shortly after STEPN received an update, and left the game unstable for over 12 hours.

Therefore, server upgrades and service capacity will receive resources from quarterly earnings.

“With earnings realized during the second quarter, we will be able to double our commitment to this and dedicate more resources to our efforts,” the statement said.

GMT improves anti-fraud system

Finally, the STEPN team plans to beef up its anti-frude system, called SMAC. According to the announcement, SMAC will receive improvements in order to make the game’s competition fairer.

One of these improvements will be in the ability of Artificial Intelligence (AI) to detect movement and avoid incidents such as the use of robots. Therefore, the game will have mechanisms to prevent users from being able to win through unfair competition.

Meanwhile, the STEPN team itself is expected to increase in size as there are plans to expand and hire more people.

The team highlighted that it will seek partnership and sponsorship opportunities. The focus in this case will be on some branded sports and other events.

Ultimately, a portion of the proceeds will be sent to create physical merchandise, likely real versions of the sneakers. This will be done for marketing purposes to increase overall brand awareness.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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