STEPN Completes GMT Distribution to VCs, Advisors, and Project Team
STEPN, the Move-to-Earn project that once took the crypto world by storm, has completed its latest GMT unlock for venture capitalists (VCs), advisors, and the project team.
STEPN Finalizes GMT Allocation for VCs, Advisors, and Project Team
A total of 61.2 million GMT tokens, equivalent to approximately $20 million USD, have been distributed in this vesting round.
StepN has completed a round of distribution of GMT to VCs, consultants and teams today, a total of 61.2m GMT (about $20m). VC is 37.2 million GMT, which is distributed to 25 addresses; the team is 17.75 million GMT, which is distributed to 14 addresses, of which two addresses are…
— Wu Blockchain (@WuBlockchain) March 9, 2023
According to Wu Blockchain, a well-known crypto Twitter account with over 260,000 followers, STEPN has finalized the following vesting transactions:
- 37.2 million GMT allocated to 25 VC wallet addresses.
- 17.75 million GMT unlocked for 14 development team wallets, including two addresses receiving over 4 million tokens each.
- 6.25 million GMT designated for 7 advisor addresses, with one wallet receiving 3.75 million tokens.
Some of these wallets have already begun transferring GMT to exchanges like Binance, hinting at potential profit-taking moves. Historically, unlock events are often seen as a signal for a potential “dump” in price due to the increase in supply and subsequent dilution, which can drive the token’s value down. However, the impact depends on the percentage of tokens being unlocked.
Currently, GMT has a circulating supply of 600 million tokens, representing about 10% of the total supply of 6 billion. The GMT token vesting schedule will continue until November 2030. As reported by Coin68, approximately 812,903 GMT tokens are set to be unlocked daily from March 1 to April 1, according to Token Unlocks. Of these, 580,000 GMT will go to the treasury and project team.
STEPN pioneered the Move-to-Earn trend in late 2021 and early 2022. At that time, users needed to purchase or rent NFT sneakers to earn in-game tokens (GMT or GST) based on the distance they covered.
Recently, the Move-to-Earn platform announced a significant airdrop for holders of the Genesis NFT sneakers, a collaboration between STEPN, Spanish football club Atlético de Madrid, and the WhaleFin exchange in August 2022.
As of the time of this report, GMT, the official currency of STEPN, is trading around $0.33, having decreased nearly 3% in the past 24 hours.
GMT/USDT 1-hour Chart on Binance as of 3:00 PM on March 9, 2023
Investors should exercise caution before making investment decisions at this stage, as estimates suggest there are still hundreds of billions of tokens waiting to be unlocked in the coming years.
