The well-known Web3 platform Stepn is starting a linear token distribution that will bring millions of GMT to the market.
STEPN is a well-known Web3 application with SocialFi and GameFi elements on the Solana blockchain. The developers offer users to earn on physical activity through the monetization of running and walking. The platform combines augmented reality (AR) components with gameplay, and its tokenomics is built on the vesting model that has become common for many crypto projects in recent times.
Vesting is the freezing of purchased tokens for a certain period. It allows you to keep the value of the cryptocurrency, keep control over its value and the optimal balance between supply and demand.
Vesting can be:
- linearwhen tokens are unfrozen in equal parts for a certain period
- twistedwhen tokens are distributed in random parts for different time intervals
However, the distribution of Stepn tokens occurs much more often than other projects. According to Token Unlocks, on February 28, the volume of the circulating supply of the native coin of the GMT project was 966 million. By March 5, it will increase by 16.5 million tokens to 982.5 million.
Most Stepn tokens are still locked up
There are currently 600 million GMT in circulation, about 10% of the total of 6 billion. The vesting period for these coins ends in November 2030. 30% of the tokens are dedicated to the team, another 30% is kept in the project treasury, and the remaining coins are allocated to participants in the Move-and-Earn program.
From March 1 to April 1, Stepn will unlock 812,903 GMT daily for stimulus payouts, approximately 580,000 tokens for the Treasury, and a similar amount for the team. Considering that unlocks usually have a negative impact on the price of an asset, getting so many coins on the market can play a bad joke on GMT quotes.
What happens to the GMT price
Over the past 24 hours, GMT has gained 5.43% and is trading at $0.4029 at press time. However, the price of the token is still in a downward channel. Compared to the all-time high of $4.11 reached in April 2022, it has fallen by 90%.
However, the STEPN team is trying its best to revive the projectadding additional value to the GMT token, while the community still believes that the game has potential and hopes for its revival.
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