Step App announces it will gradually shut down by August 21, adding more chill to the Move-to-Earn space.
As one of the representative apps of the early M2E model, Step App attracted many users with the concept of "earn coins while moving." However, facing sustained weakness in on-chain activity and pressure on token economics, the team ultimately chose to exit in an orderly manner. The project team said it will complete user asset settlement and a token migration plan.
This is also a microcosm of the M2E sector: after the dividend of the pandemic faded, the sustainability of user retention and token incentives became the line between life and death. Since this year began, several M2E projects have chosen to shut down or pivot, and the industry’s "story phase" is moving away.
For users still participating in similar projects, Step App’s shutdown notice is worth paying attention to:
1️⃣ Check the specific time window for asset redemption and on-chain data migration in official announcements
2️⃣ Extract or transfer the accumulated on-chain assets in time to avoid being unable to act due to contract stoppage
3️⃣ Reassess the token model of the M2E project and whether its reward source is still sustainable
The industry’s story will eventually end; what remains on-chain are only real users and assets.
#StepApp #MoveToEarn #Web3
As one of the representative apps of the early M2E model, Step App attracted many users with the concept of "earn coins while moving." However, facing sustained weakness in on-chain activity and pressure on token economics, the team ultimately chose to exit in an orderly manner. The project team said it will complete user asset settlement and a token migration plan.
This is also a microcosm of the M2E sector: after the dividend of the pandemic faded, the sustainability of user retention and token incentives became the line between life and death. Since this year began, several M2E projects have chosen to shut down or pivot, and the industry’s "story phase" is moving away.
For users still participating in similar projects, Step App’s shutdown notice is worth paying attention to:
1️⃣ Check the specific time window for asset redemption and on-chain data migration in official announcements
2️⃣ Extract or transfer the accumulated on-chain assets in time to avoid being unable to act due to contract stoppage
3️⃣ Reassess the token model of the M2E project and whether its reward source is still sustainable
The industry’s story will eventually end; what remains on-chain are only real users and assets.
#StepApp #MoveToEarn #Web3