Step App, a move-to-earn focused blockchain project, has announced its closure after four years of operation. The project team stated that all services will cease as of August 21st, urging us
Step App, a move-to-earn focused blockchain project, has announced its closure after four years of operation. The project team stated that all services will cease as of August 21st, urging users to unstake their locked tokens and manage their open positions before that date.
Step App stated in a press release that the decision to shut down had been under consideration for a long time and that completely ending operations was not an easy one. The team added that the project had reached over 1 million downloads, tracked billions of steps, and established various partnerships that brought together the Web2 and Web3 worlds.
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Step App, which combined blockchain technology with fitness applications, was among the prominent projects of the Move-to-Earn model, where users could earn digital assets in exchange for physical activity. However, despite the user and activity data collected, the team decided to discontinue the project.
The project’s governance token, FITFI, had previously reached an all-time high of approximately $0.73. Considering the token’s IDO price of $0.0049, FITFI had gained approximately 150 times its value compared to its initial sale price during its peak period.
Step App’s decision to shut down comes after exchange announcements regarding FITFI. South Korean cryptocurrency exchanges Upbit and Bithumb announced on July 16th that they would end support for FITFI trading. With the project’s closure, FITFI holders need to check their token locks and other positions on the platform before August 21st.
*This is not investment advice.
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