Stepn announced a $30 million token airdrop for its users. The company is distributing 100 million “FSL” points, which can be exchanged for GMT tokens at a 1:1 exchange rate through the Stepn Marketplace.
The current value of GMT tokens is approximately $0.30. This points distribution is worth a significant $30 million.
Stepn’s $30 Million Cryptocurrency Airdrop
Shiti Manghani, CEO of Stepn, expressed the company’s commitment to giving back to its users.
“Because we have a runway, we have stability as a business that can be returned to users. This year’s airdrop is the largest ever. It is given to the badge holder with the smallest reward to the largest user, and to the Genesis holder who has held the NFT the longest,” Manghani said.
The cryptocurrency airdrop, which started a few days ago, has not yet disclosed its full size. The next phase began April 10, according to the company. The initiative follows Stepn’s February 2022 cryptocurrency airdrop that rewarded Genesis sneaker NFT holders with between $1,800 and $14,400 in GMT tokens.
In addition to cryptocurrency airdrops, Stepn said FSL points can also increase users’ chances of winning exclusive prizes. Following collaboration with ASICS and Athletico Madrid, partnerships with famous sports brands are also being prepared.
“(Stepn) currently finds itself at a very exciting time, with key initiatives in the pipeline this year to accelerate our growth and solidify our leading position in the moving and importing segment,” Manghani concluded.
Read more: Best airdrops of 2024
The Stepn app, created by FSL, encourages users to stay active by rewarding them with cryptocurrency for walking or running. To receive rewards, users must purchase virtual sneaker NFTs. The app generates revenue through platform fees and has grown significantly since its launch in 2021, now boasting 5 million users.
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