STEPN Denies Being a Ponzi Scheme

MoveToEarnApps

STEPN has responded to the critiques that the platform is not a Ponzi scheme. Some of the critics pointed out some schemas that allegedly showed that it is similar to a Ponzi but STEPN says that the company is avoiding the issues via managing its token. 

STEPN was launched in 2021 on the Solana network. Since the concept was quite new, it raised $5 million from seed funding and investors in January 2022.

Why People Regarded STEPN as Ponzi?

As the idea of making money as you walk and run is quite new, it doesn’t make sense to the critics. They believe that it can’t be possible to generate income merely by moving. Previously, the concept of P2E was also regarded as Ponzi as it sounded too good to be true. 

Another reason why critics regard it as Ponzi is that we need to have a good initial investment to start earning. Not only that but also you need to invite new users to the game, hence bringing more investment. 

The critics don’t like this structure and call it a Ponzi. 

STEPN Response

STEPN has decided to improve its system so that they keep public trust and interest. They also keep sharing long-term plans such as addressing the issues and suggesting how they would improve them for long-term sustainability. 

They are introducing an Anti-Cheat system and developing robust tokenomics. 

The STEPN Token, $GMT, is already facing a decline in its price as the bearish market continues. This is a huge concern for the Move-to-Earn community as there is a good number of people and corporations that believe in its future. 

Stay always up to date:

📰 Don’t Miss a thing: Join the News-Telegram Channel or The Discussion Group.

🐥In Your Feed: Follow us on Twitter, Facebook & Instagram.

📺 Let’s Watch: Youtube Subscribe & Chill.

🎙️Useful Channels: NFT Giveaway Channel & Early Adopter Opportunities Channel.

🕹️Gaming Guild & Scholarships: Join our Discord.

📫Saturday Mail Recap: Subscribe for the Blockchain Gaming Digest.

Disclaimer:

We use affiliate links when possible. At no cost to you, we may earn some crypto or nfts.

While we strive for the accuracy of the content, we provide it “as-is.” We take no responsibility for any actions or results. We write about games, treat them as games. We don’t give investment advices. Always do your own, extensive research.

News Team
News Teamhttp://egamers.io
The eGamers.io News Team. A collaborative account.
Sweatcoin app
Vulcan Forged Banner

Trending
Most Popular This Week

You might also like...