- STEPN, web3 lifestyle app, witnessed a colossal crash, plummeting 74% from its all-time high after the China ban.
- Analysts have criticized STEPN’s token economy, believing it is in danger of entering a death spiral, similar to play-to-earn games.
- The move-to-earn game suddenly announced that mainland China users would be banned due to regulatory policies.
STEPN announced a ban on users in China in response to relevant regulatory policies. In response to STEPN’s rollback on its Chinese users, GMT witnessed a massive drop in its price, posting 8.5% in losses overnight.
STEPN GMT nosedived 74% from its all-time high
STEPN, the move-to-earn app, suddenly announced a ban on mainland China users, citing regulatory concerns. GMT token declined nearly 9% overnight in response to STEPN’s plan.
The app’s Twitter handle informed users that,
In order to actively respond to relevant regulatory policies, STEPN will conduct an inventory of software users. If users in mainland China are found, STEPN will stop providing GPS to their accounts at 24:00 on July 15, 2022 (UTC+8) according to the terms of use. and IP location services.
1/ 關於清查中國大陸帳戶的公告
尊敬的STEPN用戶：
為積極主動響應相關監管政策，STEPN將對軟體用戶進行清查，若發現中國大陸地區用戶，則STEPN將依據使用條款對其賬戶於2022年7月15日（UTC+8）24:00 停止提供GPS及IP位置服務。— STEPN | Public Beta Phase IV (@Stepnofficial) May 26, 2022