The recent decision by Step App to discontinue its move-to-earn fitness platform marks the end of an era that began nearly four years ago. Set to cease operations on August 21, this platform, which was built on the Avalanche blockchain, initially promised users the opportunity to convert their physical activity into a form of passive income.
#What Did Step App Achieve Before Its Closure?
Step App transitioned to its mainnet in December 2022, shortly after successful token sales had taken place throughout the year. Over the course of its operation, it attracted a user base of over 300,000 individuals spanning across more than 100 countries. Collectively, these users managed to track an impressive total of 140 billion steps.
The ecosystem was supported by two primary tokens. FITFI served as both a governance and utility token, allowing its holders to influence decision-making processes within the protocol and access various platform features. In contrast, KCAL was intended to facilitate transactions within a wellness marketplace, promoting a self-sustaining economic model centered around healthy lifestyle practices.
#What Are the Implications for Token Holders and the Market?
For holders of FITFI and KCAL, the impending shutdown presents a significant concern. As the countdown to August 21 continues, the utility and functionality of both tokens will ultimately vanish. Governance rights associated with a non-operational protocol lack value, and tokens designated for a marketplace that is shutting down will similarly become worthless.
Although the 300,000 users benefitted from tracking countless steps and achieving their fitness goals, the financial returns associated with the platform remain questionable. As the closure date approaches, stakeholders must consider their next steps in this rapidly evolving and challenging market landscape.