According to recent DappRadar statistics, there is only one active user of the move-to-earn platform STEPN. These reports undoubtedly portend poorly for the platform. Additionally, STEPN is under fire for firing about 100 workers as a result of the present bear market conditions.

What is The Reason for this Massive Decline?

STEPN only has one daily active user, according to DappRadar, although other sources have found slightly different – albeit still low – results. According to Dune Analytics, the move-to-earn app’s daily active users have decreased from 105,257 on June 26 to 6,000 in September and 11,877 on October 5. The move-to-earn startup contends that the user data provided by DappRadar is inaccurate.

Many people are left perplexed as to why STEPN is losing favor. The solution is not so simple. To begin with, a lot of move-to-earn platforms debuted as STEPN’s direct rivals. One of these several apps is Usain Bolt’s Step App.

It has also been claimed that move-to-earn and other “to earn” strategies are Ponzi scams. Because they rely on recent investors’ money to pay back earlier investors, apps based on ponzi schemes are a type of fraud. Therefore, in order for “to earn” users to generate income, they must persuade others to join the ecosystem. Users become discouraged as a result, and the economic model becomes unviable.

About STEPN Move-to-Earn App

The lifestyle and move-to-earn Web3 app STEPN is powered by the Solana blockchain. For walking, jogging, or running, users can get paid in the cryptocurrency STEPN known as Solana’s Green Satoshi Token (or GST tokens). Before you can start, users will have to buy NFT sneakers. Once you get them, proceed to update your shoes and then earn some GST. In reaction to recent failures, the STEPN team tweeted that “changes are going so that we can continue to deliver value to GMT and the Find Satoshi Lab community.” For more NFT news, read more on NFTeller.