Pro
STEPN: After The Hype
Key Insights
- STEPN accounted for 20% of Solana’s total users at its peak in May. This, combined with massive revenues, was a strong point in favor of the case for crypto gaming.
- The STEPN bubble popped soon after that peak, and active measures at the UX and economic level have failed to reverse STEPN’s downtrend in key metrics and currency prices.
- STEPN and future Web3 games have several possible paths to achieve sustained success, including experimenting with reserve treasuries, introducing more drastic deflationary measures, and reducing cheating.
At its peak in May, STEPN accounted for almost 20% of the unique daily fee-paying users on Solana. That’s one out of five users of one of the most performant blockchains in history on a move-to-earn gaming app. STEPN’s success was hailed as another strong point in the case for crypto gaming.
That peak has since passed. Over the last three months, key metrics have been in an uninterrupted downtrend. What was once a clear case for gaming bulls now looks to be a case study for the bears.
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