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STEPN Faces Challenges Amid Layoffs and Declining User Base

Explore the recent developments in STEPN's restructuring efforts, user base trends, and competitive landscape in the Web3 fitness app market.
Published on 2022-10-13

Layoffs and Restructuring

STEPN, the popular health and well-being Web3 app, has reportedly laid off around 100 workers, including moderators and ambassadors. The company attributes this move to a strategic shift in focus rather than financial constraints, emphasizing its concentration on ongoing projects. This restructuring led to the cancellation of the October Town Hall, as resources are being reallocated to advance the next phase of FSL.

Declining User Base

The app's monthly active users have significantly decreased since its peak in May, with Dune Analytics reporting a notable drop. Factors contributing to this decline include volatile crypto market conditions, increased competition from Sweatcoin, and locked GMT funds until March 2023. STEPN is now focusing on its parent company, Find Satoshi Lab, and upcoming projects like an NFT exchange market.

Competition with Sweatcoin

Sweatcoin's Sweat Economy (SWEAT) has surpassed STEPN in monthly active users and downloads, becoming the top health app in 66 countries. Despite this, STEPN's market cap remains significantly larger. STEPN (GMT) has seen price drops but is still 500% above its initial launch value, while SWEAT has experienced a substantial decline since its peak.

Market Performance and Future Outlook

STEPN's native token, GMT, has faced double-digit drops, currently priced at $0.567, down 10.9% daily and 21.4% over 30 days. The app is shifting focus to Find Satoshi Labs and evolving its vision, despite delays in upgrades. With nearly 5 million active users, STEPN remains a major player in the Solana ecosystem, indicating potential for future growth and adaptation in the competitive Web3 fitness market.

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