STEPN Lays Off Over 100 Contract Workers Amid Crypto Bear Market
STEPN Cuts Workforce Amid Crypto Downturn
The Solana (SOL) blockchain-based move-to-earn fitness app, STEPN, has reportedly laid off over 100 contract workers. This decision comes as the platform grapples with the challenges of the ongoing crypto bear market and a significant decline in user numbers.
Impact on Roles and Investments
Among the affected staff are moderators and ambassadors, who played crucial roles in community engagement and platform moderation. Additionally, STEPN has announced plans to scale back investments, signaling a shift in strategy amid financial constraints.
Decline in User Activity
STEPN's Monthly Active Users (MAU) have dropped significantly from their 2022 highs, reflecting broader challenges in the crypto and blockchain gaming space. This decline, coupled with the bear market, has forced the platform to reevaluate its operational structure and future plans.
The layoffs and reduced investments highlight the growing pressures on crypto-based projects to adapt to market conditions and sustain operations during periods of economic uncertainty.
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