STEPN announced the start of the repurchase and destruction of GMT, and plans to invest 10,000 SOL every day until the funds are ran out,On April 14th,the Move to Earn application STEPN announced that it will start to buy back and destroy Token GMT. The team plans to buy GMT worth 10,000 SOLs (about $1 million) every day until the funds are used up (about $26 million). . As previously reported, according to STEPN officials, in the first quarter of 2022, through the in-app NFT market transaction royalties (4%) and handling fees (2%), a profit of 198,635.62 SOL (about 26,815,807.35 US dollars) was made, and the total transaction volume was calculated to be about 3310593.67SOL ( approximately $446 million). At the same time, the team announced that it will use this profit to buy back and destroy GMT from the secondary market. To avoid causing sudden price swings, this process can take up to a month to complete.
