Step App Shuts Down After Four Years Amid Crypto Market Slump
The move-to-earn platform announced it will wind down all services by Aug. 21, citing market conditions as FITFI token plunges.
Quick Look
- Move-to-earn platform Step App is shutting down after four years, ending all services by Aug.
- Its FITFI token fell 99.9% from its all-time high amid a broader crypto market slump.
AI-generated summary
Why It Matters
Step App operated as a move-to-earn platform for four years.
Step App, a move-to-earn platform, is shutting down after four years of operation, joining a growing number of crypto companies winding down amid an ongoing market slump.
The company announced Wednesday on X that it will wind down all services by Aug. 21, asking users to unstake locked tokens and manage their exchange positions before the date.
“We are incredibly proud of what Step App achieved — not just as a product, but as a movement,” Step App said.
The project’s governance and utility token, FITFI, continued to decline. At publishing time, FITFI traded at $0.0001624, down 99.9% from its all-time high of around $0.73 recorded in May 2022, according to CoinGecko data.
Cointelegraph contacted Step App for comment but did not receive a response by the time of publication.
What to Watch
AI outlook — possibilities, not facts
Step App will wind down all services by Aug. 21
Very likely · Within weeks
Open Questions
- Will users be able to recover all locked tokens?
- What will happen to the treasury funds?
