STEPN, a Web3 move-to-earn fitness application, has announced a US$30 million airdrop campaign to reward its most loyal users.
The airdrop, distributing 100 million FSL points convertible into the app’s native GMT tokens, is designed to engage STEPN’s community, specifically Badge Holders and Genesis Sneaker holders, representing user activity rates and longevity, respectively.
The two-phase airdrop serves as a precursor to an upcoming partnership with a sports brand, which STEPN claims is among the world’s most recognized.
The airdrop campaign concludes on April 29 and unclaimed FSL points will be “lost forever,” STEPN said.
Several token projects have recently used airdrops to reward community members and enhance participation.
These campaigns are often followed by a surge in a token’s value.
But STEPN’s native token GMT fell 0.6% to US$0.29 since the announcement. It’s down US$7.6% for the week.
Its in-game currency, GST had a more positive reaction with a brief 25% spike to over US$0.05.
It traded at US$0.041 at 10:30 a.m. ET, according to CoinGecko.
