Key facts
- Step App, a move-to-earn platform, will shut down all services by August 21.
- The company cited four years of operation and market conditions for the closure.
- Step App's token, FITFI, has fallen 99.9% from its peak.
- A separate DeFi platform, Step Finance, is also shutting down after a significant treasury theft.
- Step Finance lost approximately $40 million in a January hack.
Step App, a Web3 move-to-earn platform that aimed to bridge the metaverse with real-world fitness through augmented reality, is ceasing all operations by August 21. The company announced the decision on X, citing four years of operation and the ongoing market slump. Users have been instructed to unstake their tokens and manage their exchange positions before the shutdown date.
The project's governance and utility token, FITFI, has experienced a significant decline, trading at approximately $0.0001624, which represents a 99.9% drop from its all-time high of around $0.73 in May 2022. Step App's resources describe it as a platform where users can earn by walking, running, competing, and exploring, aiming to gamify fitness into a social experience.
In related news, Step Finance, a separate decentralized finance platform, is also shutting down its operations. This decision follows a reported $40 million theft from its treasury on January 31, which the company stated directly led to its inability to secure financing or acquisition opportunities. Step Finance, founded in 2021 and having acquired Remora Markets, allowed users to manage crypto assets with visualizations. The company managed to recover approximately $3.7 million in stolen Remora assets and $1 million in other cryptocurrencies. Two associated projects, SolanaFloor and Remora Markets, will also be closed.