Step App winds down after four years as FITFI token sinks
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Step App, a move-to-earn platform, is shutting down after four years of operation. The company announced on X that all services will cease by August 21, urging users to unstake tokens and manage exchange positions beforehand. The project’s governance and utility token, FITFI, has severely declined in value, dropping 99.9% from its peak in May 2022.
Why it matters
The shutdown of Step App adds to a growing list of crypto companies winding down during the current market slump. This underscores challenges faced by the move-to-earn sector and reflects broader difficulties impacting crypto platforms and their tokens.
Key context
Step App launched with a move-to-earn model and had a governance and utility token, FITFI. The FITFI token reached an all-time high price of around $0.73 in May 2022 but has since collapsed to a fraction of that value. The company’s announcement aligns with similar recent closures in blockchain gaming and crypto projects.
Key numbers and entities
The project: Step App Token: FITFI Token price at publication: $0.0001624 All-time high token price: approximately $0.73 in May 2022 Shutdown date: August 21 Source: Step App’s announcement on X and CoinGecko data
What remains unclear
The company did not respond to Cointelegraph’s request for comment, leaving details of the winding down process and future plans unclarified. No additional information on user impact or asset recovery was provided.