GMT, the governance token of the Solana-based play-to-earn project STEPN, tripled in value this week on speculation over a partnership with a major sports brand. The project also generated a large profit in the first quarter of 2022, which it intends to use for burning tokens and expanding its ecosystem.
GMT surged 245% over the last seven days, going as high as a record level of $3.07 on Friday, and ranking among the best performing tokens this week. Its market capital also broke above $1.5 billion.
STEPN presents itself as a lifestyle Web3 application, and rewards users in tokens for running or walking. Users of the app need to first mint NFT sneakers using Solana (SOL), which they then need to equip in the app while running, to generate rewards. GMT is one of the rewards paid out by the app. The other is GST, which can be used to mint new NFTs.
Interest in Solana-based projects has also spiked this week, as SOL rallied to become the sixth-largest crypto by market capitalization.
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