STEPN move-to-earn tokens GMT, GST hit new highs after Coinbase listing announcement

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Strong hype around the move-to-earn sector helps GMT price establish a new record high.

The native tokens of a move-to-earn lifestyle app STEPN swung higher on news that they would be available to trade on Coinbase, a U.S.-based crypto exchange.

The price of STEPN’s governance token Green Metaverse Token (GMT) rallied by nearly 20% to reach over $4 in the past 24 hours, hitting as high as $4.50, its best level to date.

GMT/USD four-hour price chart. Source: TradingView

Similarly, the other STEPN token called Green Satoshi Token (GST), which players earn after walking, jogging, and running outdoors with STEPN’s “NFT Sneakers,” gained 6.5% to about $6.25 on a 24-hour adjusted timeframe with a new record high of $7.20. 

STEPN ecosystem grows

The intraday rallies in GMT and GST markets are part of a broader uptrend that started in early March 2022. The growing hype around the so-called move-to-earn industry is boosting the value of these tokens, which are rewarded to active players.

In particular, STEPN’s economic model, which involves selling NFT shoes and using the proceeds to buy back and burn GMT tokens, likely attracted speculators that see a lower supply-higher demand structure as bullish. GMT comes with a supply cap of 6 billion.

Meanwhile, GST, which comes with an unlimited supply cap, finds bullish cues from its underlying use-cases.

Notably, STEPN players use the token to mint, repair, and level up their NFT sneakers — or even sell them on the app’s marketplace. As a result, if the number of STEPN users increases, it could lead to players limiting GST’s downside prospects by using it as an in-game currency.

Players have already been sharing the screenshots of their STEPN profiles, featuring their physical activities and the GST rewards they earned for doing them. Meanwhile, leading NFT marketplace OpenSea has added STEPN’s sneakers collection, providing more avenues for STEPN NFT owners to resell their digital shoes. 

The hype for move-to-earn tokens appears similar play-to-earn projects such as Axie Infinity (AXS), which skyrocketed last year. 

GMT ascending triangle

GMT’s price eyes a return to $4.50 ahead of this week’s close, based on the “ascending triangle” setup on its shorter-timeframe charts, as shown below.

GMT/USD hourly price chart featuring ‘ascending triangle’ setup. Source: TradingView

Ascending triangles appear when the price consolidates between a horizontal upper trendline and a rising lower trendline. They resolve after the price breaks out in the direction of its previous trend, and rise by as much as the maximum distance between the triangle’s upper and lower trendline.

Related: STEPN to new highs? GMT price painting first ‘bull flag’ toward $5 target

Interestingly, the triangle’s upside target near $4.50 also coincides with the 1.618 Fib line of the Fibonacci retracement graph drawn from $3.82-swing high to $2.75-swing low. 

GST descending triangle

Unlike GMT, GST is showing signs of breakdown as it forms a descending triangle pattern after topping out at $7.20.

GST’s price has been trending lower between a falling upper trendline and a horizontal lower trendline, which is considered bearish reversal after a strong uptrend. That said, the STEPN token now risks breaking below the triangle’s lower trendline, as illustrated below.

GST/USD hourly price chart featuring ‘descending triangle’ setup. Source: TradingView

If this occurs, GST’s price will risk falling by as much as the triangle’s maximum height when measured from the breakdown point, resulting in the bearish target of $6.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Plan for $1M bug bounties and double the nodes in wake of $600M Ronin hack

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The Ronin Network and Sky Marvis are significantly upgrading their security measures after they vowed to ensure a hack “never happens again.”

The Ronin Network and Sky Mavis have vowed to upgrade their smart contracts, offer lucrative bug bounties and ramp up security following the $600 million hack late last month.

As Cointelegraph previously reported, the Ethereum sidechain developed for the popular NFT game Axie Infinity was the victim of an exploit for 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) worth more than $612 million at the time.

Earlier this month the Federal Bureau of Investigation (FBI) attributed the attack to North Korea-based and state-sponsored hacking group Lazurus, as it fired off a warning to other crypto and blockchain organizations.

Ronin announced its platform changes via a post-mortem report published yesterday, noting that all user funds are in the process of being restored as it vowed to make sure this “never happens again.”

The hack run down

The hack was the result of a spear phishing attack on a former Sky Mavis employee (developers of Axie Infinity). The bad actor was able to leverage the employee’s credentials to access Sky Mavis’s four validator nodes out of a total of nine in the Axie/Ronin ecosystem.

This by itself was not enough to do any damage, but “the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator.”

“This traces back to November 2021 when Sky Mavis requested help from the Axie DAO to distribute free transactions due to an immense user load. The Axie DAO allowlisted Sky Mavis to sign various transactions on its behalf. This was discontinued in December 2021, but the allow list access was not revoked,” the report reads.

Following the hack, big changes are being implemented at both Sky Mavis and the Ronin Network.

Ronin

The Ronin Network hopes to have its bridge open again by mid to late May, with Binance providing support until then with withdrawal and deposit infrastructure for Axie users.

The team is about 80% through upgrading Ronin bridge smart contracts, they’ll be reworking the backend, migrating all pending withdrawals and launching a validator dashboard that “allows for approving large transactions and adding/removing new validators.”

“The Ronin Network bridge is currently being redesigned and will open once we are confident that it can stand the test of time. We initially expected to be able to deploy the upgrade by the end of April, but this is not a process that we can afford to rush.”

Related: Binance recovers $5.8M in funds connected to Ronin bridge exploit

Sky Mavis

Sky Mavis will ramp up its security measures by seeking the help of “top tier security experts,” conducting contract audits and implementing stricter internal procedures such as training courses to “combat external threats.”

Notably, it will also be significantly upping its node count to help decentralize the project. Having already increased from nine to 11, Sky Mavis intends to get that number up to 21 within three months. Longer-term, the project is eyeing more than 100 nodes.

Sky Mavis will also be launching bug bounties of up to $1 million for any white hat hackers who are able to find further vulnerabilities.

“We recognize the importance and value of security researchers’ efforts in helping keep our community safe. Sky Mavis is offering bounties of up to $1 million to encourage responsible disclosure of security vulnerabilities.”