Move-to-earn platform Step App announced it will shut down all operations on August 21, 2026, after a four-year run. The announcement triggered an immediate 88% crash in its native FITFI token to $0.00001411, representing a 99.99% collapse from its May 2022 peak. The project's market cap fell below $65,000. Users must unstake tokens and withdraw assets from Step Network infrastructure before the August 21 deadline to avoid total loss of access.
Step App shutdown announcement
- ▪Step App is shutting down after a four-year run, joining a growing number of cryptocurrency companies winding down operations during an ongoing market slump.
- ▪Step App announced on August 5, 2026, that it will cease all operations and wind down services on August 21, 2026.
Move-to-earn model decline
- ▪The move-to-earn category has experienced a structural decline for over two years because token-based fitness rewards rely on continuous new-user inflows to sustain payouts.
- ▪Other move-to-earn projects have struggled, with STEPN repeatedly cutting rewards, Genopets and Walken going quiet, and Sweatcoin pivoting from crypto payouts toward gift cards.
FITFI token collapse
- ▪Step App's market capitalization collapsed to roughly $64,930, with a fully diluted valuation of about $70,600 and 24-hour trading volume thinning to approximately $26,300.
- ▪Following the shutdown announcement, Step App's native governance token, FITFI, crashed approximately 88% in 24 hours to around $0.00001411 on August 6, 2026.
- ▪The FITFI token price of $0.0001624 at publishing time represented a 99.9% decline from its all-time high of approximately $0.73 recorded in May 2022.
Step App platform features
- ▪Step App required users to acquire SNEAK NFTs to earn rewards, and the ecosystem expanded to include Step Network, Step Bridge, Step Wallet, Step Ex, and Step Launch.
- ▪Over its four-year history, Step App recorded more than 1 million downloads and logged billions of user steps.
- ▪Step App was a move-to-earn fitness application built on the Avalanche blockchain that tracked user movement via phone sensors and GPS to reward users with KCAL tokens.
User withdrawal deadline
- ▪Step App advised users to unstake locked FITFI tokens, withdraw balances from Step-native infrastructure, and manage exchange positions before the August 21, 2026 deadline.
- ▪Step App warned users that any tokens left staked after services wind down on August 21, 2026, may become entirely inaccessible.
Bybit delisting impact
- ▪Bybit delisted the FITFI/USDT spot trading pair in April 2026, citing thin liquidity and low trading volumes.
- ▪The April 2026 Bybit delisting of the FITFI/USDT pair removed a significant avenue of accessibility for retail traders, compounding headwinds for Step App.
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