Step App to close Aug. 21; FITFI token down 99.9%

Step App will wind down all services by Aug. 21 after four years of operation. The company asked users to unstake locked tokens and settle any open exchange positions before that date.

The announcement was posted on X and included a brief statement expressing pride in Step App’s achievements as a product and as a movement. No further comment was provided.

At the time of the announcement FITFI traded at $0.0001624, down roughly 99.9% from its May 2022 all-time high near $0.73, according to CoinGecko data.

Step App operated a move-to-earn platform that rewarded users with tokens for physical activity. FITFI served as the project’s governance and utility token. Users were able to stake tokens within the platform and trade FITFI on exchanges.

The company’s notice instructs users to withdraw staked assets and manage exchange positions ahead of the shutdown. The announcement did not describe a process for refunds or other compensation beyond the unstake and settlement instructions.

The shutdown follows a period of declining activity and falling asset values for the project. The request that users manage exchange positions indicates that liquidity and market access for FITFI may be limited as the Aug. 21 wind-down approaches.

Users who hold FITFI in wallets or on exchanges should review their Step App accounts, unstake any locked tokens, and close or hedge exchange positions before Aug. 21 to avoid potential losses from illiquidity or delisting.