Why Is Step App Closing After Four Years?
Move-to-earn project Step App will shut down on August 21, ending one of the fitness-and-crypto experiments that gained attention during the 2022 digital asset cycle.
The team gave users until the closure date to unstake locked tokens, close exchange positions and withdraw assets from the ecosystem. Services connected to the application and its blockchain infrastructure are expected to become unavailable after the deadline.
Step App described the closure as a difficult decision reached after an extended review. The team thanked users who remained with the project through changing market conditions but did not identify a single event that caused the shutdown.
The project launched as interest in move-to-earn applications was near its peak. It reported more than 1 million downloads and billions of tracked steps, but user metrics were not enough to support the token economy once demand for crypto-based fitness rewards weakened.
The closure shows the difference between attracting users during a popular market narrative and building a business capable of financing rewards after speculative demand fades.
Why Did FITFI Lose Almost All Its Value?
FITFI, Step App’s native token, fell roughly 88% within 24 hours of the announcement, dropping to about $0.000159. The token is now about 99.98% below its May 2022 all-time high of $0.73.
Step App’s market capitalization declined to roughly $733,900, while its fully diluted valuation was also about $733,900 because its maximum supply was already in circulation. Trading volume stood at around $35,500 over 24 hours.
Both circulating and total supply were close to 4.6 billion FITFI, with about 63,850 token holders still recorded. Those figures point to a market with a large number of holders but little remaining liquidity, making it difficult for investors to sell without moving the price sharply.
The token’s collapse reflects the loss of its expected utility. FITFI was linked to governance, staking and activity across the Step App ecosystem. Once the platform closes, demand based on those uses is likely to disappear.
Low market capitalization does not create a reliable price floor. With liquidity already thin and the token’s main use ending, even small sell orders could produce further losses.
Investor Takeaway
FITFI’s 88% crash shows how quickly a utility token can lose value when its issuing platform closes. Holders face both price risk and the possibility that staked or bridged assets become inaccessible after August 21.
How Did Step App’s Move-to-Earn Model Work?
Step App was a fitness application built on Avalanche that tracked walking, jogging and running through smartphone sensors and GPS. Users could earn the in-app KCAL token and gain exposure to FITFI through the platform’s wider economy.
Earning rewards generally required users to purchase a SNEAK non-fungible token, upgrade it with gems and manage features such as energy and durability. The design was similar to other move-to-earn applications that tied token payouts to digital footwear and daily physical activity.
The project later expanded beyond the mobile application. Its products included Step Network, Step Bridge, Step Scan, Step Wallet, Step Ex and Step Launch, creating a wider infrastructure package around its “Fitness Finance” model.
That expansion did not solve the main economic problem facing move-to-earn platforms. Users earned tokens through activity and often sold those rewards, creating continuous supply. The system required new users, token buyers or outside revenue to absorb that selling.
When user growth slowed, reward payouts became harder to support. Other projects in the category cut incentives, reduced their crypto focus or became less active as demand moved to newer market themes.
What Should Users Do Before August 21?
Users with staked FITFI should remove tokens through the Step App staking interface before services close. Tokens left locked after the deadline may become difficult or impossible to recover if the interface and supporting infrastructure are taken offline.
Balances held through Step Wallet or Step Network should also be withdrawn. Users may need to bridge supported assets back to Avalanche C-Chain or another compatible network while the project’s bridge remains operational.
Holders with FITFI on exchanges should review whether their trading venue will continue supporting the token. Bybit removed its FITFI/USDT spot pair in April 2025 after liquidity and trading activity weakened, reducing accessibility for retail users before the shutdown announcement.
Remaining markets may experience wide bid-ask spreads and heavy slippage. A displayed token price does not guarantee that a large position can be sold near that level, particularly when daily trading volume is low.
Users should also review any KCAL balances and in-app NFTs before the deadline. Even if those assets remain visible onchain, their practical value may decline once the application, marketplace and reward systems stop functioning.
Step App’s closure adds to a wider retreat among tokenized fitness projects launched during the previous bull market. The application may have delivered a working product, but its reward model could not survive without enough new demand to offset selling from existing users. For remaining holders, the immediate priority is no longer earning through activity. It is withdrawing assets before the ecosystem closes.