Move-to-earn cryptocurrency project Step App will wind down all services by August 21 after four years of operation, joining a growing list of crypto companies ceasing operations amid a prolonged market downturn.

The company announced the decision on Wednesday via X, instructing users to unstake any locked tokens and manage their exchange positions before the shutdown date. The four-week window gives holders a finite period to reduce exposure to FITFI, which faces uncertain liquidity once the project's official infrastructure and support go offline.

"We are incredibly proud of what Step App achieved — not just as a product, but as a movement," the project stated.

Step App was part of the move-to-earn sector, a category of blockchain applications that reward users with cryptocurrency for physical activities such as walking or running. The model gained significant traction in 2022, spearheaded by projects like Stepn, but has since seen diminished user engagement and token values across the sector. The sector's economic design typically relied on new entrants purchasing NFT digital footwear to start earning, creating token demand that proved difficult to sustain once user growth slowed.

The project's governance and utility token, FITFI, has continued its prolonged decline. At the time of publication, FITFI traded at $0.0001624, representing a 99.9% drop from its all-time high of approximately $0.73 reached in May 2022, according to CoinGecko data.

Cointelegraph reported that it contacted Step App for comment but had not received a response by the time of publication.

The closure follows a broader trend of crypto projects and companies winding down operations. As previously reported, blockchain gaming company Proof of Play also announced its shutdown after its gaming thesis fell short of expectations. These wind-downs highlight the operational challenges facing early-stage crypto ventures that launched during the 2021–2022 bull market and now operate without sufficient runway or user traction.