STEPN: Get Fit, Earn Tokens, and Embrace the Web3 Era
Through STEPN on Solana, everyday activities like jogging can open a world of blockchain benefits. Experience a unique integration of NFTs into your lifestyle, fostering a balance between GameFi engagement and physical well-being.
STEPN is one of the most popular P2E (play-to-earn) models powered by the Solana blockchain. The project's central concept is accumulating funds to complete simple daily tasks, including jogging, walking, running, etc. But more importantly, the project has made NFTs one of the central components that play a critical role, including the ability to unlock extra achievements and gratuities.
As GameFi steadily evolves into one of the most profitable crypto market niches, STEPN has also successfully executed the M2E (move-to-earn) breakthrough concept. A balanced blend of unique ways to earn yield and a positive impact on a healthy lifestyle has allowed STEPN to gain record numbers. An impressive result, namely the increase in the price of the native token by more than 31,000%, was recorded after the project materialized on Binance Launchpad in March 2022.
STEPN
The platform was founded by Satoshi Lab (STEPN's parent company) in 2021. The architects of the project were Yawn Rong and Jerry Huang. In the same year, the founders of the P2E platform expanded their staff and participated in the Solana Ignition Hackathon, taking a decent fourth place.
The participation of Satoshi Lab met the ears of large investors, which encouraged the project's founders to persist in further development of the STEPN concept and acquire exceptional investment support for the full implementation of the move2earn lifestyle app.
STEPN App Explained
The platform has developed an impressive Web3 app based on the booming hybrid of GameFi and fitness apps people use daily. The project's whitepaper indicates that the application gives users access to the following:
- Shoe-minting
- Badges
- Sneakers NFTs
- Different game modes
- Gems to upgrade sneakers
The STEPN app has three main game modes: Background, Marathon, and Solo. In the meantime, community members can use the coins they earn for long-term storage, diverse upgrades, and even level-up sneakers for higher rewards.
The app's unique feature is that users can boost their NFT sneaker's remarkable abilities on the go, improving resilience, appearance, and performance.
STEPN Dual Token Economy
The M2E project has established a one-of-a-kind ecosystem that functions on the principle of a dual token economy. Participants can earn various rewards through two tokens, namely GST (Green Satoshi Token) and GMT (Green Metaverse Token), each serving different purposes alongside their distinct utilities.
GST is an in-game currency. A similar approach is inherent in most blockchain games, allowing users to earn rewards for meeting daily tasks. STEPN has implemented the GST token as a reward for running daily.
Notably, these tokens have an unlimited supply, and their number can advance as users are active on the network. On the first day of the project launch, the platform announced the release of 60 million GST.
Despite the unlimited supply, the token is not subject to inflationary costs as the coins are used to access the myriad of features within the platform:
- Repair
- Leveling-up sneakers
- Shoe-minting
- Unlocking socket
- Gems upgrade
The initial price of the GST token was $0.48, which turned out to be its historical minimum since its inception. In the days ahead, the cost of the coin showed records of value, reaching the mark of $9.03. Despite the further price drop, the GST still generates genuine interest among the numerous die-hards on the Discord server.
GMT is a governance token and an integral part of the STEPN ecosystem. So, whether you want to improve your gaming rank or modify the name of a shoe, GMT makes it easy for you.
As of May 22, 2023, the GMT token value data is as follows:
- Market cap: $230,013,511
- Circulating supply: 863,064,435.88 GMT
- Total supply: 5,503,764,445.88 GMT
- Max. supply: 6,000,000,000 GMT
- FDMC (fully diluted market cap): $1,597,059,396
Besides, the governance token allows you to unlock premium content and access high-level actions within the platform. GMT tokens are also used for profit sharing.
STEPN Funding Details
The project's success is largely due to the support of 11 major investors. The seed round was held on January 20, 2022, and laid an excellent foundation for further large investments from leading backers, including:
- 6th Man Ventures
- Corner Ventures
- Solana Capital
- Sequoia Capital
- M13
- Folius Ventures
- Defi Alliance
Investment funds were one of many sources that allowed the architects to support STEPN's mission and initiate the implementation of the scheduled roadmap. In addition, renowned angel investors, including Asia Partners of the Republic Zhen Cao and Santiago R. Santos, backed the platform.
Stepn Tokenomics
The project has a strategic development plan, which involves executing the agreed task plan until March 2030.
GMT has a limited supply of 6 billion tokens, while the allocation looks as follows:
- 2.5% was given to advisers
- 7% reserved for the Binance launchpad sale
- 14.2% retained by the team
- 16.3% reserved for private sales
- 30% to in-app rewards
- 30% kept in the treasury
GMT holders can operate their accumulated tokens to partake in voting rounds. During one of the collective votes, community members donated a certain percentage of tokens to develop the initiative, designed to compensate for a carbon offset. It is worth noting that over time, the rate of issuance of GMT tokens will continue to slow down due to various mechanisms, including a halving schedule.
STEPN Roadmap
Despite the impressive achievements shown by STEPN, the platform still has room for improvement. For instance, the cost of purchasing or renting sneakers can still be quite high, with prices ranging from a few hundred dollars and upwards, depending on their quality and level. Such news is unlikely to please the project participants, especially since a few hundred dollars is more than enough to buy a real pair of sneakers in an online store.
Roadmap milestones:
- December 2021: Open beta
- January 2022: In-App trade function | In-app marketplace
- February 2022: GEM system
- March 2022: IEO/IDO | Wallet upgrade
- April 2022: In-App Wallet upgrade
- May 2022: Multi-chain wallet upgrade
- June 2022: Multi-chain marketplace upgrade
- July 2022: 3RD Realm | DEX Release
- August 2022: NFT Marketplace launchpad
- September 2022: Achievement badge system
- October 2022: Marathon mode FOMO
- November 2022: STEPN brand expansion
- December 2022: Social features Phase 1
STEPN is constantly evolving and introducing additional elements of gamification and achievements. Today, users have the opportunity to earn achievement badges, which not only demonstrate their performance but also unlock additional benefits such as cheaper running shoes or extra energy for Solo Mode.
