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Project Name: Stepn (GMT)
Project Current Stage: Beta – Launched in march 2022
Short Summary: Stepn (GMT) is the governance token of STEPN, a token built on the Solana blockchain. The STEPN project is a lifestyle app that encourages users to “move to earn.” App users with NFT sneakers can earn GMT by walking or running outdoors. Rewards can be used to purchase digital items and upgrades as well as staking and voting on future changes to the platform.
STEPN was developed by Find Satoshi Lab, a fintech studio based in Australia. The firm is known for several contributions in the past, most notably its prominence as the top team in the 2021 Solana Ignition Hackathon Gaming Track.
STEPN (GMT) utilizes a web3 lifestyle app designed with features like SocialFi and GameFi. The team has successfully revolutionalized the old concept of exercising with its move-to-earn concept which is very functional and considerably popular in the blockchain industry. The idea is to promote socializing and assist users to have a healthy life at the same time which is now a possibility, courtesy of STEPN.
The project’s popularity recently saw the price of the GMT token skyrocket by more than 2000%, making it one of the top-performing web3 tokens of 2022.
How Does STEPN Work?
Users download the app, connect their wallet and transfer Solana (SOL) to buy NFT sneakers and start their journey with STEPN. The app runs on SOL as its main currency, so it is compulsory for users to have it in their wallets.
To start your journey with STEPN, you need to buy a pair of NFT sneakers (acquired with SOL) from the in-app marketplace after completing the signup process. Users then connect their app with the sneakers and walk around, jog or run outdoors, earning points as they do. After proceeding through the instructions, one can start their journey with STEPN and earn free GST tokens (Green Satoshi Token) with additional benefits on a daily basis.
Points gained are categorized as game currency and can be exchanged for various rewards like leveling up, upgrading NFTs or sneakers, or simply cashed out for hard cash.
Tokens functionality involves a variety of advanced roles, like using the NFT sneakers in solo mode and earning tokens by moving around – no matter the location. It requires energy in order to earn GST tokens and this energy is calculated based on your steps in the application. The app uses the formula that 1 energy equals 5 minutes of movement or movement gain. However, energy can only be replenished under the condition that the user purchases an NFT shoe. In order for the process to start, users begin by choosing an NFT shoe of their choice from the application.
After successfully completing the signup process, users should be able to view their status on top of their screen which will show their current position be it walking or running. When using a vehicle or any kind of transport other than the use of muscles to travel, the app classifies this as moonwalking. In this situation, users are not eligible to earn any GST or GMT tokens.
Key Features of STEPN
The Burn Mechanism
With a limited quantity of tokens available, a burn mechanism is required in order to help more individuals in maintaining a healthy lifestyle across the crypto sphere. Token burning is used to reduce the circulation of both the GMT and GST tokens through various in-app activities.
The Dual Token Model
The STEPN ecosystem operates a dual-token economy model which is mainly due to the need for fundraising and utility. In this case, there are two tokens that are both available for users to earn through different methods.
Green Metaverse Token (GMT)
GMT is the STEPN project’s native token. It has a limited supply of six billion tokens. It can be earned in different ways for example the Token Generation Event (TGE) where it can be minted.
Green Satoshi Token (GST)
Green Satoshi Token is an in-game utility token. It can be used to purchase goods in the app. Unlike the GMT token, GST has an unlimited supply and can be minted in the game through basic movements.
Use Cases of the Tokens
GST token is categorized as a utility token and does not require any investments other than running or participation in various game activities. It can be used to repair, unlock/reset or even level up your sneakers. Users are allowed to mint their sneakers and upgrade gem items using GST tokens. The token is widely used to swap USDC.
GMT is a governance token. GMT can also be gained through participation in several game activities and by running. Tokens gained allow you to level up to a high spot and change the name on your sneakers. They can also be used to distribute game profits and high-level activities that can also be regarded as premium content. Like the GST token, GMT tokens can also be swapped with USDC only when the sneakers reach level 30 or above.
The total token supply of the GMT token is 6,000,000,000 and the current circulating supply is 600,000,000.00 GMT.
STEPN (GMT) Price
STEPN (GMT) is now trading around $2.71 as of the week ending May. 06, 2022. It recently hit an all-time high of just over$ dollars before falling back to its current price. Its 24-hour trading volume on exchanges is around $1,444,803,191. The token is currently trading on Binance, OKX, MEXC, DigiFInex and CoinTiger.
The STEPN team did an amazing job to combine amazing GameFi and Social-Fi aspects in its innovative web3 app. Users get to keep fit while interacting with other members of their community and earn cryptocurrency while doing so.
Scott Dunlap’s addition to the team of advisors at STEPN is a great move as he has already shown his potential at Addidas and signals a possible partnership with the footwear giants.