- STEPN is a mobile application from the Australian studio Find Satoshi Lab. Works on the Move-to-Earn (M2E) model: the user receives tokens (GST or GMT) for running or walking.
- To use STEPN, you need to buy “sneakers” in the form of NFT within the application itself, or on third-party marketplaces such as Magic Eden, OpenSea, or Binance NFT. As you use sneakers get new levels and increase their characteristics.
- The rate of earnings depends on the level and attributes of sneakers, as well as on the activity of the user himself: the faster and more often he moves, the more cryptocurrency he receives.
- The STEPN app can be downloaded from Google Play (Android) or the App Store (iOS).
Who created STEPN?
The STEPN application was developed by the Australian company Find Satoshi Lab. Its co-founders Jerry Huang and Yaung Rong have years of experience in mobile development. The startup’s advisors are Scott Dunlap, Vice President of Digital at Adidas Runtastic, and William Robinson of DAO Alliance.
STEPN was funded by Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, Sfermion, and other investors. In total, $5 million was raised for the development of the application.
In March 2022, the venture arm of Binance announced a strategic investment in the startup.
According to the project team, in the second quarter of 2022, the platform’s profit amounted to $122.5 million.
How to get a code for STEPN?
You can’t just register with STEPN – you need a unique code for this. This is a kind of “invitation card”, which gives the opportunity to become a user. At the same time, you still have to buy STEPN NFT sneakers (read more below).
Previously, the possibilities of obtaining a code were extremely limited. Now any new user can get the coveted combination – on the official website of the project (although the number of requests per day is limited).
In addition, every user who has spent at least 10 units of energy on the application can generate and share a code for STEPN (see below for more details). The invitation code is not a referral code and does not provide any benefits.
How does the STEP app work?
To start using the STEPN app, you need to purchase a digital artifact – “sneakers” in the form of a non-fungible token (NFT). They can be bought either in the application itself or in marketplaces: Magic Eden and OpenSea. As of the end of August 2022, the cheapest STEPN NFT sneakers cost about 1.6 SOL (about $55). To receive rewards for using them, the token must be stored in an in-app custodial wallet.
For some time now, the NFT rental function has been working in the app’s marketplace — sneakers can be borrowed for free, but you will have to give part of the reward to the owner.
After the user has added NFT to the app, when turned on, it starts tracking movement using GPS. At this time, the user begins to receive GST tokens for walking or running on the street. The speed of “extraction” of the cryptocurrency depends on the level of pumping, quality, degree of wear, and other attributes of NFT sneakers.
Each model of STEPN sneakers has its own maximum energy reserve, which is expended during physical activity. The longer the user moves, the more energy is consumed.
The standard indicator is 2 units of energy and equals 10 minutes of movement. It can be increased by upgrading your running shoes or buying a new pair. In an inactive state, energy is restored. The lower the current energy supply, the less GST the user receives for his activity.
What blockchain does STEPN use?
Initially, all STEPN services, including tokens and the in-app marketplace, worked only on the Solana blockchain. In April 2022, Binance invested in the project, after which STEPN added support for the BNB Chain network.
Why does STEPN have two tokens – GMT and GST?
Two assets can be used in the STEPN app at once: Green Satoshi Token (GST) and Green Metaverse Token (GMT).
GST is received by app users during physical activity. You can spend them on repairing “sneakers”, improving them, and buying additional pairs in the marketplace inside the app. GST tokens have an unlimited supply but are burned when spent by the user to limit inflation.
GMT is a governance token. You can buy it on cryptocurrency exchanges or start earning with NFT sneakers when you reach level 30. At the same time, the rate of “production” of GMT with the help of sneakers is gradually decreasing.
Due to the too high rate of issue of new tokens and the fall in the popularity of the application, the value of GMT fell from the peak reached at the end of April 2022 by almost 4 times by the end of August. To maintain the price of the cryptocurrency, the STEPN team began to regularly buy GMT from the market and burn it further.
What determines the profitability of the STEPN app?
At the initial stage of the game, the user receives GST tokens for every minute of active movement. Income depends on five factors:
Shoe type STEPN
Each NFT has its own “speed mode”, which determines the desired type of user activity in which he receives GST:
- “Walker”: moving at a speed of 1-6 km / h earns 4 GST for each unit of energy expended.
- Jogging: Light running at 4-10 km/h yields 5 GST per unit of energy.
- “Runner”: running at a fast pace of 8-20 km/h, 6 GST per unit of energy.
- “Trainer” (Trainer): the user chooses the pace in the range of 1-20 km / h and receives from 4 GST to 6.25 GST for each unit of energy.
Travel speed
In order to maximize the “yield” of the STEPN running shoes, the wearer must move in the speed range that suits their chosen type. When the speed goes beyond its limits, earnings decrease.
Quality
Each NFT has its own quality parameter: Common, Uncommon, Rare, Epic, and Legendary. The higher the quality, the more expensive the sneakers, the more they bring in income.
Level
You can increase the performance and profitability of digital sneakers by increasing their level. To do this, you need to burn a certain amount of GST. The higher the level, the more tokens you will need to upgrade.
Efficiency
This indicator determines how many tokens a user receives in one minute of movement. Up to level 29, you can only get GST for physical activity, from level 30 you can access GMT farming.
Sustainability
As the user moves, the shoes wear out. With high depreciation, NFT receives a penalty to profitability. If the stability drops to 50%, the efficiency drops to 90%, if it drops to 20%, the efficiency drops to 10%. To restore stability, the shoes need to be “repaired” by spending a certain amount of GST.
What are the special collections of STEPN NFT sneakers?
At the end of April 2022, STEPN, with the support of Binance, released a collection of digital shoes in collaboration with the famous sports brand Asics. These sneakers are now available for purchase on the Binance NFT platform.
In the summer of 2022, STEPN announced a new partnership, this time with the famous Spanish football club Atlético Madrid. The collection of digital items will be sold on the WhaleFin platform. To access the collection, you need to get a special electronic ticket, which will be raffled from August 26 to September 2, 2022, between those who register for the event.
How the STEPN project is developing
The developers of the application plan to add several additional game modes.
- Marathons, in which users of the application will be able to compete with each other. Each participant is guaranteed to receive a reward in accordance with the position in the leaderboard. The winners of the weekly or monthly marathon will receive rewards in the form of GST or GMT tokens, as well as a special NFT badge.
- background mode. STEPN will provide an opportunity to earn tokens for movement while the application is active on a mobile device in the background.
- Quests. Various tasks will appear in the application, for the completion of which users will receive achievements.
STEPN is committed to carbon neutrality. According to the developers, for this, they direct part of the profits to the purchase of special “carbon credits”. According to the project roadmap, GMT holders will also be able to purchase loans over time.
At the end of May 2022, the project announced the termination of service for users from China. The decision was caused by a total ban on operations with cryptocurrencies in China.
The STEPN team is also developing separate “regions” (Realms) – autonomous spaces within the application, created jointly with project partners and having their own rules.
