STEPN is a Web3 lifestyle and fitness application built on the Solana blockchain which incorporates Game-Fi and Social-Fi elements. This crypto project was launched in August 2021 by an Australian-based fintech entity Find Satoshi Lab. STEPN takes part in combating climate change by contributing to the purchase of Carbon Removal Credits on Solana.
The main idea behind STEPN is the gamification of fitness in order to assist more and more users in leading healthy lives. Having combined a play-to-earn game with a fitness app, the STEPN development team has created a new category, a move-to-earn game mode that rewards users for being physically active. The new motion-sensor technology lies at the bottom of the game and is realized through various in-app activities.
STEPN has selected the Solana blockchain to bridge the gap between web2 and web3 as it is based on a combination of a Proof-of-History consensus with a Proof-of-Stake mechanism. Its network counts 200 node operators from around the world, which can process up to 50,000 transactions per second. The other most interesting features of the STEPN app include motion sensors, GPS calibration, marketing campaigns, in-game rewards, daily energy allowances, and customized sneakers. The application is available for Android and iOS devices and has a dual-token model.
Green Metaverse Token or GMT is the native governance token of the STEPN project with a total maximum supply of 6 billion coins. The token was distributed in the following way: 30% went to the ecosystem and treasury fund, 30% was reserved to reward users through Move and Earn fund, 16.3% was allocated via private sales, 7% was intended for the launchpad sale while the team and advisors got 16.7%. The total supply of GMT is scheduled to be halved every three years. The ICO was held in January 2022 as it enabled the team to raise $5 million. At the time of writing, only 10% of GMT coins have been released into circulation.
Players can gain GMT by participating in various game activities and by simply walking. Also, they can buy or trade GMT against USDT and other coins on a number of leading exchanges, such as Binance, OKX, Bybit, BingX, Digifinex, WOO Network, CoinTiger, and FTX.
Earned GMT tokens allow players to access in-game features, such as level up, or repair their sneakers, mint new pairs of sneakers, upgrade gems, and participate in governance voting. Also, they are used to distribute game profits among the participants. Besides, they can be swapped with USDC when the sneakers reach level 30 or above.
The demand for the GMT token is expected to increase as more users download the STEPN app and join the minting of virtual NFT sneakers. To create even more value for its ecosystem, STEPN uses its profits to buy back and burn GMT on the secondary market.
Green Satoshi Token (GST) is another in-game utility token with an unlimited supply. Just like twitch GMT, users can earn GST by running or participating in various gaming activities. It can be used to repair or level up sneakers, purchase goods in the app, mint new sneakers, and upgrade gem items. Moreover, it can be swapped for USDC to cash out later.
Also, it’s worth adding that STEPN has implemented the burn mechanism in its contract to reduce the circulation of GMT and GST tokens and avoid their inflation.
How STEPN works
The idea of the project is very simple. Users just need to download the app, create a wallet, acquire virtual sneakers and then exercise for at least 10 minutes a day. To start earning, it is necessary to buy or rent a pair of NFT sneakers. To do this, users require Solana (SOL) in their wallets, as shoes can only be bought with this currency. Then they can connect their app with the sneakers to start walking, jogging, or running outdoors. The rental feature allows shoeless users to rent other players’ sneakers for free. However, they have to share their earnings from running with the shoe owner. Players can lease or sell their sneakers on the in-app marketplace.
In the beginning, players can only earn GST tokens on a daily basis. The amount of GST earned is determined by the type of sneakers that have four main components: Attributes, Types, Levels, and Quality. The higher the efficiency of an attribute, the more GST per minute a user can earn. In addition, there are four sneaker types: Walking, Jogging, Running, and Trainer for different exercise intensity.
It is worth noting that GMT can only be earned after users upgrade their sneakers to level 30. Other parameters that affect GST and GMT earnings include GPS signal, mobile data signal, and randomization. Those who travel using any kind of transport do not receive any GST or GMT rewards.
Users can store their earnings in a built-in wallet with a swap function. Moreover, the team is planning to expand its wallet options by adding multi-chain asset deposits and withdrawals.
The STEPN team
The STEPN project is developed by a dedicated team with a background in information technology and the gaming industry. The team members are skilled in marketing strategy, operations management, digital technologies, cryptocurrencies, and game design. In 2021 the STEPN team won the Solana ignition hackathon called Gaming Track. It is also a part of the DeFi Alliance Gaming cohort.
STEPN was founded by Australian blockchain entrepreneur Yawn Rong and game developer Jerry Huang. Yawn Rong also founded Crypto SA, an Australian crypto fund, and served as an ambassador for Algorand. Besides, he is an industrial representative of the South Australian Blockchain Association. His partner Jerry Huang is a former founder of Falafel Games. Shiti Manghani performs the duties of the Chief Business Officer at the company.
The company is supported by some of the biggest crypto venture capital firms including Solana Capital, Sequoia Capital India, Folius Ventures, Alameda Research, 6th Man Ventures, and DeFi Alliance. Also, STEPN has partnered with Binance to use its token launchpad for GMT ICO. Collaboration with ASICS allows releasing branded NFTs.