STEPN

From BitcoinWiki
Jump to: navigation, search

STEPN is the first Move-to-Earn mobile game. The STEPN team positions their project as a lifestyle app with built-in GameFi and SocialFi elements. STEPN is built on Solana. Its native tokens are GST and GMT.

Stepn-banner.jpeg

The STEPN app is available on iOS and Android. There is a wallet, an exchange and a marketplace built-in to the app.

As of May 2022, STEPN is in beta version.

History[edit]

STEPN was co-founded by Jerry Huang and Yawn Rong of FindSatoshi Lab in August 2021. On October 29, 2021, the STEPN project was among the winners in the Solana Ignition Hackathon in GameFi track. STEPN’s private beta testing launched on November 3, 2021. Initially STEPN aimed at attracting masses to the world of web3 and promoting a healthy lifestyle all while positively contributing to carbon neutrality.

Starting from December 10, 2021, users could purchase STEPN NFT shoeboxes on the Magic Eden marketplace. Starting from December 20, 2021, these shoeboxes could then be exchanged for a pair of limited NFT sneakers in the STEPN app.

The STEPN app became available for the mass audience in beta on iOS and Android on December 20, 2021. To celebrate the event the STEPN team held an airdrop among its Discord community members, and limited NFT sneakers were given away in quizzes, for detecting app bugs and posting creative tweets and memes. As a part of its advertising campaign, STEPN also sponsored two charity runs in Australia.

About STEPN[edit]

STEPN is a game that allows users to earn money being physically active. STEPN aims at providing users with an exciting gameplay and social elements built-in to the game.

STEPN has a carefully designed GameFi system. There is an upper limit for users’ earnings and a system for users’ energy reserves distribution. Also, a system for quests and achievements is thought through. As of May 2022, many of the STEPN features are still in development.

Stepn-mobileapp.png

STEPN is an invitation-only app. For every 10 Energy spent, players are given 1 activation code that they can send to their friends. A limited number of activation codes are posted daily in the STEPN communities in Discord and Telegram.

The STEPN treasury is managed by a DAO, a decentralized autonomous organization. The STEPN DAO are the GMT holders, which is the STEPN governance token. The DAO votes and decides on the distribution of the app’s profits.

There is a decentralized wallet, an exchange and a marketplace built-in to the app. On the marketplace users can rent and trade STEPN NFT Sneakers, badges and gems. The marketplace fee is 2% and its royalty fee is 4%.

How it works[edit]

Users who wish to try STEPN, first have to purchase a pair of STEPN NFT Sneakers. They can do that for SOL or USDC in the app’s marketplace.

Players equipped with STEPN NFT Sneakers earn GST tokens by being physically active outdoors. They either walk, jog or run. GST can be burned in order to upgrade users’ Sneakers, or it can be exchanged for SOL or USDC right in the app. There is also an option for users to donate their earnings to carbon neutrality.

When Sneakers reach Level 30, users get the opportunity to earn in GMT STEPN Governance Tokens.

Game Modes[edit]

At the moment, there’s only one functioning mode in STEPN, which is the Solo mode. The Background mode and the Marathon mode are in development.

Solo mode[edit]

In Solo mode, users earn GST tokens. In order to do so, the so-called Energy is needed. 1 Energy equals 5 minutes of Move&Earn movement, meaning that by the end of Energy supply, players no longer earn for their physical activity. The Energy is restored only after the player acquires an NFT Sneaker.

To earn money, players need to make sure that there is a stable GPS signal and a sufficient Energy supply. Otherwise players will not be rewarded. When the Energy supply is exhausted, players stop earning tokens.

In solo mode, players get Mystery boxes that contain Gems of three levels. Each of the Gems enhance different Sneaker Attributes. Gems can be upgraded by burning GST or by combining 3 Gems of the same level to a higher level. Opening a box requires waiting and spending a small amount of GST tokens.

Marathon Mode[edit]

As of May 2022, Marathon Mode is in development. Weekly and monthly marathons are planned to be launched. Users need to register in order to participate in such marathons. A fee is imposed upon registration and it will be refunded for those who completed a marathon. The fees of users who could not complete a marathon will be split among the leaders of the marathon. There will be different distance marathons.

To implement the Marathon Mode successfully the Set a Goal function and Quest Log will be introduced in the app. With the help of these features users will be notified about a successful registration for a marathon, completed tasks, etc.

The Leaders of marathons will be rewarded with GMT and GST tokens, as well as with NFT badges. Each participant who completed a marathon will be rewarded with an NFT badge. Badges in STEPN give users additional benefits like extra Energy supply, a lower cost for a Sneaker mint, etc.

Background mode[edit]

As of May 2022, the background mode is in development. NFT Sneaker holders will be able to use the app and keep earning in the background mode. The background mode will count the steps of users directly through the Health app built into users' devices. The background mode will not consume any Energy supply.

STEPN NFT Sneakers[edit]

STEPN sneakers can be created by burning GST tokens. They can be sold on the app's marketplace or sent as gifts to friends and family. Burning GST tokens to upgrade STEPN sneakers allows players to earn more.

STEPN sneakers are divided into 4 types: Walker, Jogger, Runner, Trainer. The intensity of users’ physical activity they need to maintain in order to keep earning is determined depending on the type of sneakers. Different types of sneakers are suitable for users with different physical fitness.

STEPN NFT sneakers are also divided into Common, Uncommon, Rare, Epic, and Legendary.

As of May 2022, the sneaker customization feature is in development. It is planned that at level 30, users will be able to customize their sneakers (write on them, add quotes, etc.) by burning GST, GMT or NFT tokens.

Tokens are earned by users for every minute of their physical activity, and the reward depends on the following:

  • Type of Sneakers - the reward differs for each individual type of sneaker;
  • Sneaker Efficiency - the higher the shoe efficiency, the more GST per minute a player earns;
  • Sneaker Comfort - the more comfortable the shoes are, the more GMT users earn per minute;
  • User Movement Speed - to increase the reward players must keep up with the optimal speed set for a particular type of Sneaker. Otherwise, earnings can decrease up to 90%.

In STEPN there is a feature that allows users to breed their NFT Sneakers. As a result of a breed, a new shoebox is minted. The mint process, i.e. the process of creation of a new pair of NFT sneakers in STEPN is called the Shoe-Minting Event, SME. The “child” pair of NFT Sneakers is minted taking into account the attributes of the “parent” pairs of Sneakers. Also, there is an element of randomization.

Anti-Cheating Mechanisms[edit]

To combat cheaters willing to gain profit of the STEPN app and its community in a fraudulent way, the team has developed its anti-cheating system, which uses:

  • GPS tracking of the device;
  • Motion sensor and the user’s health data (using the Health application built into the user's device);
  • Machine learning to detect fraud through data simulation.

Tokenomics[edit]

The two STEPN native tokens are GMT and GST. GST is STEPN's in-game currency, while GMT is STEPN’s governance token. Users have the opportunity to earn in GST tokens right from the start, and earnings in GMT become available to users from level 30.

GST[edit]

GST stands for Green Satoshi Token. GST is used as the app's internal currency and is burned in the process of minting, repairing and upgrading sneakers, gems, etc.

According to CoinMarketCap, as of April 28, 2022, the GST trading volume is $98,397,664. There are 3,597,242 total GST tokens in circulation.

GST has an unlimited supply. Initially, 60 million GST were issued, 40 million of which were added to the Orca, Raydium and Pancakeswap liquidity pools. 20 million tokens have been locked in Binance to provide a bridge between Solana and BNBChain.

GMT[edit]

GMT stands for Green Metaverse Token. GMT is the STEPN’s governance token. GMT holders make decisions about the distribution of the app’s profits, whether to pay out dividends to GMT stakers or to donate for carbon offset.

GMT is a deflationary token that is burned in governance. On the first day of the 3rd year, the daily GMT unlocked is halved compared to the 1st day of GMT issuance.

GMT minting took place on March 9, 2022 at the Token Generation Event (TGE). The GMT total supply is 6 billion tokens. As of April 28, 2022, the total trading volume of GMT is $4,087,369,156. Daily, only a certain amount of GMT is available for distribution to users. The STEPN system continually adds an element of randomness to the distribution of GMT among users.

Criticisms[edit]

Ponzi Scheme[edit]

STEPN is criticized as a Ponzi scheme. Currently the project does not have any production characteristics and exists only due to constant cash inflows from new users. The STEPN team claims the stability of the project can be guaranteed by strong tokenomics and introducing social elements into the game that would attract users for reasons other than financial.

Promotion[edit]

On January 20, 2022, STEPN raised $5 million in seed round funding from industry’s leading investors like Sequoia Capital, Folius Ventures, and others.

In the first quarter of 2022, STEPN has generated $26,815,807 from trading on its NFT Marketplace. The team has decided to use the profit to buy back and burn GMT on-chain from secondary markets.

In early April 2022, Binance Labs invested in STEPN.

In April 2022, STEPN started its partnership with Nori and initiated channeling a portion of its profits towards carbon neutrality. Same month, STEPN announced a limited collection of NFT sneakers with ASICS design to be released on BNBChain.

In late April 2022, STEPN native tokens reached record highs with the price of GMT being $4, and GST being $7.20.


External links[edit]

See Also on BitcoinWiki[edit]