What is STEPN? STEPN is the leading project in the Move to Earn Trend, making the market exciting in early 2022. Move to Earn is a combination of GameFi and SocialFi, so STEPN also has these two elements. STEPN is the 28th Launchpad project on Binance.
So what is STEPN? What is so special about Lead being Trend Move to Earn? Let’s find out in this article!
What is STEPN?
Overview of STEPN
STEPN is an application associated with life, a combination of GameFi and SocialFi. Built on Solana then expanded to BNB Chain. STEPN is the leading dApp in applying Blockchain technology to real life, especially human health. LThe first project to effectively bring the concept of moving and making money to life, ranked 4th out of more than 500 projects at Solana Ignition Hackathon 2021.
STEPN opens up the movement and activity of running or walking while earning money. That means everyone can participate in jogging with dApp STEPN to both have health and be encouraged with money from the Game’s financial system.
Users equip themselves with NFTs in the form of Sneakers. By walking, jogging or running outdoors, users will earn in-game currency, which can be used in-game or cashed out for profit.
STEPN Highlights
- Applying Blockchain to life.
- Promote activities to increase human health with the in-game economy.
- Is a genuine Social application, helping to connect people and movements through competitions.
Mechanism of action of STEPN
How to play
- First, players need a Smart Phone to download the STEPN application.
- Buy NFT Sneaker that suits your needs to participate in the game.
- After having the NFT, players begin to participate in walking and running activities according to the shoe’s features.
- Finally receive the reward and use it for other purposes such as investment or Cash Out.
Whether players will earn many rewards depends on the features of the NFT Sneaker type and the metrics in it.
Game modes
- Solo Mode: NUsers are equipped with NFT Sneakers to earn tokens by moving. Energy is needed to earn Green Satoshi Tokens (GST). Each 1 energy is equivalent to 5 minutes of movement, earned movement, and energy only begins to replenish once the user obtains the NFT Sneaker.
- Marathon Mode (under development): In Marathon mode, users need to register in Tab Marathon at least 24 hours before starting. There will be programs Marathon weekly and Marathon Monthly. To ensure commitment from users, a fee is applied upon registration, which will be refunded upon completion of the Marathon. Participants who are unable to complete the Marathon within the time frame have their fee included as a leaderboard reward.
- Background Mode (under development): In this mode STEPN app is not actively used, but users can still earn GST. As long as the user keeps the Sneaker in the app. Background mode will count steps directly from the mobile health data app, limited to 3,000 steps per day. These earnings are fixed (not affected by performance or other rewards) and will not add up to the daily GST limit.
Monitoring and anti-fraud mode
Three mechanisms are used to prevent cheating in the game, including having the cheater’s account blocked:
- GPS data tracks the run.
- Motion sensors and health data.
- STEPN’s anti-fraud system (SMAC) uses machine learning.
STEPN obtains sensor data on the Smart Phone so it will monitor horizontal, straight and forward movements. Thanks to anti-cheat technologies, STEPN will easily detect players using other means to move or attach phones to the animal.
Features of NFT Sneaker
Types of shoes:
- Walker: Shoes intended for pedestrians, earn GST at a travel speed of 1-6 km/h. Earn 4 GST per energy spent.
- Jogger: Suitable for new runners, earn GST at a moving speed of 4-6 km/h. Earn 5 GST per energy spent.
- Runner: Suitable for professional runners, earn GST at a travel speed of 8-20 km/h. Earn 6 GST per energy spent.
- Trainers: Using this shoe earns GST at a travel speed of 1-20 km/h. Earn 4-6.25 GST per energy spent.
In addition, Snearker also has different levels such as: Common, Uncommon, Rare, Epic, Legendary. With each different rarity, there will be different attribute point limits as well as different energy levels.
Shoe properties:
- Efficiency (GST Earning): In Solo modeEfficiency plays a part in GST income. Having a higher Efficiency attribute will result in better GST earnings per Energy spent. In Marathon mode Higher Efficiency leads to faster leaderboard point accumulation.
- Luck (Mystery Box): Luck decides the frequency and quality of Mystery Box drops. Users can also receive Mystery Box rewards while their Sneaker is rented.
- Comfort (GMT Earning): In CSolo modeComfort affects the rate of decline of HP and GMT earnings.
- Resilience (Durability/Repair): In CSolo modeResilience affects the rate at which Endurance declines. Higher resilience will result in slower Endurance degradation.
Shoe molding
To mold shoes, users use 2 Sneakers they own as blueprints to “breed”. The user can then select a Sneaker, by going to the tab Mint select Sneaker to “breed” and press Mint to continue. Users will immediately receive a Shoe Box that can be opened immediately.
Users can perform up to 7 (SME) times per Sneaker. The higher the SME number of sneakers, the higher the GST/GMT price. When performing shoe molding, users will be charged a fee in GST and GMT with the amount depending on the features of the shoe.
On the other hand, NFT Sneaker can also be upgraded with GST, GMT and gemstones. The upgrade also takes a certain amount of time.
Development Roadmap
Core Team
Jerry H: Founder
- In 2008, Jerry graduated with a Bachelor’s degree in Computer Science from Zhejiang University.
- In 2010, Jerry joined the founding of Falafel Games and worked with it for about 5 years.
- Currently, he is the Founder of StepN developed by Find Satoshi Lab.
Yawn Rong: Co-Founder
- In 2018, he joined the founding of Crypto SA Lab and Crypto SA.
- Currently, Yawn is a Co-Founder of StepN and a Business Ambassador of Algorand.
Investors
January 20, 2022: Private round successfully raised $5M led by Sequoia Capital, Folius Ventures and participation from a number of other funds such as Solana Ventures, 6th Man Ventures, Sfermion, Morningstar Ventures, Zee Prime Capital, Lemniscap ,…
Tokenomics
Overview information about STEPN Token
- Token Name: STEPN
- Ticker: GMT
- Blockchain: Solana
- Standard: SPL
- Contract: 7i5KKsX2weiTkry7jA4ZwSuXGhs5eJBEjY8vVxR4pfRx
- Maximum supply: 6,000,000,000
Token Allocation and Token Release
- Ecosystem/Treasury – 30%
- Move and Earn – 30%
- Private Sale – 16.3%
- Team – 14.2%
- Binance Launchpad – 7%
- Advisors – 2.5%
Token Use Case
GMT Token is StepN’s governance token, also used to pay upgrade fees, mint shoes, Earn when reaching level 30 and participate in Staking.
Overview information about GST Token
GST Token stands for Green Satoshi Token, which is a reward token in the StepN economy. GST is also used to upgrade shoes or mold shoes and has an unlimited supply.
Exchanges
GMT tokens are traded on major exchanges such as Binance, Coinbase, Kucoin, Bybit,…
Summary
STEPN is the leading project in applying Blockchain technology to health and life. The project also had certain success when at its peak it attracted hundreds of thousands of visits every day. But StepN also does not have a sustainable monetization model, which is also the common point of Trend Earn. Earn tokens are always inflated every time the game reaches peak users.
To improve and make this model work sustainably in the future, it is necessary to find a source of revenue for the protocol and then use that revenue to reward participants. Just Mint Tokens to reward and then players sell them to the mayor is not a sustainable model.
You need to read the project’s Whitepaper carefully to fully understand the project and the game rules. This article only provides a general description and does not go into all the details. After reading this article, you will definitely not fully understand the game. I also share that instead of Cheat many wallets, you should play one wallet with many shoes and be a real player to bring positivity to the project.
So I introduced what STEPN is? Hope this article provides you with a lot of useful knowledge!