CoinMarketCap Academy takes a deep dive into STEPN (GMT), a web3 lifestyle app that implements the move-to-earn concept and rewards its users for staying physically fit.
STEPN (GMT) is a web3 lifestyle app designed with features like SocialFi and GameFi. They have efficiently succeeded in upgrading an old concept of exercising to move-to-earn which is currently fully functional and vastly popular in the blockchain industry. The idea is to promote a healthy lifestyle.
STEPN was created by a fintech studio based in Australia, named Find Satoshi lab. The company is known for several contributions in the past including its dominance as the top team in the 2021 Solana Ignition Hackathon Gaming Track.
Soon after the launch of the GMT token, the price soared more than 2000%, making it one of the top-performing web3 crypto tokens of 2022.
How Does It Work?
After successfully downloading the app the user needs to connect their wallet and transfer Solana (SOL) cryptocurrency to buy NFT sneakers and start their journey with STEPN.
NFT sneakers (acquired with SOL) are the required item to start your journey with STEPN. Users can connect their app with the sneakers and walk around, jog or run outdoors, be it anywhere in the world, earning points as they do so. Those points are classified as game currency and are then used for various rewards such as upgrading sneakers or NFTs, leveling up, or cashing out the money in the real world.
Users need to buy a pair of sneakers from the in-app marketplace after completing the signup process. After proceeding through the instructions, one can start their journey with STEPN and earn free GST tokens with additional benefits on a daily basis.
The advanced working of these tokens includes the implementation of the NFT sneakers in solo mode and earning tokens by moving around regardless of the location. Earning GST tokens requires energy which is calculated through your steps in the application. The formula is that 1 energy equals 5 minutes of movement or movement gain. However, energy can only be replenished under the condition if the user purchases an NFT shoe. In order for the process to start, users can select an NFT shoe from the application of their choice and start the process.
After successfully completing all the signup steps users should be able to see the status on top of their screen which will show their current position be it walking or running. One might also come across another notification specified as moonwalking which indicates the use of a vehicle or any kind of transport other than the use of muscles to travel. In that case, users are not eligible to earn any GST or GMT tokens of any kind as that defeats the purpose of STEPN being a health-promoting community.
Unique Features of STEPN
Burn Mechanism
The tokens being available in a limited supply has made the requirement of a burn mechanism necessary in order to facilitate more and more users to lead a healthy life. This process is used to reduce the circulation of both the GMT and GST tokens through various in-app activities.
DOOAR
STEPN will go through several phases as it develops its own multi-chain decentralized exchange (DEX).
In the first stage, there will be a STEPN in-app swap with no independent front end and the swap will only serve users within the STEPN app. At stage 2, there will be a DEX with a user-friendly front end that anyone can offer liquidity for GST/USDC and GMT/USDC pairs.
Dual Token Model
The STEPN ecosystem runs on 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 native token behind the STEPN project and offers a limited supply of six billion tokens. It can be earned in different ways such as through the Token Generation Event (TGE) where it can be minted.
Green Satoshi Token (GST)
Green Satoshi Token is an in-game utility token that can be used to purchase goods in the app. Unlike the GMT token, GST enjoys an unlimited supply and can be minted in the game through basic movements.
Carbon Offsetting
STEPN will contribute its profits to combat climate change by way of carbon credit offset. Users may choose to give their GST earnings, which will be exchanged for USDC/Fiat and burned, or purchase Carbon Credit Buying/Burning.
Use Cases of GMT and GST Tokens
As mentioned above, the STEPN project runs on a dual token economy model and both tokens (GMT and GST) offer different benefits to their users:
GST is classified as a utility token that 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 through GST tokens. Moreover, it is also widely used to swap USDC.
GMT, unlike the GST, is a governance token. GMT can also be earned through easy participation in several game activities and by running. These tokens allow you to level up to a high spot and change the name on your sneakers. Moreover, they are also used to distribute game profits and high-level activities that can also be considered premium content. Much like the GST token, GMTs can also be swapped with USDC when the sneakers reach level 30 or above and not before.
STEPN (GMT) Tokenomics
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 trading at around $0.7818 as of June 23, 2022. Its 24-hour trading volume on exchanges is around $276,634,488.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
