Step App-prisFITFI $0.004315

Step App (FITFI) is a project based on the Step protocol for FitFi (Fitness Finance) where users and their metaverse avatars complete fitness quests and PvP (player versus player) challenges. Fitness Finance is a market economy model similar to GameFi, in fact, the governance token, FITFI, was named after it. Thanks to FitFi, members consume fitness content and earn income by immersing themselves in the fitness industry.

The app's augmented reality technology bridges the gamified metaverse with the real world, turning fitness into a social experience where mechanics allow people to compete and win. By downloading Step App, users can earn by walking, running, competing with friends/app users, chatting, exploring the metaverse or the real world. Step App creates a fitness experience in the metaverse due to geo-location technology and non-fungible tokens (NFTs).

The Step App economy is based on gaming perks and values ​​and includes staking, liquidity rewards, locks, buybacks and burns. The ecosystem uses two tokens: FITFI is the governance token, which is fueled by ecosystem fees, and KCAL is the in-game token, which is used to buy SNEAK (NFTs) and generates the value of the game economy, allowing users to mine, earn, stake.

The project was created in Q4 2021 and consists of products such as Fitness Metaverse, NFT Market and Limited Drops. The Step App functionality is designed to attract and connect users, inspiring them to engage in daily physical activity and regular exercise.

Who Are the Founders of Step App?

Dharpan Randhawa is the company's president with 20 years of experience in the sports and entertainment industry as a marketer and commercial leader. While at the British motor racing group McLaren Racing, he was responsible for developing partnerships, and at Lagardère Sports (SPORTFIVE), he managed several sporting events and sponsorships as VP. Currently, Randhawa runs brand agency Talisman, oversees a team of senior commercial leaders from Manchester City and Los Angeles Lakers, and advises on crypto and Web3 projects.

The project's CEO is Kirill Volgin. He’s a software developer engineer who launched other crypto projects, among them Tokenary: an open source NFT wallet with Safari extension. Volgin founded and ran software development and venture studio company, he’s also served as CFO at Zerion, a fintech startup that provides users with access to investing and managing decentralized assets.

And one more member is Dmitry Gordeychuk, a CTO with over 5 years experience in blockchain development. Gordeychuk is a crypto veteran, DeFi pioneer, head of blockchain at Symbiosis Finance: a decentralized multi-chain liquidity aggregation protocol.

What Makes Step App Unique?

The Step App ecosystem utilizes technologies such as the fitness metaverse or Step Metaverse (where NFTs & digital exercise avatars are combined), the geo-location technology (provides real transactions), GPS-integrated rewards, Android/ iOS app, NFT marketplace (for buying and selling SNEAKs) and a native crypto wallet.

The native metaverse aka Step Metaverse integrates the digital and physical world where the Step App protocol allows Step App users to exercise, compete and earn.

Step App and SDK Step Protocol pursue such global goals as continuous growth of users and retail sales of Step Metaverse; attracting world-class athletes and industry influencers by turning them into brand ambassadors of the Step App; bringing the application to a leading position in the market.

How Step App works:

There are three ways to generate income from the game process: Microtransactions (non-SNEAK purchases using credit cards and crypto), Staked Play (in competitions between players using governance tokens - FITFI) and Tournament Gaming (in competitions at the global level, including regional leaderboard; users need tickets to participate, collected funds go to a prize pool).

In addition, there is also NFT income through the NFT Marketplace (a commission equal to 2.5% is charged from all transactions on the platform) and NFT Sales (limited edition sneakers are dropped once a month).

Key features of Step App:

Users complete fitness quests, thereby pumping and improving their avatars (characters of the metaverse);

During competitive matches, users train both physical fitness and social skills;

By completing quests, users receive income in the in-game currency, thereby maintaining their physical fitness and earning tokens.

Related Pages:

Read about STEPN (GMT) and Green Satoshi Token (GST).

Read about Genopets (GENE).

CoinMarketCap takes a deep dive into GameFi.

Move to Earn: fad or the future? Let’s find out with CMC Alexandria.

What are non-fungible tokens (NFTs)? Check out the CMC glossary for the most essential crypto terms and jargon.

How Many Step App (FITFI) Coins Are There in Circulation?

Step App (FITFI) is the governance token of the Step App Network that benefits from ecosystem fees, while KCAL is the in-game token that is used to mint and maintain SNEAK (non-fungible tokens) and Step App features.

To both maintain the value of $FITFI and attract users, the ecosystem offers a range of monetary incentives. The tokenomics behind Step App includes services like staking, liquidity incentives, locks, buybacks and burns.

Staking rewards: up to 50% of the tokens purchased on the market are distributed among the stakers;

Liquidity incentives: Liquidity Pool (LP) tokens have 50% more weight in staking rewards;

Locks: staked tokens must go through a 10-day cooldown process to exit, while bypassing this procedure incurs a 12% fee;

Buy-backs: 50% of income is used to buy tokens on the market;

Burns: governance has the right to vote for the burning of redeemed tokens - up to 50%.

FITFI has a maximum supply of 5,000,000,000 coins, the allocation of tokens is as follows:

14% (700,000,000 $FITFI) to Public Sale;

25% (1,000,000,000 $FITFI) to Staking, Liquidity, MM, & Incentives;

15% (750,000,000 $FITFI) to the Team;

30% (1,500,000,000 $FITFI) to Mining, Move to Earn;

15% (750,000,000 $FITFI) to Marketing, Acquisitions & Licenses;

6% (300,000,000 $FITFI) to Partners, Advisors, & Consultants.

How Is the Step App Network Secured?

Step App (FITFI) is built on the Avalanche blockchain, which uses the proof-of-stake (PoS) consensus mechanism to guarantee system security, protecting the network from Sybil attacks as well.

The latest data about Avalanche (AVAX).

Where Can You Buy Step App (FITFI)?

As of May 2022, Step App (FITFI) is listed on the following platforms: Gate.io, Huobi Global, Bybit, KuCoin, OKX, MEXC, LBank, Crypto.com Exchange, Pangolin, TraderJoe, BitMart, CoinEx, XT.COM, Hoo, AEX, BitForex, Bitget, Bibox, BigONE, BingX and Hotbit.

Want to keep track of FITFI prices live? Download the CMC mobile app.

Learn more about Web 3.0 with our educational portal: CMC Alexandria.

Have a look at our guide to non-fungible tokens.