STEPN is a cryptocurrency initiative that rewards customers with digital foreign money for his or her operating actions. It’s getting ready to launch a spread of contemporary options, comparable to a system for badges and accomplishments, within the close to future.
The mission’s Chief Working Officer, Shiti Manghani, knowledgeable Decrypt that their purpose is to boost and recapture worth for GMT, the platform’s native cryptocurrency, throughout all their merchandise. In different phrases, if GMT is the middle of the photo voltaic system, STEPN intends to supply added worth to GMT and retrieve worth from it by all of their choices.
In line with the COO, STEPN will create “demand-side” purposes that appeal to customers from Web2 to Web3. As soon as these customers are onboarded, STEPN will cater to their necessities, comparable to facilitating liquidity for his or her NFT trades or offering them with the required instruments to launch their very own initiatives.
The initiative was launched in December 2021 and offers customers with Inexperienced Satoshi Tokens (GST) as a reward for participating in bodily train after selecting certainly one of many NFT sneaker choices. The mission operates by a cell utility created on the Solana blockchain, using a dual-token mechanism comprising the Inexperienced Metaverse Token (GMT) for governance and GST for rewards.
What’s STEPN?
STEPN is a move-to-earn cryptocurrency mission that allows customers to earn digital foreign money for bodily actions comparable to operating or strolling. The initiative operates by its personal cell utility, which customers can obtain and use to trace their train actions.
The appliance rewards customers with Inexperienced Satoshi Tokens (GST) for his or her bodily actions after they choose certainly one of a number of NFT sneakers. The mission makes use of a dual-token mannequin consisting of the Inexperienced Metaverse Token (GMT) for governance and GST for rewards, and is constructed on the Solana blockchain.
The mission’s final goal is to create a fitness-focused metaverse that leverages blockchain expertise to encourage and incentivize wholesome existence.
What’s the State of STEPN?
STEPN has confronted sure attainable obstacles over the previous 12 months. In line with Dune’s statistics, the app had over 700,000 energetic customers per 30 days in Could 2022, which was its peak. Nonetheless, by December of that 12 months, which was the final month for which information was gathered, the variety of energetic customers had fallen to only below 45,000.
Month-to-month energetic customers on Stepn. Supply: Dune.
The appliance disabled its GPS performance for customers in Mainland China in Could 2022, rendering it successfully unusable for these within the area. Consequently, each its affiliated tokens skilled a big drop in worth within the quick aftermath. In June 2022, STEPN skilled a number of distributed denial-of-service (DDoS) assaults, which adopted three comparable incidents within the previous months.
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