What is STEPN and the GMT cryptocurrency?
Key points
- STEPN is a mobile app from the Australian studio Find Satoshi Lab. It follows a Move-to-Earn (M2E) model: users receive tokens (GST or GMT) for running or walking.
- To use STEPN you need to buy “sneakers” in the form of NFTs inside the app, or on third-party marketplaces such as Magic Eden, OpenSea or Binance NFT. As they are used, sneakers level up and their attributes improve.
- Earnings depend on the level and attributes of the sneakers, as well as on the user’s activity: the faster and more often they move, the more cryptocurrency they receive.
- The STEPN app is available on Google Play (Android) and the App Store (iOS).
Who created STEPN?
The STEPN app was developed by the Australian company Find Satoshi Lab. Its co-founders, Jerry Huang and Yawn Rong, have years of experience in mobile development. Advisers to the start-up include Scott Dunlap, vice-president of the digital division at Adidas Runtastic, and William Robinson of Alliance DAO.
Backers of STEPN include Sequoia Capital, Alameda Research, Folius Ventures, Solana Ventures, 6th Man Ventures, Sfermion and others. The project raised $5m in total.
In March 2022 Binance’s venture arm announced a strategic investment in the start-up.
According to the team, platform profit in the second quarter of 2022 was $122.5m.
How to get a STEPN code
You cannot simply register in STEPN — a unique code is required. This is a kind of invitation ticket that lets you become a user. You will still have to buy STEPN NFT sneakers (see below).
Previously it was hard to obtain a code. Now any new user can get one on the official website (though the number of daily requests is limited).
In addition, any user who has spent at least 10 units of energy in the app can generate a code and share it. The invite code is not a referral and confers no advantages.
Is there an official Russian-language community?
The app’s mechanics and reward system are fairly complex. You can ask questions or help newcomers in STEPN’s official communities on Telegram (in Russian) and Discord (in English). There is also a Russian-language news channel on Telegram about STEPN.
How does the STEPN app work?
To start using STEPN, you need to acquire a digital item — sneakers in the form of a non-fungible token (NFT). You can buy them in the app or on marketplaces such as Magic Eden and OpenSea. As of late August 2022, the cheapest STEPN NFT sneakers cost about 1.6 SOL (around $55). To earn rewards from using them, the token must be held in the custodial wallet inside the app.
The in-app marketplace also offers an NFT rental feature — sneakers can be borrowed for free, but you must share part of the reward with the owner.
Once the user adds an NFT to the app, it tracks movement using GPS when enabled. During this time the user earns GST tokens for walking or running outdoors. The rate of token “mining” depends on the level, quality, wear and other attributes of the NFT sneakers.
Each STEPN sneaker model has a maximum energy reserve that is consumed during physical activity. The longer the user moves, the more energy is spent.
The standard allocation is 2 units of energy, equal to 10 minutes of movement. It can be increased by upgrading the sneakers or buying another pair. Energy is restored when inactive. The lower the current energy, the fewer GST the user earns for activity.
Which blockchain does STEPN use?
Initially all STEPN services, including tokens and the in-app marketplace, ran only on the Solana blockchain. In April 2022 Binance invested in the project, after which STEPN added support for BNB Chain.
Why does STEPN have two tokens — GMT and GST?
STEPN uses two assets: Green Satoshi Token (GST) and Green Metaverse Token (GMT).
GST is earned through physical activity. It can be spent on repairing sneakers, upgrading them and buying additional pairs in the in-app marketplace. GST has an unlimited supply but is burned when spent to curb inflation.
GMT is the governance token. It can be bought on cryptocurrency exchanges or earned with NFT sneakers upon reaching level 30. The rate of GMT “production” via sneakers gradually declines.
Amid rapid token issuance and waning app popularity, GMT’s price fell nearly fourfold from its late-April 2022 peak by the end of August. To support the price, the STEPN team began conducting regular buy-backs of GMT with subsequent burns.
What determines earnings in STEPN?
At the outset, users receive GST for each minute of active movement. Earnings depend on five factors:
Sneaker type
Each NFT has its own “speed mode”, which defines the activity range at which the user earns GST:
- Walker: movement at 1–6 km/h yields 4 GST per unit of energy spent.
- Jogger: a light run at 4–10 km/h yields 5 GST per unit of energy.
- Runner: a fast run at 8–20 km/h yields 6 GST per unit of energy.
- Trainer: the user chooses any pace from 1–20 km/h and earns from 4 GST to 6.25 GST per unit of energy.
Movement speed
To maximise sneaker earnings, users should move within the speed range that matches the selected type. When speed falls outside that range, earnings decrease.
Quality
Each NFT has a quality tier: Common, Uncommon, Rare, Epic and Legendary. The higher the quality, the more expensive the sneakers and the greater their yield.
Level
Stats and earnings can be increased by levelling up the sneakers. This requires burning a certain amount of GST. The higher the level, the more tokens are needed for the upgrade.
Efficiency
This attribute determines how many tokens a user earns per minute. Up to level 29 only GST can be earned for activity; at level 30 GMT farming becomes available.
Durability
As the user moves, sneakers wear out. High wear reduces earnings. If durability falls to 50%, efficiency drops to 90%; if it falls to 20%, efficiency drops to 10%. To restore durability, sneakers must be “repaired” by spending GST.
Special STEPN NFT sneaker collections
In late April 2022 STEPN, supported by Binance, released a digital footwear collection in collaboration with sports brand Asics. These sneakers can now be bought on the Binance NFT platform.
In summer 2022 STEPN announced a new partnership, this time with Spanish football club Atlético Madrid. The sale of the collection will take place on the WhaleFin platform. Access requires a special e-ticket, which will be raffled from 26 August to 2 September 2022 among those who register for the event.
How the project is developing
The developers plan to add several additional game modes.
- Marathons, in which users will compete with each other. Every participant will receive a reward according to their position on the leaderboard. Winners of weekly or monthly marathons will receive GST or GMT, plus a special NFT badge.
- Background mode. STEPN will allow users to earn tokens while the app is running on a mobile device in the background.
- Quests. Various tasks will appear in the app, completion of which grants achievements.
STEPN adheres to carbon neutrality. The developers say they allocate part of profits to purchase “carbon credits”. According to the roadmap, GMT holders will in time also be able to buy credits.
In late May 2022 the project announced it would cease serving users in China. The decision was prompted by China’s blanket ban on cryptocurrency operations.
The STEPN team is also developing separate “Realms” — autonomous spaces inside the app, created with partners and governed by their own rules.
Quick answers to common questions
What is STEPN?
STEPN is a mobile app that lets you earn cryptocurrency rewards for running and walking.
Where can I read reviews of STEPN?
Reviews are available on the app’s page in Google Play or the App Store.
Where can I find a STEPN earnings calculator?
Calculators for estimating returns can be found at STEPN Guide, Netlify and Coda. There are no official calculators; enthusiasts build them using unofficial data.
How do NFTs work in STEPN?
In STEPN, NFTs are required to use the app. Sneakers are implemented as NFTs and must be kept in the STEPN wallet — then they generate GST income. NFT sneakers level up as they are used. Upon reaching level 30, STEPN starts awarding GMT.
How much do STEPN sneakers cost?
As of late August 2022, the minimum price of STEPN NFT sneakers is roughly $50 in SOL.
How do I buy Asics sneakers for STEPN?
NFTs from the STEPN x Asics special collection can be purchased on Binance NFT.
Where can I get a STEPN activation code?
A STEPN activation code can be generated on the official website or obtained from an existing user.
Further reading
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