STEPN (GMT) is a Solana-based move-to-earn mobile application that rewards users with cryptocurrency tokens for engaging in outdoor fitness activities such as walking, jogging, and running. The app uses a dual-token economic model, featuring the governance token GMT and the utility token GST. Users can earn tokens by exercising, which can be swapped for other cryptocurrencies or used for in-app purchases.
STEPN (GMT) is a Move-to-Earn (M2E) application that runs on Solana's blockchain. Users can earn crypto assets by moving, such as walking, jogging, or running, while wearing NFT sneakers. The application tracks the user's movements using GPS and rewards them with tokens, specifically Green Satoshi Token (GST) and Green Metaverse Token (GMT).
Key Uses of GMT and GST TokensGMT Token:
- Governance token, allowing holders to participate in decision-making processes on the platform.
- Used for sneaker upgrades, minting new sneakers, and accessing premium game content.
- Can be swapped with USDC once sneakers reach Level 30.
- Used for distributing game profits and high-level activities.
- Provides voting power and access to special features.
GST Token:
- Utility token with an unlimited supply.
- Earned through physical activities like walking, jogging, or running.
- Used for various in-app activities:
- Minting new sneakers.
- Repairing sneakers.
- Leveling up sneakers.
- Unlocking sockets and adding gems.
- Swapping with USDC.
GMT Token Burn:
- Quarterly buyback and burn of GMT tokens to reduce supply and support price stability.
- Burned during in-app activities like sneaker customization, leveling up, and minting new sneakers.
- Used in governance activities, which also lead to token burning.
GST Token Burn:
- Burned during activities like minting new sneakers, repairing sneakers, leveling up sneakers, and unlocking sockets.
- Designed to control inflation and increase scarcity.
- Sneaker Customization: GMT tokens are used for customization fees.
- Passive Income: GMT tokens can be staked to earn passive income.
- Rental Markets: Sneakers can be rented out to earn passive income.
- Governance: GMT holders participate in decision-making processes on the platform.
Overall, STEPN (GMT) combines physical activity with cryptocurrency rewards, encouraging users to stay active while earning digital assets.
To store STEPN (GMT) tokens, you can use various methods:
KuCoin Account: You can store your GMT tokens directly in your KuCoin account. This provides a secure and trusted environment for holding your tokens.
Non-Custodial Wallets: You can also store your GMT tokens in non-custodial wallets, which give you full control over your assets. This option is recommended for users who prefer to manage their tokens independently.
Solana-based Phantom Wallet: Another option is to transfer your GMT tokens to a Solana-based Phantom wallet, which is compatible with the STEPN ecosystem.
- In-app Wallet: You can also store your GMT tokens within the STEPN app itself. This allows you to manage your tokens and exchange them for other cryptocurrencies like SOL, BNB, or ETH.
Each of these methods provides a secure way to store your GMT tokens, ensuring you have access to them whenever needed.
To buy STEPN (GMT) tokens, follow these steps:
Create an Account:
- Kraken: Create a Kraken account, fund it, and select your desired GMT trading pair.
- Coinbase: Download the Coinbase app, sign up, and verify your ID. Add a payment method and start a trade.
- Securities.io: Choose an exchange, create an account, verify your email and identity, make a deposit, and buy GMT.
- Binance: Register on the Binance website or app, verify your identification, and choose how you want to buy GMT.
- KuCoin: Create a free KuCoin account, secure and verify it, add a payment method, and buy STEPN (GMT).
Fund Your Account:
- Kraken: Fund your account with the desired currency.
- Coinbase: Add a payment method, such as a bank account, debit card, or wire transfer.
- Securities.io: Deposit funds using a debit card, credit card, wire transfer, or Bitcoin.
- Binance: Deposit fiat currency or use a stablecoin like USDT to buy GMT.
- KuCoin: Add a payment method to fund your account.
Select GMT:
- Kraken: Select your desired GMT trading pair.
- Coinbase: Search for STEPN and select it from the list of assets.
- Securities.io: Compare exchanges and select the one offering GMT.
- Binance: Choose GMT from the dropdown menu.
- KuCoin: Select STEPN (GMT) from the available assets.
- Buy GMT:
- Kraken: Start trading GMT.
- Coinbase: Enter the amount you want to spend and confirm your purchase.
- Securities.io: Use your funds to buy GMT.
- Binance: Confirm your order and buy GMT.
- KuCoin: Buy STEPN (GMT) on the KuCoin Spot Market.
Remember to follow the specific instructions for each platform and ensure you understand the fees and risks involved in buying and trading cryptocurrencies.
STEPN (GMT) is a Web3 lifestyle app that rewards users for engaging in physical activities such as walking, jogging, and running. The app was founded by Jerry Huang and Yawn Rong, who were inspired by the "X-to-earn" concept. STEPN is built on the Solana blockchain and operates on a dual-token framework, comprising GST (utility token) and GMT (governance token).
STEPN was launched in August 2021 and won the Solana Ignition Hackathon Gaming Track. The project secured a $5 million seed round from investors including Solana Capital, DeFi Alliance, MorningStar Ventures, and Sequoia Capital. The app was developed to motivate users to adopt healthier lifestyles by integrating fitness tracking with cryptocurrency rewards.
The GMT token was launched on March 22, 2022, and has since experienced significant price fluctuations. Despite this, the token has seen impressive growth, with a 78.72% rise over the past month and a 214.92% surge over the past year.
STEPN's roadmap includes several key milestones, such as implementing an activation code to manage user influx, introducing innovations and updates, and fostering integrations and partnerships with renowned brands. The app aims to expand to other layer-one blockchains like Ethereum and Binance Smart Chain, enhancing its cross-platform capabilities.
Overall, STEPN (GMT) has made significant strides in the move-to-earn space, combining fitness and sustainability with cryptocurrency rewards.
STEPN (GMT) is a move-to-earn (M2E) game that incentivizes users to engage in physical activities like walking, jogging, or running while earning cryptocurrency rewards. Here's a detailed overview of how it works:
Downloading and Setting Up the App- Download the STEPN App: Users download the STEPN app from the App Store or Google Play.
- Sign Up: Users sign up for STEPN using their email address and receive a verification code.
- Create a Wallet: Users create a new wallet within the app, which generates a 12-word secret phrase for recovery purposes.
- Fund the Wallet: Users transfer Solana (SOL) into their in-app wallet to purchase NFT sneakers and cover gas fees.
- Marketplace: Users browse the STEPN marketplace to purchase NFT sneakers, which are categorized as Walker, Jogger, Runner, or Trainer based on the average speed of the wearer.
- Attributes: Each sneaker has attributes like resilience, efficiency, comfort, and luck, which affect the user's earning potential and sneaker durability.
- GPS Tracking: The app tracks the user's movements using GPS, ensuring that they are physically active to earn tokens.
- Energy: The number of minutes a user can exercise with a sneaker NFT is measured in energy. Energy is replenished daily.
- GST Tokens: Users earn Green Satoshi Tokens (GST) based on their activity level and sneaker attributes. GST tokens can be used for upgrades, repairs, and other in-app activities.
- GMT Tokens: Users can switch to earning Green Metaverse Tokens (GMT) once they reach Level 30. GMT tokens are used for governance, leveling up sneakers, and accessing premium content.
- Marathon Mode: Users can participate in weekly or monthly marathons by registering 24 hours in advance.
- Background Mode: Users can earn GST tokens offline without repair charges.
- Token Burn Mechanism: STEPN implements token burn mechanisms for both GMT and GST to manage supply and control inflation.
- GMT Governance: GMT token holders have voting rights on key platform decisions.
- Upgrades and Passive Income: Users can upgrade sneakers using GMT tokens, which can unlock enhanced earning capabilities and access to exclusive game modes. They can also stake GMT tokens to earn passive income.
By combining physical activity with cryptocurrency rewards, STEPN aims to motivate users to adopt healthier lifestyles while engaging with the Web3 ecosystem.
STEPN (GMT) has several strengths that contribute to its popularity and effectiveness:
Move-to-Earn Concept: STEPN encourages users to engage in physical activities like walking, jogging, and running by rewarding them with tokens. This concept promotes a healthier lifestyle and contributes to a more active community.
Dual Token Economy: STEPN operates on a dual token model, featuring both the Green Satoshi Token (GST) and the Green Metaverse Token (GMT). This allows for different functionalities and benefits within the platform, enhancing user experience and engagement.
NFT Sneakers: The use of NFT sneakers adds a unique element to the game, allowing users to customize and upgrade their sneakers. This feature also helps to incentivize users to stay active and earn more tokens.
Carbon Offsetting: STEPN contributes to combating climate change by offsetting carbon emissions, which aligns with the growing concern for environmental sustainability.
Governance Token: The GMT token serves as a governance token, enabling users to participate in decision-making processes and access premium content within the platform.
Solana Blockchain: STEPN is built on the Solana blockchain, which offers fast processing times and low transaction costs, making it an efficient and cost-effective platform.
- Variety of Game Modes: STEPN offers different game modes, including solo, marathon, and background modes, which cater to different user preferences and provide a diverse range of earning opportunities.
These strengths collectively contribute to STEPN's success and appeal, making it a popular choice for those interested in move-to-earn games and web3 lifestyle applications.
STEPN (GMT) carries several risks that investors should be aware of before investing:
Volatility: As a relatively new cryptocurrency, STEPN's price can be highly volatile, making it susceptible to sharp and unexpected changes. This is exacerbated by its low market capitalization compared to more established cryptocurrencies like Bitcoin and Ethereum.
Limited Track Record: STEPN is still a young project, having launched in March 2022, which means it lacks a long history of performance to gauge its stability and potential for growth.
Competition: The crypto market is highly competitive, and STEPN needs to continue generating strong interest to survive. This competition can lead to downward pressure on the price if STEPN fails to maintain its appeal.
App Issues: Users have reported difficulties with the app, including problems obtaining activation codes and inaccurate GPS tracking. These issues can deter users and negatively impact the token's value.
High Cost of Entry: To fully participate in the app, users need to purchase NFT sneakers, which can be expensive, with the most expensive ones costing up to 10,000 SOL (approximately $650). This high cost can be a barrier to entry for many users.
Market Manipulation: InvestorsObserver's risk analysis suggests that STEPN's price can be easily manipulated due to low trading volume and market capitalization, which increases the risk of significant price swings.
Risk of Crash: Experts have warned that if STEPN's price breaks support, it could crash by more than 30%, highlighting the potential for significant losses.
High-Risk Investment: Cryptocurrencies, including STEPN, are inherently high-risk investments. Investors should be prepared to lose their entire investment if the market turns against them.
These risks underscore the importance of thorough research and a clear understanding of the potential downsides before investing in STEPN (GMT).
- Yawn Rong: Co-founder of Find Satoshi Lab, the fintech studio behind STEPN. He is an Australian entrepreneur operating in the blockchain space and has been credited with the success of Crypto SA, a crypto fund and audit company.
- Jerry Huang: Co-founder of STEPN, a game developer, and founder of Falafel Games. He partnered with Yawn Rong to develop STEPN.
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