STEPN is a cryptocurrency initiative that rewards users with digital currency for their running activities. It is preparing to release a range of fresh features, such as a system for badges and accomplishments, in the near future.
The project’s Chief Operating Officer, Shiti Manghani, informed Decrypt that their goal is to enhance and recapture value for GMT, the platform’s native cryptocurrency, across all their products. In other words, if GMT is the center of the solar system, STEPN intends to provide added value to GMT and retrieve value from it through all of their offerings.
According to the COO, STEPN will create “demand-side” applications that attract users from Web2 to Web3. Once these users are onboarded, STEPN will cater to their requirements, such as facilitating liquidity for their NFT trades or providing them with the necessary tools to launch their own initiatives.
The initiative was introduced in December 2021 and provides users with Green Satoshi Tokens (GST) as a reward for engaging in physical exercise after choosing one of many NFT sneaker options. The project operates through a mobile application created on the Solana blockchain, utilizing a dual-token mechanism comprising the Green Metaverse Token (GMT) for governance and GST for rewards.
What is STEPN?
STEPN is a move-to-earn cryptocurrency project that enables users to earn digital currency for physical activities such as running or walking. The initiative operates through its own mobile application, which users can download and use to track their exercise activities.
The application rewards users with Green Satoshi Tokens (GST) for their physical activities after they select one of several NFT sneakers. The project uses a dual-token model consisting of the Green Metaverse Token (GMT) for governance and GST for rewards, and is built on the Solana blockchain.
The project’s ultimate objective is to create a fitness-focused metaverse that leverages blockchain technology to encourage and incentivize healthy lifestyles.
What is the State of STEPN?
STEPN has faced certain possible obstacles over the past year. According to Dune’s statistics, the app had over 700,000 active users per month in May 2022, which was its peak. However, by December of that year, which was the last month for which data was gathered, the number of active users had fallen to just under 45,000.
The application disabled its GPS functionality for users in Mainland China in May 2022, rendering it effectively unusable for those in the region. As a result, both its affiliated tokens experienced a significant drop in value in the immediate aftermath. In June 2022, STEPN experienced several distributed denial-of-service (DDoS) assaults, which followed three similar incidents in the preceding months.