STEPN Hits One Year Milestone Despite GMT Price Crash

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Move-to-earn lifestyle utility STEPN celebrates its first anniversary because it looks to broaden its neighborhood past the Solana blockchain.

Since its launch, the app has garnered over 4.72 million users, raised $5 million in funding, and garnered a million every day active users. It launched a decentralized exchange DOOAR on the Solana blockchain in June 2022 and partnered with Japanese sportswear firm Asics to launch a non-fungible token (NFT) sneaker collection on the Binance Chain (BNB). It has also introduced the “APE Realm” on Ethereum to allow house owners of STEPN NFTs to expertise a Web3 “Realm” specializing in inclusiveness and introducing new users from the popular Bored Ape Yacht Club NFT group into the STEPNVERSE. Most STEPN actions shall be completed off-chain, eliminating considerations about congestion and high-gas fees.

The firm hopes to be a bridge between Web2 and Web3.

“STEPN has experienced impressive growth since our launch in 2021. By integrating new blockchains onto the platform, dropping new NFT collections, and adding new industry-leading features, we are persevering with to revolutionize the move and earn house. Our team is devoted to delivering the best options in a clear method while additionally maintaining our platform secure. We are in fixed communication with our community and are excited to proceed working with them to develop STEPN and produce crypto to an expanding audience,” mentioned Yawn Rong, certainly one of STEPN’s co-founders.

What is STEPN?

The STEPN app incentivizes users owning STEPN sneaker non-fungible tokens (NFTs) to earn Green Satoshi Tokens (GST) by way of walking, running, and jogging outdoors. GST and STEPN (GMT) tokens are paid out for every minute that the person is moving, subject to a couple circumstances, including the kind of sneaker, the sneaker’s efficiency, comfort, and the velocity the person is shifting at. Users earn GST from Level zero to Level 29, and from level 30 onwards, they can select to earn GST or STEPN (GMT).

Each person has an allocation of energy that, once depleted, stops them from earning rewards.

The STEPN app is at present in Public Beta.

STEPN succeeds regardless of each ecosystem tokens tanking

The company’s first anniversary comes as the GST and GMT tokens have weathered a tough spell. On Apr. 29, 2022, GST reached an all-time excessive of $7.82 earlier than falling to $4.73 24 hours later. It then briefly rallied to $6.56 on May 4, 2022. Since then, the price has been on a downward development with the broader crypto markets that suffered from the fallout of the TerraUSD stablecoin crash on May 7, 2022. At press time, it had fallen 99.6% to $0.029.

Source: Coingecko

Its sister token STEPN (GMT), used for governance within the STEPN ecosystem, suffered a similar fate. It also reached an all-time high of $3.80 on Apr. 29, 2022, falling off more sharply than GST to hit a low of $0.58 around mid-June 2022. The token currently trades at $0.62, down almost 85% from its all-time excessive.

Source: Coingecko

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