Move-to-earn lifestyle app STEPN celebrates its first anniversary as it looks to expand its community beyond the Solana blockchain.
Since its launch, the app has gained 4.72 million users, raised $5 million in funding, and gained one million daily active users. It launched decentralized exchange DOOAR on the Solana blockchain in June 2022 and partnered with Japanese sportswear company Asics to launch a non-fungible token (NFT) sneaker collection on Binance Chain (BNB). STEPN has introduced the “APE Realm” on Ethereum to allow owners of NFTs to experience the Web3 “Realm” by focusing on inclusion and introducing new users to STEPNVERSE from the popular Board Ape Yacht Club NFT community. Most STEPN activities are completed off-chain, eliminating concerns about congestion and high-gas charges.
The company hopes to be the bridge between Web2 and Web3.
“STEPN has experienced impressive growth since our launch in 2021. By integrating new blockchains into the platform, releasing new NFT collections and adding new industry-leading features, we continue to revolutionize mobility and gain space. Our team is dedicated to delivering great features in a transparent manner while keeping our platform secure. Dedicated. We are in constant communication with our community and are excited to continue working with them to grow STEPN and bring crypto to an expanding audience,” said Yawn Rong, one of the co-founders of STEPN.
What is STEPN?
The STEPN app encourages users with STEPN Sneaker Non-Fungible Tokens (NFTs) to earn Green Satoshi Tokens (GST) by walking, running and jogging outdoors. GST and STEPN (GMT) tokens are paid for every minute the user moves, subject to certain conditions, including the type of sneaker, the sneaker’s efficiency, comfort, and the speed at which the user moves. Users earn GST from level 0 to level 29 and from level 30, they can choose to earn GST or STEPN (GMT).
Each user has an energy allocation that, once exhausted, stops earning rewards.
The STEPN app is currently in public beta.
STEPN will succeed despite both ecosystem tokens tanking
The company’s first anniversary comes as the GST and GMT tokens have faced a difficult spell. On April 29, 2022, GST touched an all-time high of $7.82 before dropping to $4.73 after 24 hours. It briefly rallied to $6.56 on May 4, 2022. Since then, the price has been on a downward trend with the broader crypto markets suffering from the collapse of the TerraUSD stablecoin on May 7, 2022. At press time, it had fallen 99.6% to $0.029.
Its sister token STEPN (GMT), used for governance in the STEPN ecosystem, suffered a similar fate. It reached an all-time high of $3.80 on April 29, 2022, before falling more sharply to $0.58 in mid-June 2022 before GST. The token currently trades at $0.62, about 85% below its all-time high.
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