GMT/EUR: Convert STEPN (GMT) to Euro (EUR)

STEPN, also known as GoMining Token (GMT), is a unique cryptocurrency that aims to simplify the process of Bitcoin mining. It allows users to own Bitcoin hashrate digitally as a Non-Fungible Token (NFT) asset on the Ethereum/BNB chains and the Bitcoin blockchain. This eliminates the need for users to own or maintain physical mining infrastructure. The hashrate NFT position continuously generates Bitcoins and can be traded or used as collateral in Decentralized Finance (DeFi) like any other asset. The GoMining protocol developed the Liquid Bitcoin Hashrate (LBH) concept, where the physical mining equipment operates in the data center, and the user owns an NFT that represents the hashrate position.

STEPN works by allowing users to own Bitcoin hashrate digitally as an NFT asset. The LBH tokens generated by the hashrate can be used in DeFi protocols for borrowing/lending purposes. For instance, LBH tokens can be used as collateral for borrowing stablecoins for farming strategies, providing additional income to the LBH token owner. The GoMining token within the GoMining ecosystem serves as a discount token for electricity payments. NFT hashrate owners are required to pay electricity and maintenance costs, which are deducted from BTC mining revenue. By using the GoMining token for power/maintenance payments, users receive a 10% discount and continuously mine more bitcoins.

The potential use cases for STEPN extend beyond just Bitcoin mining. NFT owners can participate in play-to-earn mechanics that enrich the NFT-based mining experience, engage the community, and provide additional income to NFT owners. GoMining actively develops GameFi elements that allow users to generate additional income in NFTs on top of primary BTC mining proceeds. Furthermore, the GoMining token can be used for protocol governance. Users participating in GoMining governance can vote on proposals, influence protocol management, and most importantly, GoMining rewards distribution to the community of NFT owners and GameFi activities.

The history of STEPN is rooted in the development of the GoMining protocol. GoMining is a Liquid Bitcoin Hashrate protocol that was created to simplify Bitcoin mining for millions of users and unlock the huge potential of Bitcoin hashrate to be used as a Real World Asset (RWA) in DeFi. The GoMining protocol developed the Liquid Bitcoin Hashrate (LBH) concept, which allows the physical mining equipment to operate in the data center while the user owns an NFT that represents the hashrate position. The GoMining token was designed to combine a Discount token, a modified version of the burn and mint equilibrium (BME), and a ve Token (voter escrowed) governance model. The GoMining token has since become a known player in the DeFi space.