What is STEPN?

STEPN (GMT) is a unique blend of a fitness application and a play-to-earn game built on the Solana blockchain. It introduces a novel concept known as "move-to-earn," where users may receive in-game compensation by engaging in physical activities such as walking, running, or jogging. Users purchase Non-Fungible Token (NFT) sneakers, which they use to receive the in-game compensation. STEPN aims to encourage healthier lifestyles by providing incentives for physical activity. The application is available for both Android and iOS devices.

How does STEPN work?

STEPN operates on a dual-token model, consisting of a utility token called GST (Green Satoshi Tokens) and a governance token known as GMT. Users receive GST by moving around with their NFT sneakers. Different types of sneakers yield GST at varying rates, with more efficient sneakers receiving more GST per minute. Once users level up their sneakers to level 30, they start receiving GMT. The application also features a gamification aspect, with in-game rewards, daily energy allowances, and customized sneakers to encourage users towards a healthier lifestyle.

What are the potential use cases for STEPN?

STEPN serves as a platform that incentivizes physical activity, making it a potential tool for promoting healthier lifestyles. Users may receive in-game compensation by engaging in physical activities, which can be used within the game or potentially converted for other uses. The application also plans to introduce a Marathon Mode, where users can participate in weekly and monthly races, earning and comparing their achievements on a leaderboard. Additionally, STEPN contributes to carbon neutrality by purchasing Carbon Removal Credits on Solana to combat climate change.

What is the history of STEPN?

STEPN was founded in August 2021 by Australian blockchain entrepreneur Yawn Rong and his partner Jerry Huang, a game developer. The application quickly progressed from its inception stage to the open beta version in just five months. After a successful Initial DEX Offering (IDO) in March 2022, STEPN aims to optimize its in-game features and expand to other chains. The project has also received funding from major crypto venture capital firms, including Sequoia Capital, Solana Capital, and Alameda Research, among others.