Popular Move-to-Earn Project STEPN Hits One Year Milestone Despite GMT Price Crash

Move-to-earn lifestyle application STEPN celebrates its first anniversary as it looks to expand its community beyond the Solana blockchain.

Since its launch, the app has garnered over 4.72 million users, raised $5 million in funding, and garnered one million daily active users. It launched a 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 the Binance Chain (BNB). It has also introduced the “APE Realm” on Ethereum to enable owners of STEPN NFTs to experience a Web3 “Realm” focusing on inclusiveness and introducing new users from the popular Bored Ape Yacht Club NFT community into the STEPNVERSE. Most STEPN activities will be completed off-chain, eliminating concerns about congestion and high-gas fees.

The company 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 continuing to revolutionize the move and earn space. Our team is dedicated to delivering the best features in a transparent manner while also keeping our platform secure. 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 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) through walking, running, and jogging outdoors. GST and STEPN (GMT) tokens are paid out for every minute that the user is moving, subject to a few conditions, including the type of sneaker, the sneaker’s efficiency, comfort, and the speed the user is moving at. Users earn GST from Level 0 to Level 29, and from level 30 onwards, they can choose to earn GST or STEPN (GMT).

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

The STEPN app is currently in Public Beta.

STEPN succeeds despite both ecosystem tokens tanking

The company’s first anniversary comes as the GST and GMT tokens have weathered a difficult spell. On Apr. 29, 2022, GST reached an all-time high of $7.82 before 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 trend 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 in 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 high.

Source: Coingecko

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Popular Move-to-Earn Project STEPN Hits One Year Milestone Despite GMT Price Crash appeared first on BeInCrypto.

Related Posts

‘Trading Like a Lehman Moment’ — Credit Suisse, Deutsche Bank Suffer From Distressed Valuations as the Banks’ Credit Default Insurance Nears 2008 Levels

It’s been more than a decade since the financial crisis in 2007-2008 when Lehman Brothers, the fourth largest investment bank in the U.S., collapsed and filed bankruptcy….

These Crypto Executives Have Stepped Down Since the Market Crash in May

Change is in the air as the crypto space continues to see top executives step down from their roles amid the market crisis that stemmed from the…

Bitcoin Price Analysis: Sideways Action Continues, Breakout Could Lead Huge Move

Bitcoin has yet to make a decisive move in any direction as the primary cryptocurrency continues to wrestle with the $18K support level. A bearish breakout below…

Aequinox Token Sale Session Now Available on P2PB2B Exchange

On the P2PB2B exchange, the Aequinox token sale session has already begun. Until October 8, you can purchase the tokens and sign up for the project’s community….

How to Purchase NFTs on Coinbase NFT Marketplace

Unlike cryptocurrencies, NFTs can’t be purchased on any open crypto market; you can either create one yourself by minting it on a blockchain or purchase it on…

OpenSea Recorded $144.5M in Revenue in Q3, With Creators Benefitting 76% of Funds

OpenSea earned $144.5 million in fees from users, with most of the money going to creators, according to Token Terminal. In a tweet, Token Terminal disclosed that…

Generated by Feedzy