What Is STEPN (GMT)? Features and Tokenomics | Alexandria

Created 2mo ago, last updated 10h ago

move-to-earn which is currently fully functional and vastly popular in the blockchain industry. The idea is to promote a healthy lifestyle. STEPN ( GMT ) is a web3 life style app designed with features like SocialFi and GameFi. They have efficiently succeeded in upgrading an old concept of exercising towhich is presently amply functional and vastly popular in the blockchain industry. The mind is to promote a healthy life style.

STEPN was created by a fintech studio based in Australia, named Find Satoshi lab. The company is known for several contributions in the past including its dominance as the top team in the 2021 Solana Ignition Hackathon Gaming Track. soon after the launch of the GMT token, the price soared more than 2000 %, making it one of the top-performing web3 crypto tokens of 2022 .

How Does It Work?

After successfully downloading the app the exploiter needs to connect their wallet and transportation Solana ( SOL ) cryptocurrency to buy NFT sneakers and start their travel with STEPN. NFT sneakers ( acquired with SOL ) are the compulsory item to start your journey with STEPN. Users can connect their app with the sneakers and walk of life round, jog or run outdoors, be it anywhere in the world, earning points as they do then. Those points are classified as game currentness and are then used for versatile rewards such as promote sneakers or NFTs, leveling up, or cashing out the money in the real number world. Users need to buy a pair of sneakers from the in-app market after completing the signup process. After proceeding through the instructions, one can start their travel with STEPN and earn dislodge GST tokens with extra benefits on a daily basis. The advance solve of these tokens includes the execution of the NFT sneakers in solo mood and earning tokens by moving around regardless of the location. Earning GST tokens requires energy which is calculated through your steps in the application. The formula is that 1 energy equals 5 minutes of movement or campaign derive. however, energy can only be replenished under the condition if the exploiter purchases an NFT shoe. In order for the work to start, users can select an NFT shoe from the application of their choice and start the process. After successfully completing all the signup steps users should be able to see the status on top of their screen which will show their current position be it walking or running. One might besides come across another notification specified as moonwalking which indicates the use of a vehicle or any kind of ecstasy other than the use of muscles to travel. In that case, users are not eligible to earn any GST or GMT tokens of any kind as that defeats the purpose of STEPN being a health-promoting community.

Unique Features of STEPN

Burn Mechanism

The tokens being available in a limited add has made the prerequisite of a burn mechanism necessity in order to facilitate more and more users to lead a healthy life. This process is used to reduce the circulation of both the GMT and GST tokens through versatile in-app activities.

DOOAR

STEPN will go through several phases as it develops its own multi-chain decentralized change DEX ). In the first stage, there will be a STEPN in-app swap with no autonomous front end and the swap will only serve users within the STEPN app. At degree 2, there will be a DEX with a user-friendly movement conclusion that anyone can offer liquidity for GST/USDC and GMT/USDC pairs .

Dual Token Model

The STEPN ecosystem runs on a dual-token economy model which is chiefly due to the need for fundraising and utility. In this case, there are two tokens that are both available for users to earn through different methods .

Green Metaverse Token (GMT)

GMT is the native token behind the STEPN project and offers a limited supply of six billion tokens. It can be earned in different ways such as through the Token Generation Event TGE ) where it can be minted

Green Satoshi Token (GST)

Green Satoshi Token is an in-game utility token that can be used to purchase goods in the app. Unlike the GMT token, GST enjoys an unlimited supply and can be minted in the game through basic movements.

Carbon Offsetting

STEPN will contribute its profits to combat climate switch by room of carbon paper credit offset. Users may choose to give their GST earnings, which will be exchanged for USDC/Fiat and burned, or purchase Carbon Credit Buying/Burning .

Use Cases of GMT and GST Tokens

As mentioned above, the STEPN project runs on a double token economy model and both tokens ( GMT and GST ) offer different benefits to their users : GST is classified as a utility nominal that does not require any investments other than running or engagement in versatile crippled activities. It can be used to repair, unlock/reset or even level up your sneakers. Users are allowed to mint their sneakers and upgrade jewel items through GST tokens. furthermore, it is besides widely used to swap USDC. GMT, unlike the GST, is a administration token. GMT can besides be earned through easy engagement in several game activities and by running. These tokens allow you to level up to a high spot and change the name on your sneakers. furthermore, they are besides used to distribute game profits and high-level activities that can besides be considered agio capacity. much like the GST keepsake, GMTs can besides be swapped with USDC when the sneakers reach level 30 or above and not ahead.

STEPN (GMT) Tokenomics

The total token supply of the GMT token is 6,000,000,000 and the current circulate supply is 600,000,000.00 GMT .

STEPN (GMT) Price

STEPN ( GMT ) is trading at around $ 0.7818 as of June 23, 2022. Its 24-hour trading volume on exchanges is about $ 276,634,488. This article contains links to third-party websites or early message for information purposes lone ( “ Third-Party Sites ” ). The Third-Party Sites are not under the control condition of CoinMarketCap, and CoinMarketCap is not creditworthy for the content of any Third-Party Site, including without limitation any radio link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you alone as a convenience, and the inclusion of any yoke does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is authoritative to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, fiscal advice. The views and opinions expressed in this article are the writer ’ mho [ ship’s company ’ s ] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any stick out, we aim to act as a neutral informational resource for end-users .

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