What is Stepn
STEPN is taking the web 3.0 world by storm with its functionality, useability and an easy way to earn rewards for only walking. Did you say only walking to earn rewards? Yes, the premise of STEPN is to walk, jog, run or train to earn rewards for doing so. The STEPN whitepaper describes it as a token to help people live a healthier lifestyle, combat climate change, and provide a steady stream of content for users. Sounds like a pretty great app and it's pushing the move-to-earn concept to the forefront.
Users and investors have taken notice. The token just appeared on the market on 6 March 2022 and it went from starting at $0.15 to $2.18 within a month! But we’ll get into the price and tokenomics later on in the article. Let’s give you a bit of background first before we dive into how it works, price action, and tokenomics.
Background
STEPN was conceived in August of 2021 when co-founders Jerry Huang and Yawn Rong came together to create STEPN. In two short months, they created a POC and a mock-up design and entered into the Solana Hackathon at the end of October 2021, which they subsequently won. By the end of December 2021 they had formed a team and had the first public beta operating and testing. After getting feedback, recalibrating and burning the candle from both ends they were able to get an app together and launch an ICO in early March of 2022 and the rest is history.
It is amazing to see how much was accomplished in such a short amount of time within about 9 months. STEPN went from an idea to a mock up and poc to win the Solana hackathon, beta tested and then an ICO launch at the start of March. Nothing short of demonstrating what can be accomplished in a short amount of time when you put your entirety into a project. Now, with the background behind us, let’s learn how STEPN works.
How it works in a nutshell
There are two utility tokens in the STEPN platform Green Satoshi Tokens (GST) and GMT (no they do not refer to time zones). GST is unlimited and is earned buy walking or running, GMT is limited to 6 billion tokens and can be used for staking. We’ll cover more of this in detail in the tokenomics section. Then there are sneaker non-fungible tokens (NFTs) which a user needs to buy a pair to be able to start earning. Right now–at the time of writing–these are pretty affordable NFTs: Seeing prices averaging 10 Solana (SOL) a bit under $1,000 USD. So you need to get a pair and let them charge up over 25% then you can start moving and earning rewards.
Tokenomics
STEPN is very, very new to the market and not all the features are yet built out and/or information on these features is forthcoming from the developers. That being said in this section we’ll cover price action and how the system works. Since we are on the topic of disclaimers: Atomic Wallet is not offering any kind of investment advice. Please do your own research before investing in any crypto currency, NFT, or other online assets.
Historical Price Action
On 3 March 2022, the ICO and airdrops took place. Market pricing according to CoinMarketCap started on 6 March with the debut price at $0.15 USD. The price steadily rose to a peak of $0.84 on 17 March 2022. From that point it trended below the 84-cent peak until 27 March 2022 when it started on a quick acent upwards. In only 3 days it went from $0.84 to $2.18! In only 3 days the price increased by 159%! In another two days, on 1 April 2022, STEPN would hit its peak at $3.09. In a total of 5 days, the price skyrocketed by 268%! A wave of euphoria swept over the early buyers! However, after peaking so high in such a short amount of time–and massive gains–the price began to slowly trend downwards as investors took profits. Over an 8-day period, the price trended down to $2.18 on 8 April 2022.
Based on the short term analysis and what this token offers to do, there is a pretty good chance that STEPN has a lot of room to grow. With that being said, you are anxious to get in on the action.
How to get STEPN in sync
- Download The STEPN app
Download From stepn.com.
- Sign-up for STEPN
After getting access to the app on your respective device, you will be able to sign up for STEPN with your email address. You’ll receive a verification code that you need to access the app
- Create new Wallet
Click on the Wallet icon on the top right corner of the screen. The app will generate a 12-word secret phrase. This will be used to recover your Wallet if you uninstall the app or forget your password.
- Transfer SOL into your in-app Wallet
Transfer Solana(SOL) to in-app wallet to buy NFT Sneakers in the Marketplace and always keep some SOL as gas in your Wallet account.
- Purchase A Sneaker
Head over to the in-app Marketplace and pick out a Sneaker! You can use the Filter tool to look for a Sneaker type of your preference. Ensure you have enough SOL for the purchase.
Now, that you set up and account and got some sneakers, it’s time to learn more about the how it works, what different game modes are and so forth.
How to play
In this section, we’ll cover the game modes and dive deeper into some of details of how things work.
Game On in Solo Mode
In Solo Mode, you’ll play with the NFT Sneakers you bought eariler to earn tokens by walking. Remember, it is imparative that you buy the NFT Sneaker when you sign up so that you can play the game. In the world of decentralized finance (DeFi), there are great opportunities to make money but you will need to spend money to make money. Nothing is free.
Energy Is needed to earn Green Satoshi Tokens (GST). Each unit of energy equals 5 minutes of move&earn. You can only earn if you bought the NFT sneakers! Press the Start button to begin.
Users Should see a status on the top of the screen showing either Walking or Running. There is also Moonwalking but this doesn’t earn you anyhting cool. You’ll want to leave the moonwalking to Michael Jackson. Read on to learn more about moonwalking.
Moonwalking: This will be shown if the app detects a poor GPS/internet signal, or if the user is not walking. Don’t try and outsmart the system by getting on a bike or driving in a car. They already planned ahead to beat the cheaters. No GST will be earned while moonwalking, and users could lose Energy depending on the circumstance. In other words, if you cheat, you’ll be punished for it.
GPS Signal Indicator:
- White - No GPS
- Red - Poor GPS
- Green - Strong GPS
Important Note: Always make sure you have Energy before moving. If you don’t have any energy, you won’t earn anything. So, yes there are limits to how much you can earn. Nothing is free, right?
GST/GMT will be paid out for every minute of movement, which is dependent on 4 main factors:
1.Type of Sneaker - Base GST returns for each Sneaker differs.
2.Sneaker’s Efficiency Attribute- The higher the efficiency, the more GST earned per minute. Users can ONLY earn GST from Level 0 to Level 29. At Level 30, users can choose to stay earning GST, or switch to earn GMT. Users can switch between these two earning modes freely.
3. Sneaker’s Comfort Attribute - The higher the comfort, the more GMT earned per minute. Users will have the option to choose between GST and GMT earning at Level. Users can switch between these two earning modes freely.
4. Speed Of Movement - To maximise earnings, you’ll need to keep within the optimal speed range of their respective Sneaker. Whenever you fall below or above this range, your earnings will be reduced by up to 90% depending on the speed discrepancy from the optimal range. So pay attention to this range because you have a lot to lose if you don’t.
Once Your energy is depleted, you’ll stop earning tokens. When that happens you can either choose to continue tracking your movement, or exit the tracking session by pressing the Stop button.
Mystery Box
Mystery Box is a loot box that is randomly dropped while you are moving in Solo Mode. It contains Gems (Level 1 – 3). Each user has 4 Mystery Box slots.
Run Like Pro in Marathon Mode
The Marathon mode is still under development but it will be a really cool competitive feature once it’s been added. There will be 2 sub-modes under the main matathon mode:
Weekly Marathon - These Marathons are held weekly and last for the whole week. Users can choose to participate in the 2.5km, 5km, or 7.5km Marathons, but can only take part in one Marathon at a time.
Month Marathon - These Marathons are held monthly and last for the whole month. Users can choose to participate in the 5km, 10km, or 15km Marathons, but can only take part in one Marathon at a time.
The avid runners are going to love using these modes and there are alot of cool features that will appear once this mode is released for use.
Rack up your steps in Background Mode
This is another feature that has yet to be released but you can think of this mode as a general step tracker that will record your steps up to 3,000 per day and pay out undisclosed rewards for using it. Again, you’ll need to be “wearing” your NFT sneakers to be able to participate and earn rewards.
There are going to be a lot of cool modes and ways to earn rewards by walking. Throughout the article I made it clear that you need to by the NFT sneakers to play and if you don’t, you’ll be unable to get any rewards. So let’s talk about these NFT sneakers.
Sneakers: Lace ‘em up, Tie ‘em up, Wear ‘em out
The sneakers might be the most complicated asset in the game. What’s more is that they ought to be complex and full of options since you are slapping down big bucks to buy them. So let’s dig into the details on your sneakers.
The Team at STEPN has really thought through a lot of of the sneakers work and it is pretty complex. We’ll give you the tip of the iceberg here, but if you want to really get in depth, there will be some links in the resources section below so that you can learn more at your own pace.
Sneaker Attributes
1. Efficiency (GST Earning) is avlaible in Solo Mode, Marathon Mode. In Solo Mode, Efficiency plays a part in GST earnings. Having a higher Efficiency Attribute will result in better GST earnings per Energy spent. In Marathon Mode, higher Efficiency leads to a faster accumulation of Leaderboard points.
2. Luck (Mystery Box) is avliable in SoloMode. Luck determines the frequency and quality of a Mystery Box drop. Users are also able to receive Mystery Box drops while their Sneakers are leased out. Yes, at some point in the near future, you will be able to rent out your NFT sneaker to others and earn while you are not running!
3. Comfort (GMT Earning) avalible in Solo Mode, Marathon Mode, Staking/Governance (Under Development). The Comfort value is currently under development.
4. Resilience (Durability/Repair) avalible in Solo Mode, Marathon Mode
In Solo Mode. The resilience affects the decay rate of Durability. Higher Resilience will result in a slower Durability decay. Yes, your sneakers can wear down just like in real life and that will affect your profromance. Not to worry, you can fix them up but at at cost of course. The higher the Sneaker's level or quality, the higher the repair cost. Durability is a sneaker’s “stamina” bar. As a user moves, durability will decrease. Sneakers receive a “worn-out” penalty at 2 durability touch points:
1. At 50/100 Durability, Sneaker Efficiency drops to 90%
2. At 20/100 Durability, Sneaker Efficiency drops to 10%
Final Thoughts on steppin’ it up with STEPN
While the term move-to-earn might appear to be a simple concept, the team at STEPN has been able to take that term and really gameify it so that it appeals to more people and offers a lot more fun and customization of the expereince.
If you are new to crypto currency and need a place to store your tokens look no further than Atomic Wallet, which offers you more than just a place to store your favourite crypto currenices.
Atomic STEPN Wallet
Atomic Wallet offers you a great place to store your STEPN tokens. Besides just being a wallet for storing, sending, and receiving,you can do much, much more with an Atomic wallet. Atomic Wallet has some great features such as having a built-in decentralized exchange/swap where you can buy more than 300 crypto currencies and have them securely stored in your Atomic Wallet. What’s more is that you can stake a number of tokens right in the Wallet! On top of that, for each transaction you make in Atomic Wallet, buying, selling, or swapping, you are eligible to get up to 1% back per transaction paid out in AtomicWallet’s native token, AWC.
FAQ
What Is Crypto Currency?
Crypto Currency is a digital asset that takes its value from generally providing a service of some sort or just bing a store of value and being scarce. Crypto Currency has evolved so much to encompass more than just being a store of value. There are not entire digital ecosystems built on a digital currency.
What Is Web 3.0?
The Web 3.0 is the next generation of websites that run on DeFi.This is allowing users to have a more robust expereince using the web and at the same time making a profit from it. It could be said that it is the start of a new type of economy for the world.
What Is Staking?
Staking is a way to earn rewards on your crypto holdings. Think of it like putting your money away in a certificate of deposit at a bank. Once You invest your money, it is locked in the fund for a time period several months to a year or more and you get interest paid back on your money. The same goes for staking, you lock your crypto away for a certain time period and then are rewarded with crypto interest payments.
What Are non-fungible tokens?
Non-fungble tokens, commonly known as NFTs are generally a one of a kind asset. They are unique like artwork and that has been from where they have developed. NFTs took off in a big way in 2021 and have continued to evlove into NFTs that have become more than just artwork to assets in games like the Sandbox and customizable sneakers in STEPN that can be used to earn you rewards and proft. We are just starting to see the age of the NFT blossom!
What Is the Atomic Wallet Coin?
The Atomic Wallet Coin (AWC) is the native token that is used by Atomic Wallet. You can buy them outright and store them in your Atomic Wallet Coin wallet or you can earn them as rewards for buying, selling, trading etc. within the Atomic Wallet.
Resources
AtomicWallet Academy
Learn more about crypto currency on Atomic Wallet’s Academy.
STEPN
Explore the STEPN platform on the official website.
Lace Up your Sneakers
Learn more about all the details of owning some NFT sneakers by reading the whitepaper
