STEPN Hits One-Year Milestone Despite Falling GMT Prices

Lifestyle app Move for Profit STEPN is celebrating its first anniversary as it looks to expand its community beyond the Solana blockchain.

Since its launch, the app has amassed over 4.72 million users, raised $5 million in funding, and amassed one million daily active users. It launched a decentralized DOOAR exchange on the Solana blockchain in June 2022 and partnered with Japanese sportswear company Asics to launch a non-fungible token (NFT) shoe collection on the Binance (BNB) chain. It also introduced the “APE Realm” on Ethereum to enable STEPN NFT holders to experience a Web3 “Realm” that focuses on inclusion and introduces new users from the popular Bored Ape Yacht Club NFT community to 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 seen impressive growth since our launch in 2021. By integrating new blockchains into the platform, dropping new collections of NFTs, and adding new industry-leading features, we continue to revolutionize traffic and gain ground. Our team is dedicated to providing the best features in a transparent manner while keeping our platform secure. We are in constant communication with our community and are excited to continue working with them to develop STEPN and bring crypto to a widening audience,” said Yawn Rong, one of the co-founders of STEPN.

What is STEPN?

The STEPN app incentivizes users who own STEPN Sneaker Non-Fungible Tokens (NFT) to earn Green Satoshi Tokens (GST) by walking, running and jogging outdoors. GST and STEPN (GMT) coupons are paid for every minute the user moves, subject to certain conditions such as the type of sneaker, efficiency, comfort and speed at which the user moves. 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 energy allotment that, once used up, prevents them from earning rewards.

The STEPN app is currently in Public Beta.

STEPN succeeds despite the accumulation of both distinctive ecosystems

The company’s first anniversary comes as the GST and GMT tokens have weathered a difficult period. On April 29, 2022, GST hit 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 in a downtrend with the broader cryptocurrency markets suffering the effects of the TerraUSD stablecoin crash on May 7, 2022. It is down 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 April 29, 2022, declining more sharply than GST to reach a low of $0.58 around mid-June 2022. The token is currently trading at $0.62 , down nearly 85% from its all-time high.

Source: Coingecko

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