GMT Stepn

Overview of Stepn

Stepn is a Web3 lifestyle app that rewards users for physical activities such as walking, jogging, and running. It is built on the Solana blockchain and uses a move-to-earn model, where users earn tokens by engaging in physical activities.

Key Features

• Move-to-Earn Model: Users earn tokens by walking, jogging, or running outdoors. The app tracks these activities using smartphone motion and pedometer sensors.
• NFT Sneakers: Users purchase NFT sneakers with SOL, the native token of Solana, to participate in the game. These sneakers have attributes like resilience, comfort, and efficiency, which affect how quickly and efficiently they earn tokens.
• Dual Token Economy: Stepn uses two tokens: Green Satoshi Token (GST) and Green Metaverse Token (GMT). GST is a utility token used for in-game activities, while GMT is a governance token used for premium content and governance decisions.

Token Use Cases

• Green Satoshi Token (GST): GST is used for in-game activities such as repairing and upgrading sneakers, minting new sneakers, and swapping for USDC. It has an unlimited supply and is earned by participating in physical activities.
• Green Metaverse Token (GMT): GMT is used for governance, premium content, and high-level activities. It has a limited supply of 6 billion tokens and can be earned through game activities or by running. GMT can be swapped with USDC when sneakers reach level 30 or above.

Additional Features

• Burn Mechanism: Stepn uses a burn mechanism to reduce the circulation of GST and GMT tokens through various in-app activities.
• Carbon Offsetting: Stepn contributes to combating climate change by buying carbon offsetting credits with part of its profits.
• In-App Swap: Stepn features an in-app swap function that allows users to exchange tokens, including GST and GMT, for other cryptocurrencies or fiat currency.

Pros of Stepn

• Promotes Healthy Lifestyle: Stepn encourages users to engage in physical activities such as walking, jogging, or running by rewarding them with tokens, contributing to a healthier lifestyle.
• Dual Token Model: Stepn uses a dual token system consisting of GST (Green Satoshi Token) and GMT (Green Metaverse Token), offering users various options to engage with the project.
• Built on Solana: Stepn operates on the Solana blockchain, known for its high speed and scalability, providing a streamlined user experience with real-time token earnings.
• Environmental Sustainability: Stepn buys Carbon Removal Credits, playing a role in environmental sustainability.
• Engaging Gameplay: The app gamifies fitness, making physical activities more interesting and motivating users to stay active.

Cons of Stepn

• Requires Investment: Acquiring NFT sneakers to start earning tokens requires a financial investment, which can be costly for users.
• Limited Track Record: As a relatively new cryptocurrency, Stepn lacks an extensive track record compared to more established alternatives.
• Price Volatility: Stepn tokens are subject to significant price volatility, similar to many cryptocurrencies.
• Complex Gameplay: The app can be challenging for those unfamiliar with the complexities of cryptocurrencies and NFTs.
• Scaling Challenges: Stepn faces difficulties in scaling its features into other blockchains and sustaining its community and engagement for long-term viability.

Founders of Stepn

The founders of Stepn are Jerry Huang and Yawn Rong, who are also the co-founders of Find Satoshi Lab, an Australian fintech company.

Investors in Stepn

• Lead Investors: Sequoia Capital and Binance Labs are among the lead investors in Stepn. Sequoia Capital is a well-known venture capital firm, and Binance Labs is the incubation arm of Binance, a leading cryptocurrency exchange.

• Other Key Investors: Other investors include Solana Ventures, Sfermion, 6th Man Ventures, Alliance DAO, Folius Ventures, Morningstar Ventures, Lemniscap, and Spark Digital Capital. These investors have contributed to the funding rounds of Stepn, supporting its development and growth.

• Funding Rounds: Stepn has raised $9.2 million through its initial coin offering (ICO) and funding rounds. The seed round was $5 million, and the public sale raised $4.2 million.

Halal Status of Stepn

• Halal Status: Yes
• Reason: Stepn is considered halal because its governance token, GMT, and its in-game token, GST, are used within a platform that rewards physical activity and does not involve gambling or interest-bearing mechanisms. The project's focus on encouraging physical activity and community participation aligns with Islamic finance principles.