STEPN, a revolutionary blockchain-based application, combines fitness and technology to encourage an active lifestyle. Using the move-to-earn model, users can earn tokens simply by walking, running or jogging. This fusion of decentralised finance (DeFi), NFT and fitness could well be the future of sports engagement. In this article, we explore how STEPN works, its unique benefits and the recent news that has marked its evolution.
Tokens in the STEPN ecosystem
STEPN uses two types of token: the Green Satoshi Token (GST) and the Green Metaverse Token (GMT). The GST is a utility token used for activities within the application, such as upgrading and repairing NFT shoes. The GMT is a governance token allowing users to participate in important decisions concerning the platform.
Game modes
- Solo Mode: Users earn GST tokens as they move around in their NFT shoes. The energy required to accumulate tokens is calculated according to the time spent moving.
- Marathon Mode: Participation in weekly or monthly marathons of varying distances, offering attractive rewards.
- Background Mode: Earn GST tokens in the background without continuous interaction with the application, using mobile health data.
Latest news from STEPN
Regulations in China
In May 2022, STEPN announced its withdrawal from mainland China to comply with local regulations, impacting around 5% of its users. This decision led to a fall in the price of GMT tokens, but demonstrated STEPN’s commitment to complying with local regulations.
Performance of the GMT Token
Since its launch, GMT has experienced explosive growth, increasing by 34,000% in just 41 days, peaking at $3.45 in April 2022. This spectacular rise has been fuelled by the buzz around DeFi projects and the move-to-earn model, positioning STEPN as a market leader in this sector.
