Since its launch, the app has garnered over 4.72 million users, raised $5 million in funding, and garnered one million daily active users. It launched a decentralized exchange DOOAR on the Solana blockchain in June 2022 and partnered with Japanese sportswear company Asics to launch a non-fungible token (NFT) sneaker collection on the Binance Chain (BNB). It has also introduced the “APE Realm” on Ethereum to enable owners of STEPN NFTs to experience a Web3 “Realm” focusing on inclusiveness and introducing new users from the popular Bored Ape Yacht Club NFT community into the 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 experienced impressive growth since our launch in 2021. By integrating new blockchains onto the platform, dropping new NFT collections, and adding new industry-leading features, we are continuing to revolutionize the move and earn space. Our team is dedicated to delivering the best features in a transparent manner while also keeping our platform secure. We are in constant communication with our community and are excited to continue working with them to grow STEPN and bring crypto to an expanding audience,” said Yawn Rong, one of STEPN’s co-founders.
What is STEPN?
The STEPN app incentivizes users owning STEPN sneaker non-fungible tokens (NFTs) to earn Green Satoshi Tokens (GST) through walking, running, and jogging outdoors. GST and STEPN (GMT) tokens are paid out for every minute that the user is moving, subject to a few conditions, including the type of sneaker, the sneaker’s efficiency, comfort, and the speed the user is moving at. 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 allocation of energy that, once depleted, stops them from earning rewards.
The STEPN app is currently in Public Beta.
STEPN succeeds despite both ecosystem tokens tanking
The company’s first anniversary comes as the GST and GMT tokens have weathered a difficult spell. On Apr. 29, 2022, GST reached 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 on a downward trend with the broader crypto markets that suffered from the fallout of the TerraUSD stablecoin crash on May 7, 2022. At press time, it had fallen 99.6% to $0.029.
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 Apr. 29, 2022, falling off more sharply than GST to hit a low of $0.58 around mid-June 2022. The token currently trades at $0.62, down almost 85% from its all-time high.