Degen: “Mom, I am going out for a walk!”
Mom: “Okay! Please walk to McDonalds and get a job application while you’re out!”
While it seems a little too good to be true, people are earning crazy money every time they touch grass. The STEPN app has been in at least every 5-10% of tweets outside of hyped projects over the past few months. Don’t go and quit your day job just yet though—there is so much more to this ecosystem than meets the eye. STEPN is a project you want on your radar.
STEPN is a healthy lifestyle app where users can earn GST and GMT by walking, jogging or running. A healthy initiative in the fitness space has caused a growth of non crypto/nft users, to take their first baby steps (pun intended) into the Web3 world, with a movetoearn mechanism. With the tokens down nearly 80% from ATH’s in April, are we all STEPN into a Ponzi? Let’s find out.
Let’s first look at how users get started:
First you need to download the app, STEPN, on Iphone or Android. Then you're on your way to "run-nancial" freedom! Right? Wrong. You now have to get a one-time use activation code which comes only from existing users sharing it with you. Great for marketing, but tough for us degens with no friends. A subtle growth hinderer that helps keep the mechanics ticking as the hype grows.
If you somehow find somebody willing to give you a code for free you can get to the next step. I have seen some being sold for 5 SOL, which in my opinion is outrageous. The founders knew exactly what they’re doing because the fomo is definitely real so be very careful. I would personally recommend networking with people to get an activation code. Better relationships for your time—up to you.
Next, you have to buy your shoe, which doesn’t start off very cheap:
The floor price as of right now is for 11.5 SOL on Magic Eden… So to earn this magic internet money you have to pay a pretty high entry fee. Another tidbit, that is simply for a common runner at level 5—the importance of which will be explained below. The rarer traits that earn more are close to 2x that.
Now that you’ve got your shoe, how can you start making $500 an hour?
This begins to get a little tough to answer. While there is great earning potential, it is more of a long game now. Let’s take a little time to understand the mechanics of the STEPN tokenomics and then how we can maximize earning. Let’s go with the basics.
We have two tokens created in the ecosystem: Green Satoshi Token, GST, and Green Movement Token, GMT.
GST is an unlimited supply token that is mined as users move trading around ~$1.8.
GMT is a 6,000,000,000 supply token that can also be earned after shoes are leveled up to a certain point.
GST which is the primary token earned within the project, is what you earn when you move with the tracker. Once you reach level 30 on your shoe, can you then begin earning GMT. GMT is a 6 Billion supply project, so naturally attention is drawn there and wanting to stack this is the goal, but in order to get there, without paying an arm and a leg, GST provides most users entry point.
As of now, the solo-mode is what you use to earn said GST. Marathon mode, renting and other earning features are coming to the ecosystem in the future, but are only in development as of now.
The solo-mode involves simple walks/jogs/runs, where you burn energy to earn coins. Based on your shoe and its features, the speed of your movement, and the length of time equates to how long you can earn while you move.
Above we see that a walker can walk roughly 10 minutes and earn about 8 GST or $16 USD at current prices if they don’t stray from the optimal speed. While on the surface it looks like one can walk for an hour and earn $96 bucks but there are a few caps on earnings just like there is an invite only code when joining the app. That cap is Energy.
Your energy in the app replenishes 25% every 6 hours until it reaches the Energy cap. Users start with one Sneaker and 2 Energy Caps. Users can increase their maximum Energy by holding more Sneakers. The calculation is as follows:
Energy is what gives you the earning potential to begin with. Like a battery on a phone, if it is not charged or has no energy, you can’t use your device. Stacking shoes—the rarer the better—increases your energy, and gives you longer earning time.
What happens during the earning time, is now a factor of the shoe(s) themselves, outlined in this infographic:
If this sounds like a foreign language to you, that is because it goes a few steps further than the typical play to earn games that count on new users coming into the ecosystem. STEPPERS are actually rewarded more in the long-term as users are coming into the project, and not directly impacted with less since GMT is a deflationary token. Your sneakers themselves on the other hand, do deplete themselves over time as well. This is where the project implements repairing, upgrading and minting new shoes. For the cost of GST and or GMT, you can increase level and earning ability, increase lifespan and create a new shoe altogether.
WITH ALL THIS INFO, WHAT IS THE BEST WAY TO GET STARTED?
The simple way to get started, if 12 SOL fits your investing budget, is to just get in where you fit in.
Pull up Magic Eden, and try to find the rarest and best shoe for your speed, with the highest amount of attributes and get to walkin'.
This will allow you to become a part of the environment. Go on one walk every day, and start earning GST. Over time you will notice what improves your earnings and how to improve. You also have the ability to mint new shoes, which are rarity based like we discussed in the last paragraph.
The fun part about this project is getting active, while also earning a little passive income on the side. A lot of people are pointing to this as a ponzi that will fall, but it would be hard to get around a lot of the parameters the founders have set to keep it sustainable.
I will be eager to earn over the next few years and Step my way to financial freedom. The risk/reward is pretty solid if you ask me. See you on the other sole!