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- ‘Move & Earn’ blockchain application STEPN will boot 100 employees
- User count falls and its tokens, GST and GMT take a beating in the ongoing crypto winter.
STEPN: among the victims of the crypto winter
STEPN was created by Jerry Huang and Yawn Rong of Australia based game and development studio Find Satoshi Lab. It is based on the Solana blockchain.
CoinGecko data shows that STEPN’s governance token Green Metaverse Token (GMT) rallied to its all time high ($4.11) this April and Green Satoshi Token (GST) reached $8.511. Since reaching peak figures, both tokens have plummeted significantly – GST fell by 99% to $0.026, while GMT dropped by 85% to $0.61.
The fitness application’s user count fell sharply from its all time high of 105,257 on June 26th to 6000 this September. As of October 5th, the count bounced back mildly to 11,877.
STEPN is blocking users based in mainland China. It tweeted in May this year, that any user identified as located in China will be blocked promptly. The company suffered multiple distributed denial of service attacks or DDoS attacks in June this year.
An app that lets you run with NFT sneakers!
STEPN’s game rules:
- Purchase a ‘sneaker’ (an NFT) based on your fitness level (shoes differ in energy levels and the movement speed within which earning is triggered)
- Turn on your device’s GPS and move – for real – depending on your fitness level (run or walk within the sneaker’s speed range; you will not earn if you are out of that range)
- Earn GST or GMT by burning energy; use those for in-game purchases or transfer to your crypto wallet.
Luna Kim: STEPN is flawed
Luna Kim, a cryptocurrency researcher opined on Twitter, that STEPN’s model was designed to make users sell the tokens in exchange for rewards. This increased the supply of these tokens disproportionately, causing a rapid decline in token price.
“The more rewards users get, the more tokens they sell to the market, which in turn affects its ecosystem,” Kim reasoned.
Yawn Rong’s open letter to followers
On October 11th Co-founder Yawn Rong posted an open letter on Medium and tweeted a concise version of the letter in 5 parts.
Rong hinted at major changes to STEPN and promised to keep followers up to speed with all developments. In an open letter, he promised that STEPN was working to add value to the tokens and the Find Satoshi Lab ecosystem. He added that the October edition of Town hall was called off since all developers were required to work on ongoing projects; however, the November editions will take place per schedule.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
