GMT Surge 500%, running can make money STEPN, why so hot?
GMT Surge 500%, running can make money STEPN, why so hot?
GMT Surge 500%, running can make money STEPN, why so hot?
"Currently, STEPN has more than 60,000 daily active users. According to CMC data, its governance token GMT has risen more than 500% in 19 days since it was launched. is the "Move to Earn" model of the chain tour STEPN old wine in a new bottle or another innovation, and why is STEPN so hot?"
Since last November, market enthusiasm has gradually shifted from the GameFi track to the NFT track, and the GameFi track has been in the doldrums.Even the leading Axie Infinity, whose governance token AXS has suffered a drop of over 60% from its high. Although from time to time we can see some information about chain tour companies getting financing, the market hotspots are still focused on the NFT sector, especially the PFP segment.
STEPN, which launched the "Move to Earn" mode, has become the most popular game on the GameFi circuit recently, and is currently Solana's #1 ranked game. It is ranked fourth in the Japanese app market and third in the US sports app.Currently, STEPN has over 60,000 daily active users. According to CMC data, its governance token GMT has risen over 500% in 19 days of launch.
01、What is STEPN?
STEPN is a Move to Earn game deployed on the Solana chain, where players can earn by walking, jogging or running outdoors.CoinsGST or GMT thus earning revenue. However, players need to own the NFT sneakers launched by STEPN first before they can participate in the game.
02、How to play and earn STEPN?
Players need to rent or buy NFT running shoes before they can earn exercise. The properties of the shoes and the amount of exercise determine the final number of tokens earned, and users can participate in different exercise modes.
1、Shoe properties
There are four different types of shoes Walker (walker), Jogger (jogger), Runner (racer) and Trainer (trainer)For example, the Walker has a speed limit of 1-6 km/h. Different types of shoes have certain limits on the player's speed, for example, the Walker speed limit is 1-6 km/h, beyond which the movement will not generate tokens. The price of different types of shoes also varies, with the Trainer being the highest, corresponding to the widest speed limit range of 1-20 km/h.
Each type of sneaker is divided into 5 qualities, different qualities represent different rarities, and the color of different rarity shoes are different.They are: Common (common, gray), Uncommon (rare, green), Rare (rare, blue), Epic (epic, purple) and Legendary (legendary, orange).Different qualities of shoes with different properties, the resulting generation ofCoinsThe revenue is also different.
2、Sports mode
1）Single player mode
In single player mode, players can earn tokens through movement/movement, and the player's income depends on two things: the level of movement, and the rarity/attributes of the sneakers owned.
The GST earned in single player mode depends on the player's walking/running speed and the level/attributes of the sneakers they are wearing. Once energy is depleted, Single Player mode will stop earning GST, but the player can choose to continue walking/running without earning GST. the player can also manually stop Single Player mode. If the GPS/Internet signal is weak while the player is moving, or if the user is not moving naturally (cheating instead), they will not earn a bonus while expending energy.
2) Marathon mode (under development)
In the Marathon mode, players need to register for the online marathon under the Marathon tab. Marathon has weekly and monthly races and players need to register 24 hours before the start of the online marathon.
Weekly Marathons- Marathons are held once a week for a full week. Users can choose to participate in a 2.5k, 5k or 7.5k marathon, but can only participate in one marathon at a time.
Monthly Marathons- Marathons are held once a month for an entire month. Users can choose to participate in a 5K, 10K or 15K marathon, but can only participate in one marathon at a time.
3) Backend mode (under development)
Players who own at least one pair of sneakers can earn GST without opening the app.The app background will take steps directly from the health data of the mobile device. Steps taken during background mode (walking, jogging or running) do not reduce the durability of the sneaker.
Earnings cap of 3000 in background modeStepand is above the player's daily token limit in single player mode. Backstage mode earnings are fixed and do not affect sneaker quality or NFT badges.
3、Casting or leasing
To participate in the activities of earning money while playing sports, you need a pair of NFT running shoes as the basis, and currently support the purchase, casting and rental of running shoes.
1) New shoe casting
To start casting new shoes, players should make sure that both Vintages (Parents) sneakers are unleased and have 100% full durability. Each sneaker can be up toCastBuild 7 times, the more times the manufacturing cost more expensive.The casting out is firstly a shoe box, then a new sneaker is opened, and the quality of the new shoe is determined by the quality of the shoe box. New shoesCastIt takes time to build, and higher quality sneakers will take more time to generate shoeboxes.
Casting normal and rare quality sneakers only consumes GST, casting historicalPoetryand legendary quality sneakers require the consumption of GST and GMT. 6% of the GST burned from this process will go into the game's treasury, and GMT holders will be able to vote on its distribution.
Therefore, players can also earn by not participating in the campaign, but simply by upgrading their sneakers or casting new ones to profit. (The tax rate for the NFT trading market is 4%)
2）Rental sports shoes
A major barrier to participation in Web 3.0 may be the complex process people must go through to convert fiat currencies to cryptocurrencies, as well as learning to use decentralized wallets.STEPN aims to break this barrier to entry through a rental system. The game offers a smart rental/lease system, where players with multiple pairs of sneakers can rent them to other users with one click, and the rental agreement is valid for 7 days.During the rental process, STEPN will charge a tax rate of 8%.
Every player has a default credit rating of 2 stars when joining the game. If the tenant fails to fulfill the rental agreement, the system will deduct 1 star from their credit rating. If the tenant fulfills the rental agreement, the system will award the tenant 0.1 star credit. The lessee's credit rating is capped at 5 stars. The fixed ratio of income distribution between lessee and lessor is 3/7.
03、How long can I play back?
The following is the payback period of various mainstream shoe combinations calculated according to the current market price, which is the dynamic payback period calculated in the most ideal state, shoe prices, GST price changes will affect the final payback period.
From the above table can be seen, 1 gray shoes is the fastest way to return to the capital, 3 gray / 1 green 2 gray / 1 green 8 gray return cycle are about the same are 48 days, the difference is the difference between the cost of inputs and the length of the campaign, you can choose according to your budget.
04、Read the economic model of STEPN
STEPN adopts a dual token economic model. One is a game utility token, GST, with unlimited incremental issuance, and the other is a governanceScienceToken GMT, total of 6 billionThe tokens GST and GMT earned can be directly exchanged for the stable coin USDC in the wallet of its APP. In addition, DEX Raydium and Orca also support the trading of tokens GST and USDC.
STEPN sneakers are divided into levels 0-30, and only when level 30 is reached, players can earncureScienceToken GMT. players need to consume energy during the campaign, there are 10 energy per day, when the energy is consumed, it will not be able to earn token rewards, the energy will be restored at a fixed time point at the rate of 25% every 6 hours.
GenerationCoinsDesign: Token Output and Token Consumption
Token output.
Different shoe types have different ROI, the characteristics of the shoe determine the output of the shoe, the different characteristics of the shoe unit movement of the generationCoinsThe revenue is different.
The number of token rewards players earn in the game is closely related to the four characteristics of NFT sneakers, namely type, attribute, quality and level, where type and attribute directly affect player earnings, and quality and level indirectly affect player earnings by affecting attribute values. The different types of sneakers (walking shoes, jogging shoes, fast running shoes, all-round shoes), the amount of tokens gained per 1 energy consumed is different, the higher the attribute value of the sneaker, the stronger the player's ability to earn revenue.
Token consumption.
At the same time, the characteristics of the shoes are proportional to the tokens needed to maintain them, and the token consumption is a "high output, high consumption" model.
To repair shoes, for example, a key characteristic of sneaker attributes is toughness, which affects the efficiency of gains by influencing durability, and its design effectively promotesGenerationCoinsGST consumption. in STEPN game, players in the process of sports to obtain rewards, the durability of the sneakers will gradually decay, in order to ensure efficiency to maximize revenue, players will consume tokens to repair the sneakers, that isOngoing costs are required to make a profit. High-grade and high-quality sneakers with high token earning capacity also cost more to repair.
In addition to restoration, theGenerationCoinsGST/GMT can also be applied to upgrades, including sneakers and gems (gems need to be used with slots).Gems can improve the attribute value of sneakers, thus improving the player's profitability. This mechanism will motivate players to buy gems and upgrade their sneakers, as only after upgrading can the gem slots be unlocked, and unlocking later gem slots will consume more tokens (the higher the sneaker level the more tokens will be consumed to upgrade).The higher the level of the gem, the more significant the effect of improving the attribute value of the sneakers, which will motivate players to participate in gem upgrades.
Gems and gem slots need to match each other, which will also promote players to buy gems or get other sneakers (e.g. buying, casting, etc.)For example, if the player's gem slot is the efficiency attribute and the gem obtained is the toughness attribute, then the player needs to have the efficiency attribute gem, or the toughness attribute sneaker to be able to play the effectiveness of the gem.
In addition to the above application scenarios, theGenerationCoinsGST/GMT will also be used for "breeding new shoes" and sneaker customization (in development).Sneakers must have full durability to participate in "breeding", a rule that encourages players to repair to accelerate the consumption of tokens GST, while the more shoes a user breeds, the higher the cost of production, and each user can only perform a maximum of 7 breeding activities to limit the output of sneakers and tokens.
The rule also facilitates token consumption in the design of the sports mode, the future launch of the marathon mode, which prohibits players from repairing their sneakers during participation. Under this restriction, before participating in the marathon, users may repair their shoes in advance in order to complete the marathon and seek to receive rewards.
By bundling token output and consumption together, adopting a "more output, more consumption" strategy and prohibiting restoration during the marathon, STEPN is able to effectively promote token GST consumption to reduce selling pressure.
05. Can cheating to glean wool be achieved?
If walking and running can make money, is there a chance to weed out the money? Twenty-four hour exercise, or the emergence of cheating methods such as step shakers to arbitrage, is this possible?
In order to reduce token output, STEPN limits the amount of energy and the number of tokens a user can earn per day. The base energy is 10 per day and cannot be used up to earn more tokens. Energy is restored to 25% every 6 hours, thus avoiding wool to a large extent.PartyArbitrage causes harm to economic models.
Players need to boost both energy and token reward amount to maximize profit. The ways to boost energy and token reward are different, the former is by upgrading the number and quality of sneakers, and the latter is by upgrading, which will help motivate players to participate in more play and also promote the consumption of tokens.Also the rate of increase of the daily energy cap is lower than the rate of increase of the number of sneakers, meaning that it costs more to get a higher energy cap later on.
In summary, in addition to the rich token application scenarios, STEPN also motivates players to consume tokens through various designs (such as repair, upgrade, gem and slot matching, etc.), and the cost for players to enhance their ability to earn tokens is gradually increasing, and the mechanism is reflected in many locations in the game (such as the increasing cost of upgrades, the higher the quality the higher the cost of repair, the higher the cost of producing more shoes, etc.).Through this form of "high output and high consumption", it achieves a dynamic balance between token consumption and output, and promotes the sustainable and healthy development of the game.
In addition, STEPN has also adopted certain regulatory measures through the setting of mechanisms, and Twitter user @forgivenever summarized the regulatory measures he observed as followsGenerationCoinsWhen the price of GST increases too fast, the project will carry out 2x efficiency, 2x energy and other favorable activities to lower the expectation of GST increase by increasing the income of players to control the price of GST; when the user growth is too fast relative to the existing user base, the project will restart the invitation code system to control the growth of new users and ensure the smooth growth of users to maintain stable economic growth.For the token GMT surge, there is no need for regulation in the short term, because the game is currently running mainly on the token GST, and the short-term surge in GMT will not have a large impact on the game's continued development.
In addition to the economic model to support the healthy development of the game, the STEPN project also transferred the trading of sneakers from the NFT trading platform Magic Eden to its own trading market at an early stage, and used the tax draw of 6% per transaction as the main revenue for the treasury. Sneakers are traded in the token SOL as a medium of exchange, and given the value of the token SOL, the fees charged by the project is equivalent to "foreign exchange reserves", similar to the recent purchase of BTC by Terra, which can be used to interfere with the price of economic factors when necessary to maintain the stability of the entire system.
06、Why is STEPN successful?
1. compared to traditional RPG, RAC and other GameFi games, STEPN is simple to play.There is almost no operational threshold, basically all users can easily understand, and the coverage group is much wider.
2.The design of novel and reasonable intention as well as the overlapping airdrop incentive is conducive to STEPN to break the ice and spread effectively.The first airdrop of 10,000 pairs of shoes boosted the activity of the community. The first airdrop of 10,000 pairs of shoes boosted the activity of the community, and on the other hand, the product had a certain scale of "loyal" users through free gifts, cultivating a number of early seed users and laying the foundation for the later spread and fission.
3. Closely related to people's lifestyles.Related to the promotion of healthy living and carbon neutrality, it is easy for users to generate behavioral habits. At the same time, the fitness card also has a strong social attribute, which is conducive to the fission spread.
4. There are various ways to play, the token application scenarios are relatively rich, and the economic model is dynamically balanced.The economic model with increasing difficulty of setting the daily reward amount and raising the reward limit can maintain the dynamic balance of token output and consumption and support the sustainable development of the project.
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