In-depth analysis of "Move to earn" project Stepn

Industry News 1years go (2022) Dexnav

In-depth analysis of "Move to earn" project Stepn

StepnIt is the first sports app built on Solana that combines blockchain token incentive, and by introducing the innovative concept of "Move to earn", it has created an empowering attempt of blockchain for sports app, and the protocol has been officially launched for only about 3 months, but the number of daily active users has already exceeded 10,000 and is growing continuously. The economic model of the protocol is borrowed from Gamefi's mainstream dual token model, which still has a certain risk of death spiral, but the current data shows that the development of the model is relatively healthy, and with its first-mover advantage and good product design, Stepn has become the leading project of the track. In summary, the project is worth watching.


StepnThe segmentation track is sportsAPPwith aGamefiNature of the "Move to earn"Raceway.

Stepn is the first sports APP built on Solana that combines blockchain token incentive, by introducing the innovative concept of "Move to earn", it has created an attempt to empower blockchain for sports APP. In Stepn, users can earn tokens by walking/jogging/running every day after purchasing sneakers in the trading market. In addition to the token incentive, the APP also adds the game element that treasure boxes can be randomly dropped during walking and the attributes of sneakers can be adjusted by upgrading, so that users can get the triple experience of playing, earning and exercising.

There are not many official online projects in this track, theAPPThe highlights are.

  1. The team's background is strong, the founders not only have backgrounds in crypto, gaming, and serial entrepreneurship, and the advisors cover both traditional industry and crypto industry venture capitalists. Stepn launched the public beta version within only three months after participating in the hackathon, and kept updating and optimizing after the launch, the project's advancement is fast and the team's delivery capability is strong.
  2. In terms of product design, Stepn does not only limit the user group to running users, but also makes it possible for even ordinary people without running habits to gain income through "Move" (simply walking or strolling) by launching walking shoes, all-round shoes and other NFTs, and its minimum requirement is only 10 minutes of exercise per day. The low threshold of ten minutes makes the app very friendly to ordinary people's exercise requirements, which is conducive to the growth of its user base.
  3. From the user experience, each operation in its APP is very convenient and easy to use and the UI design is more beautiful.
  4. In terms of social media scale, Stepn has a strong operation, a high following on all platforms, and a strong community consensus with a high user retention rate.
  5. From the business data, although the agreement has been officially launched for only about 3 months now, its user growth rate is high and the number of active APP users per day has exceeded 10,000.

The APPThe risk points are.

  1. From the long-term development of the project, as a sports app, it needs real users rather than speculators, but the money-making effect will inevitably lead to gold studios or some speculative users to enter the field through various cheating methods, so to ensure that the anti-cheating mechanism can be effective in the long term is a key factor in the development of the project, depending on the development capabilities of the team, with the current feedback from online users, the anti-cheating mechanism There is still room for improvement.
  2. From the situation of new user entry, the output and consumption of tokens within Stepn currently maintain a relatively balanced state, but it should be noted that if the rate of new user entry in Stepn slows down or stagnates, there is a possibility that the GST dumping pressure is too large coin price falls into a death spiral, and the current application scenario of GST is focused on in-game upgrades, synthetic gems, accelerated opening of treasure chests and reproduction In the face of this possible future situation, the team's solution is 1) to achieve a balanced state of in-game GST output and consumption by turning part of the in-game output GST revenue into output GMT revenue in the future. 2) for GMT, more application scenarios will be given (such as governance, pledge, in-game consumption, and establishing ecology, etc.) to ensure that the demand for GMT remains in a benign state, but the current GMT play has not been launched, so it remains to be seen whether the model can continue to maintain its current healthy state in the future.
  3. From the perspective of entry threshold, there are currently two thresholds for Stepn that prevent future large-scale growth: 1. The price of the sneakers NFT for entry is high, and currently only users with certain crypto assets can afford it. 2. For non-crypto users, a series of operations such as creating wallets, understanding helper words, and converting fiat assets into cryptocurrency assets are tedious, which has a certain resistance to breaking the circle. The current solution of Stepn is to put the leasing market on line in Q3, by leasing the sneakers of crypto users to non-crypto users, and non-crypto users only need to sign the agreement to get the income directly, which turns the entry mode of learning crypto knowledge first and then cashing in the movement into learning crypto knowledge after cashing in the movement first, which is feasible to some extent. It is worth observing.

In summary, Stepn is worth watching.

Note: The final rating of [Concern] / [No Concern] by First Class Warehouse is the result of a comprehensive analysis of the current fundamentals of the project in accordance with the First Class Warehouse project evaluation framework, not a prediction of the future price increase or decrease of the project tokens. There are many factors that affect token prices, and project fundamentals are not the only factor. Therefore, you should not assume that the project price will definitely fall just because the research report determines that it is [not concerned]. In addition, the development of blockchain projects is dynamic. If there is a significant positive change in the fundamentals of a project that we judge as [Not Concerned], we may adjust it to [Concerned], and similarly, if there is a significant malignant change in a project that we judge as [Concerned], we will warn all members and may adjust it to [Not Concerned].

  1. Basic Overview

    Project Profile

Stepn is a sports app built on Solana with Gamefi attributes, focusing on "Movetoearn", encouraging players to earn the protocol's in-game tokens GST and governance tokens GMT by walking, jogging and running three kinds of sports. Currently, the app is divided into four parts: 1) single player mode; 2) trading market; 3) marathon mode; 4) backstage mode; the marathon mode and backstage mode are not yet online.

Basic Information1


Established October 2021
Release Date March 2022
Country of affiliation Australia
Affiliated Sectors Sports App
Token Symbols GMT
Market Capitalization Ranking 62
Current Coin Price $3.45
Capital Raising Total fundraising $92M
Market capitalization in circulation $1,964,810,097
Circulation 600,000,000
Total number of tokens 6,000,000,000
On-line trading pairs 4
Top 10 Exchanges 4 (Binance, Firecoin, OKX, FTX)
18.1.1 Highest price to date $3.45 (April 19, 2022)
18.1.1 Lowest price to date $0.1 (March 11, 2022)


  1. Project Details


Stepn team is mainly overseas Chinese, currently in Australia, the number of team members is not disclosed, and the information of its core members is as follows.

In-depth analysis of "Move to earn" project Stepn

JerryHuang, one of the founders of Stepn, graduated from Zhejiang University with a degree in computer science in 2008, entered the game industry in 2008 and made about 10 games in total, founded the game studio FalafelGames from 2010-2015, and co-founded Stepn with Yawn in August 2021.

In-depth analysis of "Move to earn" project Stepn

YawnRong, one of the founders of Stepn, graduated from the University of South Australia with a degree related to advertising and marketing, has experience in both the physical industry and blockchain entrepreneurship, is one of the representatives of the South Australian Blockchain Association, entered the cryptocurrency world in 2017, founded CryptoSA Lab, a company doing OTC as well as mining business in 2018, served as the 2019 Algorand's business ambassador, and founded Stepn in August 2021.

In-depth analysis of "Move to earn" project Stepn


JessicaDuan, Chief Strategy Officer at Stepn, graduated from the University of Adelaide in Australia in 2010, worked as Sales Manager at JR/DutyFree from 2013-2015, founded Soko Design Studio in 2015, and joined Stepn in 2021.


1)ScottDunlap, , ,One of Stepn's advisors, Vice President of Adidas.

2)WilliamRobinson, , ,One of Stepn's advisors, AllianceDAO's core contributor and chief incubator, with years of experience in blockchain practice and game design.

3)JasonKAM, , ,One of Stepn's advisors, the founder of FoliusVenture (Twitter name: MapleleafCap) and former investment director at BriarwoodChase Management hedge fund management firm, is well followed in the crypto community.

4)SantiagoRHe is one of Stepn's advisors and one of ParaFiCapital's partners, having worked for JP Morgan Chase, the largest financial services firm in the United States.

Summary.StepnIts own team not only has a background in crypto and gaming startups, but its investors and advisors also have a certain reputation in the crypto industry and can giveStepnCertain resources support and product guidance, according to the team founder disclosed that its economic model is precisely inFoliusVenturewhich was designed with the help of a consultant from the crypto industry, and the vice president of traditional top brand Adidas, who has personally promoted the project on social media, in addition toThe lineup is useful both within and outside the crypto industryStepnThe future development of all have a certain help.


StepnTwo rounds of financing have been conducted so far, with a total financing amount of$9.2MThe details are as follows.


In-depth analysis of "Move to earn" project Stepn


The Stepn code is not open source.


Stepn is a sports app with Gamefi attributes built on Solana, focusing on "Movetoearn", encouraging players to earn the protocol's tokens GST and GMT by walking, jogging and fast running. (1) single player mode; (2) trading market; (3) marathon mode; (4) backstage mode; the marathon mode and backstage mode are not yet online.

At the time of the official campaign, the StepnAPP page is shown below.

Users only need to press "START" to start earning revenue, the reference indicators such as current speed and optimal speed will be displayed on the page of APP when exercising, it should be noted that users will get the best revenue only when the GPS signal is full, so Stepn users need to exercise outdoors or on the balcony etc. to earn revenue. If the app detects a weak GPS/internet signal, or if the user is not moving normally (e.g. using an electric scooter or fixing the phone on the dog), it will show the "Moonwalking" status, and the user will not be able to earn in that state.

In-depth analysis of "Move to earn" project Stepn

Figure2-1Stepn APPInterface

Accounts & Wallets

Before new users enter Stepn, they need to register their account in Stepn by entering their email, before March 7 users can use the APP without invitation code after registration, after March 7 in order to control the speed of new players entering, the official started the invitation code mechanism, new users need to fill in the invitation code after registration in order to successfully register their account, invitation code can only be obtained from the official website, Discord and The old users will initially have an invitation code, if the invitation code is used up and complete the daily campaign tasks will generate a new invitation code.

After successful registration, users can import the wallet address and assets on Solana by importing a helper word or creating a new wallet, besides the wallet, the APP also has a built-in money account (Spending), and the earnings obtained by users will be automatically deposited into the Spending account, and users can transfer the accounts in Spending to the wallet at any time ( Users can transfer the accounts in Spending to the wallet at any time (for GST and GMT, the number of transfers must be more than 10 at a time), and after the transfer, you can directly trade in the wallet to convert to SOL or USDC.

Currently Stepn's Spending account only supports wallet transfers on Solana, but according to Stepn's roadmap plan, in mid to late April it will also support wallets on the BSC chain, using BNB as the settlement currency for its trading market.

In-depth analysis of "Move to earn" project Stepn

Figure2-2StepnWallet interface

Single player mode

1, sports shoes.

In Stepn, users first need to own NFT sneakers before they can open the single player mode to earn token rewards, in which Stepn has designed the shoes into four types according to the different habits of users: 1) Walker; 2) Jogger; 3) Runner; 4) Trainer; three modes: 1) Walking; 2) Jogging; 3) Fast running; each type of The speed and gain intervals of shoes are shown in the following table.

Table2-3Sneaker Properties

Types of shoes Walker(walking shoes) Jogger(Jogging shoes) Runner(Fast running shoes) Trainer(All-purpose shoes)
Optimal speed 1-6 km/h 4-10 km/h 8-20 km/h 1-20 km/h
Consumption at optimal speed1The base benefit of energy gain 4 GST 5 GST 6 GST 4-6.25 GST

2, Properties.

Each type of shoe possesses four attributes.1) efficiency.2) Luck.3) comfort.4) Durability.Each pair of sneakers can be upgraded by consuming a certain amount of time and GST. By upgrading each pair of shoes, you can gain a certain number of attribute points, and users can choose to add the points to different attributes according to their needs. Each of these attributes gives the user different gains.

1) For efficiency, the higher the efficiency value the higher the GST gain per minute. At level 30, users can choose to continue earning GST or switch to earning GMT.
2) For luck, the higher the luck value can increase the chances of dropping treasure chests during walking.
3) For comfort, the higher the comfort value the higher the GMT gain per minute can be obtained, level 30 opens.
4) For elasticity, the higher the durability can reduce the GST that needs to be spent on shoe repair after each energy consumption.

In addition to the difference in speed, according to the rarity of shoes can also be divided into five types of shoes: gray shoes (common), green shoes (uncommon), blue shoes (Rare), purple shoes (Epic), orange shoes (Legendary). For shoes of different rarities, the initial attributes and subsequent upgrades are different, as shown in the following table.

Table2-4Attribute breakdown for different rarities

Variety of shoes Grey Shoes green shoes Blue Shoes Purple Shoes Orange Shoes
Initial property range 1-10 8-18 15-35 28-63 50-112
Additional attribute points per level 4 6 8 10 12

3, Energy.

In the single-player mode, when the user holds the NFT sneakers, the system will assign the user stamina value according to the type and number of shoes, where 1 point of stamina is equivalent to 5 minutes of exercise time, the total amount of stamina depends on the total number of shoes under the user's account and rarity, every 6 hours Stepn will automatically return 25% of stamina value, the relationship between stamina value and the number of shoes is shown in the following table.

Table2-5Number of shoes in relation to the total number of energy

Quantity 1-2Two shoes 3-8Two shoes 9-14Two shoes 15-29Two shoes >30Two shoes
Stamina Value 2 4 9 12 20

(Note: The rarity of the shoes will also affect the total value of stamina, where each pair of green shoes will add an extra 1 stamina, blue shoes +2, purple shoes +3, and orange shoes +4.)

4, Grade.

Users can upgrade their sneakers by consuming GST, the more levels they go up to, the more GST and time they have to spend (e.g. it takes 1 hour to go up to level 1 and 30 hours to go up to level 30, during which they cannot sell, repair or cast their shoes, but they can exercise normally), while users can also spend more GST to reduce the upgrade time.

Up to higher levels will unlock different features, different levels of unlocked features are shown in the following table.

Table2-6Functions that can be unlocked at different levels

5Level 10Level 15Level 20Level 30Level
Unlock gem slot 1 and casting function Unlock gem slots 2 and rental function Unlock Gem Slot 3 Unlock Gem Slot 4 Unlock GMT earnings

5, Casting.

After each pair of sneakers reaches level 5, new sneakers can be reproduced by matching casting with another sneaker, which can be cast once every 48 hours. Shown in.

Table2-7Casting Costs

Number of casting/GST 0 1 2 3 4 5 6
Grey Shoes 100 100 150 200 250 300 350
green shoes 400 400 600 800 1000 1200 1400
Blue Shoes 1500+50 GMT /

(Example: When a pair of grey shoes that have been cast 2 times and another pair of grey shoes that have been cast 0 times are matched for casting, the cost of GST to be spent is 200 + 100 = 300;)

In-depth analysis of "Move to earn" project Stepn

Figure2-3Casting Interface

Users will not generate sneakers directly when casting, but will generate a shoe box, and then generate sneakers by opening the shoe box. The properties of the shoe box depend on the properties of the predecessor sneakers, and the properties of the sneakers opened from the shoe box depend on the properties of the shoe box, as detailed in the following table.

Table2-8Shoe box probability


Front body sneakers1 Front body sneakers2 Probability of grey shoebox (%) Green shoebox probability (%) Blue shoebox probability (%) Probability of purple shoebox (%) Orange shoebox probability (%)
Grey Shoes Grey Shoes 100 0 0 0 0
Grey Shoes green shoes 50 49 1 0 0
Grey Shoes Blue Shoes 50 0 49 1 0
Grey Shoes Purple Shoes 50 0 0 49 1
Grey Shoes Orange Shoes 50 0 0 0 50
green shoes green shoes 0 98 2 0 0
green shoes Blue Shoes 0 49 50 1 0
green shoes Purple Shoes 0 49 1 49 1
green shoes Orange Shoes 0 49 1 0 50
Blue Shoes Blue Shoes 0 0 98 2 0
Blue Shoes Purple Shoes 0 0 49 50 1
Blue Shoes Orange Shoes 0 0 49 1 50
Purple Shoes Purple Shoes 0 0 0 98 2
Purple Shoes Orange Shoes 0 0 0 49 51
Orange Shoes Orange Shoes 0 0 0 0 100

Table2-9Sneaker probability

Shoe box types Probability of grey shoes (%) Green shoe probability (%) Blue shoe probability (%) Probability of purple shoes (%) Orange shoes probability (%)
Grey Shoebox 97 3 0 0 0
Green Shoebox 25 73 2 0 0
Blue Shoebox 0 27 71 2 0
Purple Shoebox 0 0 30 68 2
Orange Shoebox 0 0 0 35 65

6, income mechanism.

Currently the single player mode has a certain daily energy limit and daily token limit, the player's initial energy is 2, with the increase in the number of sneakers, the highest energy can reach 20; the initial token (GST) income is 5GST/day, with the increase in efficiency value, the highest income can reach 300GST/day, according to user statistics, the current configuration of different shoes payback cycle in 40-50 days or so, and the formula for calculating the income is shown below.

In-depth analysis of "Move to earn" project Stepn

Table2-10Income formula parameter meaning

In-depth analysis of "Move to earn" project Stepn

From the formula, it can be seen that the player gets the movement whenGSTwill be related to several factors.

1) the amount of energy consumed by the player; 2) the player's movement speed; 3) the additional prop bonus on the sneakers; 4) the efficiency value of the sneakers; 5) the value of the durability; 6) the system value.

And in the above several factors and the player gains the greatest relationship is the efficiency value of sneakers, with the player sneaker level and efficiency value increases, the relationship between the player efficiency value and GST gains are shown below.

In-depth analysis of "Move to earn" project Stepn

Figure2-4Per energy output ofGSTSimulation curve of the relationship with efficiency2

7, mysterious treasure box.

When the user moves in single player mode, if the energy and luck value reaches a certain value, the mystery treasure chest will drop randomly, the treasure chest may contain GST, gems (level 1-3) or nothing, if the user's GST gain for the day has reached the upper limit, the treasure chest will not drop GST, there are 5 quality types of mystery treasure chest, the higher the quality, the longer the waiting time to open the treasure chest, the player Players can consume GST to speed up the opening of the treasure chests. Each user has four Mystery Chest columns and can place up to four Mystery Chests.

The probability formula for whether a mystery chest can be dropped is shown below.

In-depth analysis of "Move to earn" project Stepn

The formula for the mass of the mystery chest after it drops is shown below.

In-depth analysis of "Move to earn" project Stepn

Table2-11Drop formula parameter meaning

Parameters Meaning Parameters Meaning
N Energy consumption value PSLC Sneaker luck factor bonus (gem, slot bonus, etc.)
PSL Sneakers Lucky Value Parameter1, , ,Parameter2 Range of system values
System Value System value (set by the team) Randbetween Returns a random integer in the range of system values

From the formula, it is clear that the mystery chests players will receive during the campaign will be related to several factors.

1) the amount of energy consumed by the player; 2) the luck value of the sneakers; 3) the additional prop bonuses on the sneakers; 4) the system value.

And in the above several factors and the biggest relationship with the player's earnings is the lucky value of the sneakers, with the player sneaker level and the increase in the lucky value, the relationship between the player's lucky value and the probability of dropped treasure chests is shown below.

In-depth analysis of "Move to earn" project Stepn

Figure2-5Simulation curve of the relationship between the probability, mass and consumed energy and luck value of the drop of the mysterious treasure chest3

8, gems and slots.

After the user's sneakers reach a certain level, the gem slots can be unlocked (10 GST are required to unlock each slot), and shoes of different rarity have different probabilities of unlocking gem slots of different rarity; gem slots can be used to set gems in the trading market or obtained from mysterious treasure chests, fixed slot types can only place fixed types of gems, and the current types of gems and attributes There are four types of gems: 1) Efficiency (yellow slot), 2) Luck (blue slot), 3) Comfort (red slot), and 4) Resilience (purple slot).

In-depth analysis of "Move to earn" project Stepn

Figure2-6Mystery chest and gem slot interface

In addition to the attributes, each gemstone also has a different level, the higher the level of the gemstone the stronger the gain in the attributes of the sneaker: the higher the level of the gemstone the stronger the gain in the attributes of the sneaker.

Table2-12Gain effect breakdown

In-depth analysis of "Move to earn" project Stepn

(Note: According to the official documentation, there are a total of 9 levels of gems, but currently the highest players only synthesized to level 4 gems, the gain effect of gems after level 5 is not officially disclosed, the need for players to explore their own synthesis.)

The higher the level of the synthesis, the higher the probability of success. If the synthesis fails, the original 3 gems will be broken and cannot be used.

Table2-13Gemstone synthesis success rate

Gemstone Level 1 2 3 4 5 6 7 8
Synthesis success rate 35% 55% 65% 75% 85% 100% 100% 100%

Trading Market and Rental Market

Trading markets.Currently users can purchase shoeboxes through the built-in trading marketplace in Stepn, or in the MagicEden trading marketplace on the SOL chain, but most of the user listings and purchases currently occur in the built-in trading marketplace in Stepn, which has a total tax revenue of 6%, of which 4% goes to NFT creators as royalties and 2% of transaction fees will be retained by the team.

The main sports shoes in the trading market are mainly gray shoes and shoes that have been minted 2 times, because the minting cost is low, and the floor price of sports shoes can cover the minting cost, so for sports shoes that have been minted 2 times or less, they all have a certain profit space, but the earnings in this way will fluctuate greatly with the change in the coin price of SOL and GST, currently the settlement currency of this market is SOL, and the floor price of sports shoes The price is around 9-10 SOLs.

In-depth analysis of "Move to earn" project Stepn

Figure2-7StepnTrading Market Interface

Rental market.Leasing market is a mechanism that Stepn will launch in Q3 in order to lower the threshold for users to enter the market, users can apply for leasing, complete matching with the owner of the sneakers, agree to the terms of the lease and then open the lease, each lease contract is valid for 24 hours, after which the sneakers will be returned to the owner for repair; at the same time, users can extend the lease agreement to 7 days by improving the credit rating, currently the hirer At present, the revenue of the renter and the leaser is 30%/70%, the revenue ratio may be adjusted after the launch, and the credit of the renter will be increased for every successful performance of a rental agreement.

Marathon mode and backstage mode (not yet online)

Marathon mode.Stepn's future plans to launch marathon mode will have two kinds of weekly marathon and monthly marathon, where for the weekly marathon, users can choose to participate in any of the 2.5 km, 5 km or 7 km marathon; for the monthly marathon, users can choose to participate in any of the 5 km, 10 km, 15 km marathon.

1) Before participating users need to register first, a certain fee is required for registration, if the required number of kilometers of the registered type is not completed within the specified time, the registration fee will be pooled for the ranking rewards. (The leaderboard will be ranked based on the user's running speed and the attributes of the sneakers to calculate points.) 2) While participating users can track their marathon progress through the [Set Goal] function; 3) At the end of the marathon, all users will receive NFT medals and the top ranked users will be rewarded with additional GST/GMT with NFT badges.

Back-office mode.When the user does not open the Stepn application, the application will be running in the background, you can also get a certain amount of GST earnings, background mode will get the step information from the mobile device's health data APP, the maximum number of steps per day in this mode is capped at 3,000 steps, the earnings are fixed earnings, will not be affected by the efficiency value or prop bonus, and the earnings through the background mode will not consume Energy and endurance value will not be consumed when gaining through background mode.

Anti-cheating mechanism

For sports app with the property of gaining revenue, once users get revenue through multiple cell phones or other non-outdoor human sports, a large amount of GST will be acquired by speculative users instead of real users to form a market pressure, thus harming the interests of real users, so how to prevent non-real users from gaining revenue through cheating mechanism is the key to the long-term development of Stepn. The key to the longevity of Stepn is to prevent cheating through the following three mechanisms, as follows.

  1. To prove the authenticity of player movement data.The player's motion data is collected by accessing the gravity sensor, linear acceleration sensor, significant motion sensor, accelerometer, step detection sensor, etc. in the cell phone, and then collected to ensure that the player's motion data is real by the following three ways: 1) verifying whether the data of mobile motion matches the amplitude of human motion; 2) verifying whether the data of mobile motion matches the mobile pedometer; 3) verifying whether the data of mobile motion matches with the GPS track.
  2. GPSAlgorithm development.By developing its own GPS algorithm to solve the possible GPS drift, degradation, and instability that may occur when players are exercising, resulting in biased movement data collection. According to the official disclosure, in the latest Beta test, Stepn's GPS accuracy has improved by 70 times compared to traditional running applications and GPS devices.
  3. Preventing simulator cheating through machine learning + data collection.If the user provides the tampered sports data to the Stepn APP through the hacking engine on the personal computer through the simulator, the user can gain revenue without sports through this cheating method. system to identify the authenticity of the user's movement data.


  1. In terms of the team, the team not only has a background in crypto, gaming, serial entrepreneurship, and advisors covering both traditional and crypto industry venture capitalists, but most importantlyStepnThis product was launched in public beta within just three months after participating in the hackathon and has been continuously optimized since its launch, almost every two weeksAPPall need to be updated once.The project is fast moving and the team is strong in delivery.
  2. In terms of positioningStepnAlthough it also uses "to earn"token incentive model, but not like the mainstream marketGamefiThe product is the same, taking the route of playing to earn, butPioneering a new model of getting rewarded through exercise.In sports, users can not only get external token incentives, but also other internal incentives such as dopamine secretion from lifestyle changes and sports itself, which can greatly increase the user retention rate of their products under double incentives.
  3. In terms of product design, theStepnAnd not only limit the user group to running users, but by launching walking shoes, all-round shoes, etc.NFTThe way to make even ordinary people who are not used to running can use the "Move"(simply walking or strolling) to gain, andIts low minimum requirement of ten minutes of exercise per day makes theAPPIt is very friendly to the movement requirements of ordinary people, which is conducive to the growth of its user base.
  4. In terms of user experience, itsAPPThe operations inside are very convenient and easy to use, andUIAesthetically designed, but during the movementThere are still occasional occurrences ofAPPUnable to receiveGPSSignal, resulting in a situation where the user does not get the benefit or the benefit is low.
  5. In terms of entry thresholds, the currentStepnThere are two thresholds that prevent future large-scale growth.1Sneakers for BeginnersNFTThe price is high and currently only users with some crypto assets can afford it.2For non-crypto users, a series of operations such as creating wallets, understanding helper words, and converting fiat assets to cryptocurrency assets are more tedious and possess some resistance to breaking the circle.And currentlyStepnThe solution to this is inQ3By leasing the sneakers of crypto users to non-crypto users, non-crypto users only need to sign an agreement to directly exercise to get revenue, which turns the entry mode of learning crypto knowledge first and then exercising for cash into exercising for cash first and then learning crypto knowledge, which has a certain feasibility at present, and the future development of the leasing mode after it goes online is worth observing.
  1. From the long-term development of the project, as a sportAPPThe project needs real users rather than speculators, but the money-making effect will inevitably lead to gold studios or some speculative users to enter through various types of cheating, so to ensure that the anti-cheating mechanism can be effective in the long term is a key factor in the development of the project, depending on the development capabilities of the team.Based on the feedback from users who are currently online, there is still room for improvement in the anti-cheat mechanism.
  1.   Development


Table3-1StepnBig Event

2021.10.20 Stepn finished fourth in the Gamefi circuit at the Solana Ignition hackathon.
2021.11.02 Stepn opens Beta testing.
2021.12.11 Stepn announced the opening of the first airdrop of shoeboxes (10,000 units).
2021.12.22 Stepn announced the opening of Public Beta testing.
2022.01.20 Stepn announced a $5M funding round led by Sequoia Capital and Folius Venture.
2022.02.02 Stepn opens the double energy event.
2022.03.09 Stepn Governance Token GMT is live on Coin Launchpad.
2022.03.16 Stepn completed the governance token GMT airdrop distribution.
2022.03.28 Stepn opens the twin casting probability doubling event.
2022.04.12 Stepn announced the launch of a joint limited edition Stepn sneaker with Japanese sports brand ASICS.

Current Status

Operation Data

Stepn officially does not open its user number data to the public at the moment, but according to its tweet and the founder's disclosure in the AMA, Stepn's daily activity had reached 20,000 people and monthly activity had reached 60,000 people by February 21, daily activity had reached 100,000 people by the end of March, which is five times of the number by the end of February, and daily activity had reached 200,000 people by April 10, but since some users may use multiple accounts for the campaign, the The real number of daily activity users should be around 10w+.

Figure 3-1 shows the daily number of new rechargeable users in Stepn as counted by netizens, which can indirectly reflect the daily new users of Stepn. It can be seen that since late March, the daily number of new users of Stepn has remained around 4-6k people, Figure 3-2 shows the total number of daily active users of Stepn, and it can be seen that from the data on the chain, the daily activity of Stepn after April 10 users has exceeded 10w people.

In-depth analysis of "Move to earn" project Stepn

Figure3-1StepnNumber of new recharge users4

In-depth analysis of "Move to earn" project Stepn

Figure3-2StepnTotal number of active users5

The following chart shows the daily withdrawals and deposits of SOL and GST, it can be seen that the daily output of GST in addition to the in-game reinvestment of throwing pressure and the rate of new users into the field is more consistent, and there is no obvious user into the field rate is too fast, resulting in the increase of the deposited GST and the user into the field is too slow, resulting in the output of GST buy insufficient situation, at the same time after observing the recent USDC in and out of the situation The number of recent USDC deposits and withdrawals by Stepn users was also found to be in a balanced state.

In-depth analysis of "Move to earn" project Stepn
In-depth analysis of "Move to earn" project Stepn

Figure3-4Daily withdrawals and deposits ofSOL, ,GSTTrends6

Social Media Scale

Table3-2StepnSocial Media Data

Twitter Discord Telegram Medium
Followers 156,123 followers. 110,670 members.
19,951 people online.
61,951 members.
9,136 people online.
4,935 people follow.
Comments Frequent tweets and high number of retweets and comments. Discord has a high level of active discussion in all divisions. High activity level. /

Comments.Stepn has high attention in all major social media, and in this case, Stepn does not stop its operation. Every week, Discord of Stepn holds tea parties for users to communicate, and the team founder holds AMA activities with various platforms and KOLs almost every week to increase Stepn's exposure, while in the product almost every month, we launch The product also launches specific activities such as double energy or earnings almost every month to stimulate user growth.


According to Stepn's roadmap planning, the future development plan is as follows.

  1. The official announcement of GMT's access and use within the app was made after the tweet reached 20w followers.
  2. In April and May, we launched the trading market of the Coinan chain, launched the multi-chain wallet, and added the NFT avatar function of ETH and SOL.
  3. In the month of Q3 to launch the achievement system, mission system, rental system play.
  4. Launched online marathon mode in Q4, social mode.


  1. In terms of new users coming in, the currentStepnThe output and consumption of tokens within the token maintains a more balanced state, but it is important to note that ifStepnThe rate of new user entry slows or stalls, potentiallyGSTToo much selling pressure on the currency price down into a death spiral, andGSTThe current application scenario focuses on the mechanism of upgrading, synthesizing gems, accelerating the opening of treasure chests and reproduction within the game, while the user's output is actually greater than the consumption after the return of the capital. Facing the possible future of that situation, the team's solution is.1) by combining some of the in-game outputs in the futureGSTRevenue into outputGMTEarnings (30Output below levelGST, , ,30Optional output after levelGSTorGMT), reach the in-gameGSTThe output and consumption are balanced to maintain a stable state of the currency.2) ForGMTIn other words, it will give more application scenarios (such as governance, pledging, in-game consumption, building ecology, etc.) to ensureGMTdemand remains benign, but currentlyGMTThe play has not been launched, so it remains to be seen whether the model can continue in its current healthy state in the future.
  2. FromStepnThe speed of development shows that the team is advancing quickly and delivering well.
  3. In terms of social media scale, theStepns strong operational capability, high attention in all platforms, and strong community consensus with high user retention rate.
  1. Economic Model

Stepn's governance token is GMT (GreenMetaverse Token) and the output token within the APP is GST (GreenSatoshiToken), of which GMT has a total volume of 6 billion and 600 million in circulation as of March 28, 2022, while GST has no total cap and currently has 4,018,569 in circulation The total number of GSTs in circulation is currently 4,018,569.

Token Allocation

The current GMT token allocation is shown in the table below.

Table4-1GMTToken Allocation

In-depth analysis of "Move to earn" project Stepn

(Note: After GMT went live, eligible veteran players by February 23rd received a total of 0.75% of the total token airdrop, which came from the portion of the ecosystem release.)

In-depth analysis of "Move to earn" project Stepn


In-depth analysis of "Move to earn" project Stepn

Figure4-2GMTRelease Schedule8

Coin holding address analysis

According to Solscan9With Bscscan10The data shows that as of March 28, 2022 GST has a total of 87,343 coin holding addresses, GMT has 7,548 coin holding addresses on Solana and 14,676 addresses on the BSC chain, but since most of GMT's trading volume and holders are concentrated on the Coinan exchange, it is not possible to obtain the current position users of GMT, and from the GST's position, the top 10 largest position users besides the contract account for about 18.8%, and the top 100 position users account for about 33.3%, which shows that the distribution of GST's chips is more scattered and not concentrated, and the growth of GST addresses is shown as follows.

In-depth analysis of "Move to earn" project Stepn

Figure4-3GSTTrends in the growth of coin-holding addresses11

Token Usage

CurrentGSTThe uses of the tokens are as follows.

1) Sneaker upgrade; 2) Casting new shoes; 3) Opening gem slots and synthesizing gems; 4) Accelerating the cooldown time of upgrading and opening treasure chests; 5) Repairing shoes; 6) Resetting sneaker attributes.

CurrentGMTThe uses of the tokens are as follows.

1, participation in governance.Lock-in GMT gains voting rights and participates in governance, and the voter will receive a portion of the market trading fee dividend or GMT bonus. (For the purpose of this calculation, the weight of a locked position is 1 for 1 month, 4 for 3 months, 8 for 6 months, 16 for 1 year, 32 for 2 years and 64 for 3 years).

2, in-game consumption.1) Burn GMT to level up sneakers to 5/10/20/28/29; 2) Burn GMT to upgrade level 4+ gems; 3) Burn GMT to cast rare, epic, and legendary sneakers; 4) Burn GMT to redistribute attribute points; 5) Burn GMT to increase GST daily income limit; 6) Burn GMT to increase gem upgrade success rate; 7) Burn GMT to increase the probability of casting a pair of shoeboxes; 8) Burn GMT to subscribe to "Schadenfreude"12GST returns in the pool.

3The company will also be involved in other activities that may be combined with offline brick-and-mortar sports brands in the future.

    1. Competition

Industry Overview

StepnThe track in question belongs to the health category of sportsAPPTracks withGamefiNature of the "Moveto earn"Raceway.

Statista13The data shows that the number of running users in the United States in 2020 is about 55.9m, while the number of people walking for health reaches about 111m, and the population of the United States only accounts for 4.3% of the global population, so it can be initially estimated that the number of users in the global running market in the future exceeds more than 1 billion, while the number of people walking for health can reach about 2 billion. (Because the exercise habit of the United States is better than the exercise habit of underdeveloped countries, so the real data should be lowered partly in the estimation), and in 2021, the online fitness industry obtained an annual growth rate of 33%, so it can be seen that the sports APP track has a certain potential user group and is in the growth stage of this group.

The main features of current traditional sports APPs such as Strva, NikeRun Club and other programs are

1) Good user experience and aesthetically designed visualization interface for all motion data.

2) Exercise data can be recorded for a variety of exercise modalities, such as rock climbing, cycling, swimming, etc.

(3) It can read exercise and heart rate data from external devices such as Appwatch, making it more convenient and useful for analyzing health levels when exercising.

(4) APP for various types of exercise usually with video or text guidance to help users to achieve the best exercise effect.

5) With certain social attributes, users can establish social relationships with runners by posting or joining clubs.

And currentlyMovetoearnClassesAPPCompared to the traditional sports categoryAPPIn terms of its advantages, it has the experience of token incentive and digital asset ownership confirmation, while its disadvantages are that its in-app functions are not perfect, the user experience is single, and the operation of non-crypto users into the field is cumbersome.However, from the fact that the number of downloads of Stepn in Japan exceeded that of NikeRunClub on February 7, the token incentive can play a more obvious role in the growth of new users, but from the perspective of the project's life cycle, it is difficult to maintain the long-term development of the project with only token incentive. Therefore, there is a lot of room for improvement in this track, both in terms of functionality and friendliness to non-crypto users.

The essence of Moveto earn and Playtoearn has a certain degree of similarity in terms of economic models, except that the operation of playing games is transformed into physical movement, and the pleasure gained from playability in games is transformed into the pleasure of hormone secretion during exercise, both adding token incentives to the incentives brought to users by the product itself, while having ownership of digital assets within the product.

Therefore, the lifecycle of this track, like most Gamefi, is very dependent on the sustainability of its economic model, whether its APP can give users other reasons to stay besides token incentive, whether the users in its APP are real users or gold studios, compared to traditional APPs, Movetoearn track APPs want to The lifecycle of the Movetoearn track app should not only consider the sustainability of its economic model, but also whether its anti-cheat mechanism is perfect and whether its user experience can truly retain real users.And from the currentGamefiAs of now, the construction of a sustainable economic model is still in the exploratory stageThe project's model design requires a high level of demand in terms of how to ensure the balance between token output and consumption, how to ensure that the tokens have certain application scenarios, and how to ensure the transformation after the growth of the number of users reaches stability.

However, slightly different from Gamefi, the product of this track compared with Gamefi products to see, in addition to money, the cost of the user is only the cost of time (even for users with sports and running habits, that time is not considered an additional cost), while the cost of the game user includes the cost of brain power and possibly more time, so when the revenue of the product decreases, Gamefi users Attrition rate is stronger, but for Movetoearn track products, the retention rate will be higher due to the different cost, and the lengthening of the life cycle can give to the product more room for optimization, and transition from attracting users with revenue to attracting users with the product's features at a later stage.

Competitor Comparison

At present, the main "Moveto earn" projects on the market are Stepn, Snkrz, Wirtual, 5KM, Fitmint, Genopets and so on.


Snkrz is a sports APP built on Klay, the team is located in South Korea, the APP has added the sports proof rewards of rock climbing, cycling and other modes in addition to walking/running mode, users can have the chance to get random props during walking, such as traps, rockets, shields, drones and so on, by using props you can steal the stamina and earnings of nearby users, while other users also can be defended by props, in addition to through Movetoearn, the app also launched the land mechanism, with the background of the Korean map, if the user's movement range in the land of other land holders, the land holders can automatically earn revenue, while the land holders can attract more users by holding events on their land.


Wirtual is a sports app built on BSC and the team is located in Thailand. Users can choose one of the two ways of paid or unpaid challenges, determine 1) the type of workout to be challenged, such as running, cycling, etc.; 2) the result of the workout to be challenged, such as 5km, and then submit the results of the workout to get the reward. (2) automatically connect to the sports APPs supported by Wirtual to get sports data (e.g. automatically get sports data from Strava, Fitbit, AppleHealth); after successful submission, you can get WIETUAL token rewards according to the sports data, by buying the Avatar virtual character in the APP You can increase the reward limit of tokens by purchasing NFT in the Avatar virtual character.


5KM is a sports APP built on Ethereum, the team is located in China and is currently in the NFTmint phase, with a total of 5,000 Genesis running shoes and subsequent sports shoes generated from Genesis running shoes. There are currently four modes within this APP: 1) single mode; 2) activity mode; 3) backstage mode; and 4) experience mode. There are four types of running shoes: 1) leisure; 2) jogging; 3) professional; 4) all-around; with four attributes: 1) bonus factor; 2) luck; 3) wear rate; 4) level; the user's earnings depend on the mileage value of the running shoes, and the maximum limit of mileage is 10KM.


Fitmint is a sports APP built on Polygon, the team is located in India, users can cast custom sneakers (choose the various parts of the shoe by themselves) in the APP through MATIC, and also can buy custom sneakers cast by other players from the trading market, there are five types of sneakers: 1) basic; 2) athletes; 3) professional athletes; 4) legends; 5) Specially customized; with four attributes: 1) strength; 2) durability; 3) endurance; 4) comfort; 1000 OG sneakers will be released to the early community members during the testing phase, and 5w sneakers will be sold gradually after the official launch of the APP, with subsequent sneakers generated through breeding.


Genopet is a game built on Solana that focuses on "Move+Playtoearn", players can get their exclusive pet Genopet through free casting/secondary market purchase, and after getting the pet they can upgrade the pet by playing sports in the real world/participating in the APP. Players can also buy habitats to unlock the mechanism of earning in-game tokens $KI by moving to earn experience, which will be used to upgrade the pet to accelerate the output of tokens.

Project Comparison

Table5-1Project Features Comparison

In-depth analysis of "Move to earn" project Stepn

Table5-2Social Media Buzz Comparison

Projects Twitter Discord/Telegram Evaluation
Stepn 262,091 264,358 High community heat.
Wirtual 28,232 39,605 The community is moderately hot.
Snkrz 13,431 54,634 High community heat.
5KM 218 55 Community heat is extremely low.
Fitmint 25,893 19,005 The community is moderately hot.
Genopets 157,206 131,971 High community heat.

Summary: Compared to other programs on the marketStepnWith a strong first-mover advantage, there are already a number of users with high retention rates and a healthy economic model that has been verified by the market, while most of the trackAPPIt is still in the development stage and not online, and whether its economic model is reasonable after it is online cannot be judged at present, but from the heat and product planning of theStepnExcept forSnkrzIncrease by working with advertisersAPPof income, the way has a certain innovation, and its land play and prop play have a certain degree of interest, andGenopetsIn the mechanism of combining the game and sports, whether the idea can obtain users remains to be seen, the current project of the track is not essentially a strong competitive relationship, for "Movetoearn"One of the features of the program is that only proof of movement is required for users to receive revenue, but that proof of movement is not only available to a singleAPPcollected, thereforeStepnThe pressure from competitors in the future is light compared to the leading projects in other tracks.

  1. Risks

1) Code risk.Stepn currently does not disclose information about code audits and still has some risk of hacking.

2) Economic model risk.If Stepn's new user entry rate slows down or stalls, there is a chance that the project will fall into a death spiral due to excessive GST selling pressure, and whether this situation can be resolved depends very much on the subsequent strategic development of the team and GMT's release strategy. The situation will be solved by the subsequent strategic development of the team and the release strategy of GMT.


Stepn White Paper.

Snkrz White Paper.

Genopets White Paper.

Wirtual White Paper.

Fitmint White Paper.

5KM White Paper.


1 deadline is April 12.











12 The "Schadenfreude" pool is a future Stepn offering. When a subscriber opens a low-grade sneaker from a premium shoe box or fails to upgrade a gem, a percentage of the GST consumed through such activity will go into the pool as passive income for the subscriber.




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Copyrights:Dexnav Posted on 2022年4月19日 am11:25。
Please specify source if reproduced深度剖析“Move to earn” 项目 Stepn | Dexnav 区块链导航网

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