Stepn: Move-to-Earn on Solana

TL;DR: Stepn is a Web3 lifestyle app on the Solana blockchain that combines gaming and social elements to promote fitness. Users purchase NFT sneakers to earn crypto rewards (GST tokens) for walking, jogging, or running, with sneaker attributes impacting earnings. Stepn also has a governance token (GMT) and is expanding with the launch of Stepn Go, a social lifestyle app.

What is Stepn?

Stepn is a novel move-to-earn application built on the Solana blockchain. It gamifies fitness by allowing users to earn cryptocurrency rewards for their daily activity. By integrating elements of gaming and social media, Stepn aims to nudge people towards a healthier lifestyle while leveraging Web3 technology.

At its core, Stepn operates on a dual-token model:

• Green Satoshi Token (GST) - The in-game currency earned by moving. GST can be used to repair or level up sneakers, or cashed out for other tokens.
• Green Metaverse Token (GMT) - The governance token of the Stepn ecosystem. GMT holders can vote on platform decisions and earn staking rewards.

How Stepn Works

To start earning with Stepn, users need to acquire a Sneaker NFT from the in-app marketplace. These sneakers come in different types (Walker, Jogger, Runner, Trainer) and qualities (Common, Uncommon, Rare, Epic) which impact their earning potential.

Once you have a sneaker, the app will track your movement using GPS and award GST based on the distance traveled. Higher quality sneakers have better GST efficiency, meaning you earn more per minute of activity. Sneakers also have a limited number of Energy points per day, which get consumed as you exercise.

Over time, sneakers lose Durability and need to be repaired using GST. They can also be upgraded by spending GST and GMT to increase their attributes (Efficiency, Luck, Comfort, Resilience) or minted together to create a new sneaker that inherits attributes from its parents.

The GST earned can be used in-game for repairs, upgrades, and minting, or swapped for other tokens like SOL or USDC. Stepn takes a cut of in-app activities as a revenue source.

Stepn Go: The Social Lifestyle App

Building on the success of its move-to-earn model, Stepn has launched Stepn Go, a social lifestyle app that expands on its core offerings. Stepn Go incorporates more social and gamification features, allowing users to:

• Lend or rent sneakers to others and share earnings
• Customize their 3D avatar with NFT outfits earned through activity
• Interact with friends on an in-game map
• Participate in player-vs-player race modes

Stepn Go has its own Go Game Token (GGT) which is earned through moving and used for in-app functions. The app also makes onboarding easier by removing the need for a crypto wallet - new users can simply use an activation code provided by an existing user to get started.

Strategies & Opportunities

There are a few approaches Stepn users take to maximize their earnings:

• Grind and swap - Earn as much GST as possible and regularly convert it to other tokens. This is a low risk approach but may not be as profitable long term.
• Level and mint - Spend GST to level up sneakers and mint new ones to sell on the marketplace. This is higher risk but can pay off if you get a high quality sneaker.
• Participate in governance - Buy and stake GMT to earn a share of the platform fees. This requires more initial investment but offers passive returns.

What Makes Stepn Unique?

While move-to-earn is a growing niche, Stepn stands out for a few reasons:

• Solana-based - Building on Solana allows cheaper, faster transactions compared to Ethereum alternatives.
• Dual-token economy - The use of GST for in-game spending and GMT for governance creates better incentives and tokenomics.
• Deeper gameplay - The sneaker leveling, repairs, minting, and marketplace allow for more strategy compared to simpler move-to-earn apps.
• Social features - Stepn Go shows the project is thinking about becoming a social network, not just a game.

Project Team

Stepn was founded in 2021 by Jerry Huang and Yawn Rong, tech entrepreneurs with a background in gaming and blockchain. The project is backed by notable investors like Sequoia Capital, Folius Ventures, Solana Ventures, and Alameda Research.

The core team has grown to over 50 people across product, engineering, tokenomics, marketing, and community roles. They are advised by industry veterans like Justin Kan (Twitch) and Santiago Santos (ParaFi Capital).

Roadmap & What's Next

Stepn has laid out an ambitious roadmap divided into "Realms" themed around planetary phases:

• Realm 1: Genesis - The initial launch on Solana with the basic move-to-earn mechanics. Completed in Q1 2022.
• Realm 2: Expansion - Introduce social features, avatar customization, and player-vs-player modes. This is ongoing with the launch of Stepn Go.
• Realm 3: Odyssey - Open up development to third parties to build apps and experiences powered by Stepn. Slated for 2023.
• Realm 4: Singularity - Make Stepn an open platform and dissolve the founding company. A long-term vision slated for 2025+.

In the near term, the project is focused on growing Stepn Go, partnering with fitness brands, and expanding to more chains beyond just Solana.

Tokenomics

Stepn's dual-token model is designed to create a sustainable economy. The total supply of tokens breaks down as:

• GMT: 6 billion fixed supply, distributed over 10 years. 30% to user rewards, 30% to treasury, 16.3% to investors, 7% to public sale, and the rest to team and advisors.
• GST: Unlimited supply, minted as users exercise and burned when spent in-app on repairs, leveling, minting, etc. Target supply of 20-30x daily active users.

The platform takes a cut of GST spent in-app as its revenue model. A portion of this is redirected to GMT stakers as an incentive for governance participation.

Security & Audits

As a crypto-native app, security is paramount for Stepn. The project has undergone audits from Certik and Slowmist to identify and fix any smart contract vulnerabilities.

The team has also implemented various safeguards such as daily GST earnings caps, GPS spoofing detection, and a randomized "loot box" mechanism for minting new sneakers to prevent farming by bots.

While no system is completely risk-free, Stepn has shown a commitment to building secure infrastructure and proactively preventing exploits.