The New Trend Of 2022: Stepn On Solana (How It Works)


Stepn is a dapp of the Solana and BSC world. It is the most interesting "move to earn" of this 2022. Basically it is an app where by buying a shoe (NFT) it is possible to earn the GST token, walking / running for about 10 minutes a day. You can buy a shoe only if you are invited by an already registered user or in any case if you retrieve an activation code. The activation code for one who has signed up is generated by consuming the first 10 points of energy.

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The ecosystem consists of two tokens:

-GMT (this is the governance token)
-GST (this is the token that is earned by walking / running)

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GMT is listed on Binance, Bybit and Kucoin. Instead GST mainly on Bybit and Raydium (dex on Solana). GMT was launched from a launchpad on Binance. Binance also launched an IGO (Initial Game Offer) where it was possible to participate in a lottery by buying a maximum of 1 ticket per person (0.5 Bnb). Those lucky enough to be extracted bought 1 of the 1000 NFT shoes branded Asics (new partnership of Stepn) at 0.5 Bnb. This opened the Multi-Chain world to Stepn as the app also landed on the Binance Smart Chain.

GST, in addition to being earned, is also used for:
-shoe repairs
-levels (to increase NFT stats)
-gems (which give additional bonuses, boosting the 4 stats)

GST used for leveling, mint (of other shoes) and repairs are burned. The team buys some GSTs every quarter and burns them (buyback & burn).
Each shoe reports 4 stats:

-Efficiency (how much GST is produced)
-Resilience (resistance of the shoe to wear)
-Luck
-Comfort

Luck and comfort are not yet active. Increasing resilience increases shoe durability (durability starts at 100 and decreases when running / walking). If you don't repair the shoe, it wears out and this decreases efficiency (GST farming). Increased resilience delays the progressive degradation of the shoe so it allows me to save some GST for repairs. The efficiency, on the other hand, indicates how many GST I produce.

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TYPES OF SHOES (NFT)
Basically I choose a shoe based on my needs: if I want to walk (Walker), faster pace (Jogger), run (Runner) and if I want all those features together with the shoe that adapts to the user's speed (Trainer).
Trainer is the most expensive and starts at around 16 Solana (common), while Jogger / Walker around 11 Solana (common). Then there are rarer versions: uncommon, rare, epic. For each shoe I have to respect the reported speeds, otherwise it goes into "moonwalking" and I don't earn tokens.

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SHOES UPGRADE
If you are using your NFT (shoe), you will need to perform a few dollar repairs that can be done with the same farming that you will produce during the day.
A default shoe is level 5 (20 are added to the base points, if the shoe is new; or they are already included if used) and can go to level 6 by spending 6 GST, then to level 7 by spending 7 and so on up to level 30. Each level grants 4 extra points that allow you to boost the four stats. Each leveling makes the shoe unusable for a number of hours: from level 5 to level 6 it will be unusable for 6 hours, for level 7 for 7 hours and so on. The big cost in GST and GMT is for upgrading from level 19 to level 20.
Finally, each shoe features 4 random gems at the 4 corners (for example 2 comfort and 2 efficiency) that can be unlocked for additional bonus points.

 

ENERGY AND FARMING
How is energy generated?
I can have 2 energy points every day and 0.5 energy points are recharged every 6 hours. Let's assume that I buy the shoe at 9 AM, I will have:

1) 0.5 energy (3 PM)
2) 0.5 energy (9 PM)
3) 0.5 energy (3 AM)
4) 0.5 energy (9 AM)

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Maximum total? 2 energy points (0.5 + 0.5 + 0.5 + 0.5 = 2).
Hypothetically I could walk (or run) 1 time a day (for example after 10 AM in the morning I could consume all 2 energy points and so on). Energy cannot be combined: if you do not consume at least 0.5 energy, at the end of 24 hours you will not have 2.5 energy points but always 2!
2 energy points equals about 10 minutes of walking / running so 0.5 points is about 2 minutes and 30 seconds. A walk at a normal pace (4/5 km / h) allows you to consume the 2 energy points with about 700 meters (0.7 km).
How many tokens do you farm? Basically, without leveling, you get about 8 / 8.50 GST per day (which at today's exchange rate is about $ 35/40).
Energy can be increased by buying 2 shoes (for example a common and uncommon).


HOW TO BUY THE SHOE
You have to download the app from the Stepn website, use an activation code (provided by already registered users) and save the seed that generated the wallet, all that remains is to send the quantity of Solana needed to buy the shoe from an exchange. I remember to leave a few dollars to pay the gas fees. Once sent to the "wallet" section, I transfer them to that "spending" and can buy in the internal market.
The shoe will be active after 6 hours with the first 0.5 energy point. The farming will end up in the "spending" section, to sell it in USDC I have to move it to the internal wallet that allows you to execute the trades (I can move a minimum of 10 GST that are farmed in just over 1 day).

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