Making Money While Walking? (STEPN And GMT Explained)

By Krystal DeFi | Krystal DeFi | 3 May 2022


With Play2Earn becoming a huge craze in crypto, STEPN has now led a new wave of innovation by introducing the Move2Earn concept.

By just going for a walk or a run, you will be able to earn tokens that can be traded for USDC!

Here’s a deep dive into how this game works, and the tokens that are involved.

Disclaimer: The information in this article is provided for informational, educational, and entertainment purposes only, and does not constitute any financial advice. Please do your own research before investing in any project!

What Is STEPN?

STEPN is a Move2Earn mobile NFT game where you will earn Green Satoshi Tokens (GST) tokens when you use your NFT sneakers for a walk or run.

Similar to NFT games like Axie Infinity, you will need to have a sneaker (in the form of an NFT) to start your exercise.

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You can purchase sneakers on the marketplace, or loan them from another user (coming soon).

You will need to have your phone with you as you go out for your walk or jog. STEPN uses the GPS tracker to track your steps to determine your rewards.

However, it’s much more complicated than that, and there are many factors that determine the number of tokens that you earn per exercise!

Energy

The energy system in STEPN is equivalent to the number of minutes that you can exercise to earn tokens.

When you first start out, you are only able to spend 2 Energy, which is equivalent to 10 minutes (1 energy = 5 minutes).

As you obtain more sneakers, you will be able to increase your energy cap, providing you with more time to earn GST tokens.

Pace

The pace at which you are walking or running is important, and you will need to choose a sneaker that maximises the amount of GST tokens that you can earn.

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STEPN will use your GPS to determine your pace, and you will need to maintain it within the range of your sneaker to start earning GST tokens.

The amount shown in this picture is your base rate, and you will be earning GST based on this rather complicated formula.

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Base attributes

There are different attributes to consider for each sneaker, such as:

  • Quality
  • Efficiency
  • Luck
  • Comfort
  • Resilience

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These are all rather complex, and you may want to consider each attribute carefully before picking a sneaker!

What are the tokens associated with this project?

STEPN follows the dual-token system, which has been used by other projects like Axie Infinity (AXS + SLP).

On STEPN, there are 2 main tokens that are a part of the ecosystem:

Green Satoshi Token (GST)

GST tokens act as the utility token in this ecosystem, and it has an unlimited supply.

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For each run or walk that you go for, you will be able to earn these tokens, which are available on both the BNB Smart Chain and the Solana network.

You will be able to use these GST tokens for a variety of functions, including:

  • Shoe minting
  • Repairing your sneaker after each exercise
  • Levelling up your sneaker
  • Gems upgrade
  • Unlocking sockets

Alternatively, you can sell your GST earnings for USDC, SOL or BNB on STEPN itself.

Green Metaverse Token (GMT)

GMT tokens are the governance tokens of STEPN, and there is a fixed supply of 6 billion GMT tokens.

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It is possible to earn GMT when exercising. However, you will need to meet the following criteria:

  • Sneakers that are Level 30
  • 3 Energy

They have some use cases in the game itself, including:

  • Shoe minting
  • Performing certain upgrades
  • Enhance certain caps in the game

Team

STEPN’s team is fully public, and you can check out their team here:

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Key Investors

STEPN has received funding from top investors, such as Binance, and they raised $5 million in seed funding led by Sequoia Capital India and Folius Ventures.

Roadmap

Here’s a snapshot of STEPN’s roadmap for the upcoming months:

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There are still many things that are in the pipeline, including:

  • Multi-Chain wallets
  • Quest system
  • Rental system

The rental system will be particularly useful if you do not want to make a huge investment in the game.

1 sneaker on STEPN costs ~ 12 SOL or 13 BNB, which can be rather hefty!

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How To Buy GMT On Krystal

If you believe in this project, you may want to purchase the GMT token, and here’s how you can do so on Krystal:

  1. Switch to the BNB Smart Chain
  2. Make sure you have BNB in your wallet
  3. Search for GMT on Krystal
  4. Swap a token for GMT

Switch to the BNB Smart Chain

GMT is a token on the BNB Smart Chain, so you will have to switch your network first.

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Apart from the BNB Smart Chain, Krystal supports 7 other blockchains including Ethererum, Polygon, Avalanche, Fantom, Cronos, Arbitrum and Aurora.

GMT is also available on Solana, which we currently do not support for token swaps.

Make sure you have BNB in your wallet

To process transactions on the BNB Smart Chain, you will need to have some BNB in your wallet that is connected to Krystal.

It may be good to leave around 0.03 BNB if you are looking to make multiple swaps.

Search for GMT on Krystal

You can go to ‘Swap’ on Krystal, and then search for GMT.

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Swap a token for GMT

You can now swap any of the tokens in your wallet for GMT.

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You will be using Krystal’s SmartSwap, which helps you to get the best rates with minimum slippage.

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Once this goes through, you should be able to receive GMT tokens in your wallet connected with Krystal!

Conclusion

STEPN is leading the way in the Move2Earn space, and many new projects are coming up as well.

What are your thoughts on STEPN? Do you think this will revolutionise the way we exercise?

Do let us know in the comments below!

Navigate the DeFi Space now with Krystal!

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Krystal DeFi
Krystal DeFi

Krystal is a non-custodial multi-chain platform to easily access popular DeFi services and manage NFTs. Swap, earn passive income, manage your portfolio & benefit from our rewards programme. Now supporting services on 9 blockchains.


Krystal DeFi
Krystal DeFi

Krystal is a non-custodial multi-chain platform to easily access popular DeFi services and manage NFTs. Swap, earn passive income, manage your portfolio & benefit from our rewards programme. Now supporting services on 9 networks.

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