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Why Step App Is Capturing Hearts of Fitness Buffs and Crypto Fans Worldwide: The Inside Scoop

Why Step App Is Capturing Hearts of Fitness Buffs and Crypto Fans Worldwide: The Inside Scoop

By Mike Ermolaev | Various | 23 Feb 2024


In late 2023, the move-to-earn (M2E) sector finally embarked on a positive trend as its market capitalization not only stabilized above $500 million but started growing at a steady pace. As of February 2024, it had surpassed $642 million, rising over 80% from May’s $350 million, amidst the Bitcoin rally past $52,000. 

The M2E revival post-STEPN dump saw a notable shift in the balance of power among active applications. Similar to how Solana overtook Ripple in market capitalization, Step App (FITFI) managed to leave its closest competitor, Genopets, in the dust, establishing itself as the third-largest M2E project out there. In nine months, FITFI’s total cap more than doubled to $17 million, with 55% of tokens currently in supply.

Step App’s rapid ascent coincided with the celebration of its one-year anniversary, marked by the rollout of Step 2.0, a renewed version of the app’s product-packed ecosystem. On the heels of the rebranding, Step App CEO Kirill Volgin uncovered the exciting journey of its brainchild, from a grand launch in Tokyo to recent milestones and future plans. So if you missed out on Step App’s innovation and success story, this article gathered together all the key information about the project, accompanied by Volgin’s latest commentaries. 

 

The M2E Vanguard Reimagining Fitness and Crypto

Step App is the M2E trailblazer that redefines how average people approach both fitness and crypto. Spearheaded by Kirill Volgin, the former CFO of Zerion and a prominent name in the blockchain industry, it boasts a concept of bridging the gap between Web2 and Web3 – part of a global strategy to bring crypto adoption en masse.

“Previously, GameFi made strides in this direction, but honestly, play-to-earn games were subpar in quality, and crafting AAA games is a lengthy process. So, GameFi didn't quite hit the mark,” Volgin explains.

“Then came this fresh opportunity. Move-to-earn, inherently simpler than a game, could be a game-changer. When you get perks for just going about your day, it really ramps up how much users interact with the app. True to our hunch, the app started pulling in users who hadn't touched crypto or tech before, lighting up a genuine thrill,” he adds.

Available for both iOS and Android devices, Step App transforms everyday steps into valuable tokens. The process is seamless: users download the app, create an account, and link it to their phone's health tracker. As they walk, jog, or run, Step App turns their fitness achievements into digital currency that can be either traded for real-world cash or used for in-app purchases like NFT sneakers, watches, and headphones.

Step App is more than just another M2E application; it’s a one-stop ecosystem that is constantly evolving to enrich the experiences of sports lovers and crypto enthusiasts alike. After 2022’s M2E downfall, the project’s team, composed of professionals with deep expertise in fitness and other industries, concentrated on app innovation, aiming to regain user trust in the concept as a whole. But to date, there is a broad range of Step App’s native products that not only complement the main app’s functionality but also enhance its market appeal. Currently, the project emerges as a dominant force in the M2E domain.

It’s noteworthy that Step App doesn’t position itself as a mere money-making app. As per Kirill Volgin, the project is more about encouraging a healthy lifestyle with disruptive technology than generating instant profits. This is exactly the idea behind Step App’s talking motto: “Some projects aim for quick gains, but we're here to build a legacy.”

 

Celebrity-Endorsed, Community-Owned

The spectacular premiere of Step App took place in 2022 in Japan. Hosted at Tokyo Raise in Ginza, the launch event attracted a diverse and enthusiastic crowd and received support from iconic sportsmen such as lightning-fast sprinter Usain Bolt and a star in Japanese baseball, Kazuto Taguchi. Their endorsements not only added star power but also validated Step App's credibility. 

“Our launch stood out as the most successful in the crypto space… The sheer number of people jumping on board, with millions signing up early and tens of thousands staking, really shows how much excitement there is around what we're doing,” notes Kirill.

The excitement highlighted by Volgin was further translated into impressive download figures. Step App was downloaded over 115,000 times in less than a month post-release. Now, the app’s user base spans over 100 countries and comprises more than 300,000 people.

The financial success of StepApp was equally remarkable. Its transparent and experienced leadership board instilled so much trust and confidence in the community that the project eventually raised an astonishing $2.75 million in funding. As such, Step App conducted the largest Initial DEX Offering (IDO) on DAO Maker. 

This accomplishment also marked Step App as the first-ever community-owned project of such scale. "We pioneered the concept of community ownership in the crypto space. Unfortunately, while others tried to copy this model, they often missed the mark, sadly denting people's trust in such initiatives," claimed Kirill.

 

Exploring FITFI and KCAL Tokens

Step App has a dual-token system. We already mentioned FITFI, which is the project’s governance token embodying the innovative concept of “fitness finance." Effectively, FITFI holders wield voting rights that shape the ecosystem’s future. Beyond governance, FITFI serves a practical utility within the app, allowing users to acquire so-called "Booster Items" to enhance their experience.

FITFI was equitably distributed among users at its inception, reinforcing the Step App's commitment to decentralization. Within just two weeks of its token generation event, FITFI’s trading volume soared to over $4.2 billion as the team built a robust community pretty fast. Now, the number of active FITFI wallets exceeds 119,000 on the Step Network and 63,000 on the Avalanche C-Chain, as the app itself is powered by two blockchains simultaneously. 

Currently traded at around $0.0067, FITFI is accessible through enrollment in the program or via major crypto exchanges like KuCoin, Bybit, and Bitget. After flipping Genopets, the token was on a stable uptrend, rising 4% in the past three months and 6% in the past week.

Going hand in hand with FITFI is the KCAL token, accrued while users engage in their physical activities. KCAL serves as the backbone for in-app transactions, but its utility extends beyond the confines of Step App. Users can convert KCAL to popular cryptocurrencies such as ETH or USDT using OKX, Bybit, or Gate.io. 

With a circulating supply of 3.9 million and a cap of 50 million, KCAL tokens drive a scalable yet controlled expansion. Also, they unlock the potential to mint new NFTs, adding a layer of digital collectibility and investment to users' fitness journeys. As of writing, KCAL is changing hands at nearly $0.16 per token, marking a 12% weekly increase. Step App users have already earned over 2.3 billion KCAL tokens.

 

From Core Products to Step 2.0

Before breaking into 2024 with its large-scale rebranding, Step App successfully implemented five different products in the core app’s ecosystem:

  • Step Network, developed to power FitFi, M2E, and other dApps with Avalanche’s proven network security but faster throughput;
  • Step Launch, offering early access to the Step ecosystem’s projects before they become public;
  • Step EX, a decentralized exchange for mainstream usage, integrated into Step App to enable the seamless creation and launch of apps built on Step technology;
  • Step Bridge, a tool ensuring a frictionless transfer of FITFI from C-Chain to the Step Network and back;
  • Step Scan, an explorer that tracks FITFI and KCAL transactions on the Step Network in real time.

The Step App CEO stressed that the ecosystem was only going to grow as Step 2.0 brought even more exciting innovations to the table. "We've evolved beyond just move-to-earn, going deeper into fitness with our AI Workout feature and gaming functionality. So, Step App is basically a train-and-earn app that makes working out a whole lot more fun,” he said.

"We've recently launched Step Wallet designed to make it easy and safe for Step App users to conduct transactions, such as topping up their accounts directly from their bank cards. Looking ahead, we aim to introduce trading capabilities, enabling users to exchange coins from any network into FITFI or KCAL," he further revealed.

Another important component of Step 2.0’s revolution is the Partners Marketplace, where users can get real-world perks in exchange for their in-app earnings. In this way, Step App boosts the value and utility of KCAL tokens, now acting as a link between the virtual and physical spaces. The platform has the sweetest deals on all things wellness from the world’s top-tier sports brands. 

Beyond just the fitness realm, the Partners Marketplace also presents offers from leading technological and travel companies. According to Volgin, the Step App team plans to extend the number of partners from ten to hundreds in order to provide users with the biggest choice possible. 

 

Final Words

In the vibrant M2E market, projected to skyrocket to $1.2 billion as early as 2028, Step App is thinking big – not just dreaming but already heading toward 100X growth. Tapping into the $5.6 trillion wellness industry as well as the multi-billion gaming sector, Kirill Volgin and his team tend to expand their influence across even more global and lucrative domains. “Wellness isn't taking a backseat in our plans too; we're mixing it up with features for tracking habits, tallying your water intake and calories, plus tailoring goals just for you,” he unveils.

From Step-style merch to a varied spectrum of AI-powered workouts, Step App’s ongoing innovation seems to be only unfolding and setting the tone for other similar projects that want to stand out in the market, gradually recovering from the previous crises. The current progress has roots in the app’s overall mission to rethink traditional fitness, where you actually have to pay for gym memberships if you want to stay fit. “With Step App, you're not just sweating it out for health's sake; you actually earn rewards as you exercise, all while enjoying a beautifully designed app sprinkled with engaging gaming mechanics,” Volgin concludes.

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Mike Ermolaev
Mike Ermolaev Verified Member

Founder, Outset PR (outsetpr.io) Not giving any financial recommendations, just my views on the market. Always DYOR


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