The token behind the popular move-to-earn platform
Fitness dapp StepN’s native Green Satoshi Token or GST is at the core of the platform’s entire move-to-earn ecosystem. Users earn rewards, paid in GST, when they run, walk and generally move about in the physical world. With over 40,000 active users across the Solana and BNB blockchains, StepN is at the forefront of a new movement that’s taking web3 by storm.
- Green Satoshi Tokens or GST tokens are the in-game currency for the move-to-earn StepN platform. StepN rewards users for exercises and it boasts over 500,000 lifetime users.
- Because StepN is built on two blockchains, this means Green Satoshi Tokens are available on two blockchains, BNB and Solana.
- Green Satoshi Tokens are currently worth about $0.02.
The Green Satoshi Token
To provide initial liquidity, 60 million were minted. But to maintain a steady price level, GST is burned when users do any of the following:
- Sneaker minting – users can mint Sneakers by selecting any existing level 5 Sneaker they hold and tapping on Mint.
- Sneaker repairs – exercising in Sneakers causes them to decay. It takes GST to repair them.
- Leveling up Sneakers – it costs GST and time to level up a pair of Sneakers.
- Gem upgrades – Gems improve a user’s earning potential. Upgrading them burns GST.
- Unlocking Sockets – these are unlocked every time a Sneaker reaches level 5, 10, 15 and 20. Higher Sockets boost an inserted Gem’s attributes.
Sneakers are the in-game NFTs that users need to hold and equip in order to earn GST from their exercise. At the time of writing, the floor price for Sneakers on Magic Eden is 1.648 SOL ($35).
What is StepN and how do you use it?
StepN is the flagship platform of the move-to-earn revolutions. It’s a GameFi concept that encourages people to stand up from their desks by rewarding them for exercising.
It has its own native mobile application and an in-house marketplace where users can trade Sneakers, Gems and Badges. Soon, the platform will introduce a rental system so that players who don’t own Sneakers can lease them out and share the profits with the owner.
There are a few basic steps that everyone needs to follow to get set up on StepN:
- Download the StepN app – it’s available on the Apple App Store and on Google Play. It’s also free to download and you don’t even need to own the Sneaker NFTs to start earning. As mentioned above, renting will soon be an option and will give players the chance to build up some money to buy their own pair of Sneakers.
- Sign up with your email address – this part can be a bit tricky. You need to join the STEPN Discord server or Telegram to get an eight-number code that other users generate and post into the group. But you need to be quick: codes can only be used once and other people progressing through the sign-up process will get there first if you dawdle.
Get a pair of Sneakers and start moving – You will need to transfer SOL or BNB from your personal wallet into your STEPN spending account to buy a pair. 13 SOL isn’t cheap, but with the way that crypto prices are moving, it might be worth waiting a few days and see if you can pick them up for less.
What is move-to-earn?
Move-to-earn has grown in popularity since the beginning of 2022. It’s another evolution in blockchain and metaverse technology as it brings the real and the digital worlds closer together.
It’s a fairly simple concept: people earn rewards on blockchain dapps for moving around and doing exercise in the physical world. You can track your movements with your phone and then enjoy the benefits the platform offers in return.
Not all move-to-earn dapps are just about pure exercise though. Genopets enables players to level-up their battle avatar NFTs by running around in real life. And Dustland rewards its users with native token DOSE which they can use in the game to upgrade their character and progress on their adventures.
Read about more move-to-earn platforms here so you can get moving and earning this summer. You can also take a more in-depth look at StepN here and the upcoming Step App here. You can also see how well move-to-earn platforms are performing by taking a look at our DappRadar Social Dapps Rankings pages. The Off The Blockchain crew will also be discussing this topic and more on the podcast today. But join us every week at 4pm UTC as we delve into the world of web3.