What is Step and its STEP Token?

Step
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NFTs

Get fit while earning crypto

Step is a fitness application that lets you earn cryptocurrency while you walk and get healthy. Get rewards with the STEP token and BNB deposits straight into your wallet.

Walk a maximum of 30,00 steps per day and become eligible for rewards deposited as BNB into your wallet.

Connect your wallet now and start tracking your assets.

Move-to-earn is a fast-moving, emerging sector within the Web 3.0 ecosystem. It incentivizes users to engage in physical activities (walking, running, dancing, exercising, etc.)

Basically, the more you move the more you earn. This trend is similar to other models such as play-to-earn.  

Move-to-earn dapps like Step and Stepn are exposing regular people to crypto in a familiar setting and help push adoption. 

How does Step work?

Since move-to-earn apps reward users for moving, their design focuses on working in tandem with other fitness apps. Tracking and recording users’ movements via GPS and motion and health sensors – all of which can be easily accessed and controlled by users from their devices. 

Each app features specific mechanics, and in Step, users need to buy and hold at least 18,000 STEP tokens or 1 NFT in a wallet to get started. Once accomplished, the app begins tracking a user’s movements and converting them into in-game tokens. At writing, 18,000 STEP tokens would cost $116. 

Using the built-in calculator, users can work out how much they might earn a day through various levels of exercise. Importantly, here we see that rewards are calculated not only on the performance of a single user but also on the entire community. At this level of engagement, a user could recover that initial investment in around 37 days earning about $3 a day. 

The STEP token is deployed on BNB Chain as a BEP-20. BNB Chain is a smart contract-enabled high throughput blockchain with low fees of around $0.15 per transaction. It offers fast and cheap transactions while having a secure and scalable network and therefore makes a good choice for the STEP project. Which requires users to perform daily transactions to collect rewards. 

Add BNB Chain to Metamask and then use DappRadar Portfolio Tracker to track your BNB Chain assets. 

STEP Tokenomics 

There is a total supply of 1 billion STEP tokens available, and importantly Step imposes a 5% buy and 15% sell tax. As you can see from the image below 2% of all taxes go to the liquidity pool while 35.5% of all taxes go to marketing to continue the expansion plans of the project.

What can I do with STEP tokens? 

Step as an ecosystem is far more than just a DeFi application tied to fitness. Notably, users can purchase STEP directly through the official website as well as supporting exchanges. Along with walking, running, or jogging rewards, Step users can also stake their STEP tokens on the staking platform, fundamentally the Step DEX.

At writing, staking STEP in the auto compounding pool will reward more than 106% APY while the manual pool offers around 75%. There are rewards for providing liquidity in two-sided farming pools, with rewards ranging between 11% and 225% at writing.  

Furthermore, Step users can mint unique Step NFTs from the minting dapp, then resell them on the OpenSea secondary marketplace without gas fees. Those who want to show their love of Step in the real world can grab Step merchandise from the Shop that offers worldwide shipping. Alongside this utility, users can simply HODL STEP tokens and potentially get more significant returns as the company grows. 

The blockchain space continuously evolves, unlocking endless possibilities for service providers and consumers alike. Move-to-earn is the latest addition to the extensive list of blockchain-powered initiatives like play-to-earn (P2E) and learn-to-earn (L2E).

Visit their official Github docs page for a complete overview and in-depth guide to Step and the STEP token. 

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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.

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