About STEPN (GMT)

GMT is the native governance token of “move-to-earn” (M2E) application STEPN. A unique spin on play-to earn, STEPN’s proprietary move-to-earn mechanics allow users to monetize everyday fitness activities like walking, running, and jogging. Key to the game: NFT-backed digital “sneakers” which grant users access to the platform and foster the ability to earn tokenized rewards.

Once “sneakers” are purchased (or leased), players can leverage the application’s GPS monitoring system to track their daily efforts. As players progress within the game, they have the opportunity to “level-up” and improve their sneakers in a bid to earn more tokenized rewards. Per project documentation tokenized rewards are granted at a rate proportional to the effort exerted by end user.

As noted, new sneakers can be purchased via the STEPN marketplace, minted by combining two unique pairs of exiting sneakers, or they can be leased from an existing holder. STEPN currently operates under a dual token framework. GST is a utility token used to reward all players who partake in the application’s M2E mechanics, while GMT is a governance token granted to those with level 30 sneakers (or higher). While both assets exist as a form of in-game currency, GMT and GST balances can be cashed out and swapped for dollar-backed USDC stablecoins. STEPN currently supports their own cross-chain DEX, DOOAR, to facilitate said swaps.

According to documentation, burning GMT tokens unlocks various functionalities across the platform including the ability to mint new shoes, “level up”, and increase their GST-based earning potential. 

The amount of GST/GMT tokens players can earn is also dependent on the amount of “energy” at their disposal, with 1 unit of energy said to equal 5 minutes of M2E time. Players can increase their energy levels by purchasing additional “sneakers” or upgrading their current shoe. For reference, a “level 30” sneaker entitles the user to 100 minutes of earning potential each day, while a newly minted “level 1” shoe grants users 10 minutes.

An environmentally friendly application, STEPN utilized a portion of their profits to purchase emission offsetting carbon credits that help limit the platform’s carbon footprint.

Originally native to Solana, STEPN has expanded since their functionality to additional ecosystems like Binance’s BNB Smart Chain.

When was GMT created and how much was it worth?

STEPN is the brainchild of Australian fintech firm Find Satoshi Lab who launched the concept October of 2021 during Solana’s annual “Hackathon” event.  STEPN’s public beta went live roughly 2 months later in December of that same year.   

In January of 2021, STEPN announced an initial $5 million seed funding round, which saw the project gain backing from a series of industry giants including Solana Ventures and Sequoia Capital.

SETPN’s native governance token, GMT, was first released to the public in March of 2022 via Binance Launch Pad. The token was initially priced at $0.01.

Pricing data from CoinGecko illustrates that GMT rode a wave of positive momentum following its public distribution, culminating in the token hitting a record high of $4.11 on April 28, 2022. GMT’s price has since been impacted by macro headwinds.  

How is the price of GMT determined?

GMT is a deflationary asset with a hard cap of 6 billion tokens. According to project documentation, 16.3% of GMT total supply was distributed via a private sale to accredited investors, while an additional 7% was released to the public via Binance Launch Pad. Some 30% of supply is set to be dished out in the form of tokenized rewards, while another 30% was allocated to STEPN’s ecosystem and treasury. The remaining 16.7% of supply was earmarked for the platform’s core development team and advisors.

Why does GMT have value?

STEPN’s M2E mechanics, which allow users to monetize everyday fitness-activities like running, walking, and jogging, underscore the platform’s value proposition. Given GMT’s role within the STEPN ecosystem, demand for the token will likely rise as platform usage increases.

Is GMT secure?

GMT is native to both Solana and BNB Smart Chain, two networks generally regarded as having robust security measures.

What are the main benefits of GMT?

• STEPN is a move to earn platform that rewards users for daily fitness activities like walking, jogging, or running.
• STEPN is an environmentally focused platform that actively purchases emission-offsetting carbon credits to limit their carbon footprint. 

What do the critics say about GMT?

That it’s not quite a pyramid scheme, “but darn close.” Or at least that’s what was famously said by journalist Nat Eliason in a Vice article.

And Daniel Roberts, editor of Decrypt, bemoaned how “the app continually tries to get you to spend more money by ‘repairing’ your sneaker or ‘levelling up’ by buying another.”