STEPN Guide: Exploring Its Legality and Transparency
STEPN is a great move-to-earn Web3 app that is taking the world of crypto by storm. NFTs and cryptos have never been so popular, which is why apps like STEPN are booming. It has proven to be a great financial investment for many people. In this article, you will find the STEPN explained, including the benefits, and strategy of this app.
Table of Contents
What is STEPN?
STEPN is the first mobile app based on the Solana blockchain. In this app, users can earn tokens by walking or running in the street and “wearing” sneakers in the form of NFTs. STEPN aims to motivate millions of people to live better lives by introducing them to the Web3 era.
Suppose one trend is currently gaining significant traction in the crypto space. In that case, the move-to-earn is a relatively new niche that includes many products and services that pay users for activity.
In the vast majority of cases, users should spend a significant amount of money in order to start making money. However, under the right circumstances, move-to-ear applications can provide a great opportunity to generate income and motivate users to be more active.
STEPN App Review
In this STEPN review, you will get a clear answer to the question of whether it’s a great sustainable investment that you can actually earn money.
STEPN is a legal GPT app that rewards you for walking. It has some good features, but it also has a few limitations to consider. In STEPN, you are able to earn crypto in a fun and healthy way. However, you must be willing to spend money to start making money with this app. If you are not ready for this, this application isn’t for you.
You must also formulate a strategy to get back the money you spend. However, the best value of this app is that it can motivate you to lead an active lifestyle.
The app allows you to earn money by allowing you to earn their in-app currency, the GST Token. Just walk, exercise, and move, go out to earn them, and later you are able to exchange them for real money, STEPN GMT, Solana, or even reinvest them back into the app to keep earning even more.
This app does not allow you to earn income passively because, in some way, it encourages you to be active because it literally pays you for every step you take. Making money with the STEPN app is much more than just lying on the couch and doing nothing all day long.
Firstly, to start earning, you should download the STEPN app and activate it, for which you will need an activation code, which is very difficult to obtain. It will take you at least a few days to get the code, but there’s always a chance you will get lucky and get it sooner.
Probably it is done because they wanted to keep the market dynamics and not have a huge influx of new users, which would likely be bad for the company in the long run. When demand outstrips supply, prices rise to an unreasonable level, likely contributing to the application’s rejectiontion.
How to Use STEPN?
Let’s say you just downloaded an app. After downloading the app, you will be prompted to sign up for a STEPN account. It’s simple, and you should receive a verification code. If you have an account, click on the wallet option and connect your wallet.
If you have an account, click on the wallet option and connect your wallet. Usually, the app will generate a passphrase for you, guaranteeing only maximum security. After connecting the wallet, you need to transfer SOL (Solana) to the STEPN wallet in order to place the sneakers on the marketplace. Then choose your running shoes. You can filter this section to get exactly what you want.
STEPN Level Up
Leveling up is extremely important. In order to have the best STEPN strategy, you should level up your sneakers. You need to try to do this every day. Level up every day until you reach sneaker level 30. This will be done frequently because it takes some time and will cost you the corresponding amount of GST each day.
The quality of your sneakers will affect your attribute points each time you level up. For example, regular sneakers will give you four attribute points per level, while legendary sneakers will give you 12. STEPN is a strategy; you must follow this advice to get a good ROI.
LearningCrypto describes their strategy to get a high daily income from sneakers. When choosing sneakers, choose sneakers with level 30 and daily energy of 4.
When we talk about attributes, set the base to 8 for all attributes. This will give you a total of 88 efficiency, 40 luck, 8 comfort, and 16 resilience. Thus, your daily income will turn into 27.51 GST. You will also get a level 2 mystery box.
Obviously, investing that kind of money in sneakers is expensive. However, if you are an experienced player, it won’t take long to see your attribute’s results.
STEPN Daily Energy
Energy is the most limiting factor in STEPN. It determines how many minutes per day can be spent on physical activity, which is rewarded in the app. After using up all your energy, you need to wait for it to replenish before you can use it again.
As great as your NFT sneakers are, if you don’t have enough STEPN Energy at your disposal, you won’t be rewarded for any of your moves. In other words: no energy STEPN means no GST revenue, and more energy means more income.
There are several things you should know about how STEPN Energy works. Firstly, there is no need to accumulate STEPN Energy until you buy your first sneaker.
Once you purchase your first sneaker, you will be limited to a maximum of 2 Energy (it is your Energy Cap). When you go for a walk or run, you expend STEP Energy at a rate of 0.2 units per minute. That’s right; you can only earn about 10 minutes.
Getting Mystery Boxes is also initially out of the question because you need to have at least 5 Energy before you can get any boxes.
If you list your sneakers on the marketplace, you will lose the energy associated with them, and your Cap will also decrease. And finally, every time you use all of this, your STEPN Energy is replenished at a rate of 25% every 6 hours.
Features of STEPN
The main features of the app are:
- Zero-Entry Barrier
Anyone can easily use the STEPN app with just a smartphone and an internet connection.
- DOOAR: STEPN’s Own Multi-Chain DEX
DOOAR, launched in August 2022, is STEPN’s own multi-chain decentralized exchange (DEX) that can be used to exchange tokens easily. It is currently in beta testing.
- Transparent and Trustless
STEPN is built on a public blockchain, making it transparent and trustless. Users are in full control of their personal data and can easily validate any transaction that takes place on the platform.
- Eco-Friendliness
The STEPN ann is eco-friendly, and its business model is designed to impact the environment positively. The platform uses a portion of its profits to purchase carbon removal credits, which are used to offset its users’ carbon footprint, creating a positive cycle.
- Instant Transfers and High Scalability
Due to the Solana blockchain, all NFT transfers to STEPN are instantaneous. Solana’s main claim to fame is its use of a unique proof of History (PoH) consensus algorithm that allows the network to process over 50,000 transactions per second (TPS).
Additionally, Solana uses an innovative architecture that chains shards and spreads the ledger across multiple nodes to improve performance and scalability further. Solana has been adopted by numerous high-profile projects thanks to its impressive speed and scalability.
- Built-in Non-Custodial Wallet
STEPN comes with a built-in non-custodial wallet that supports token exchange among other DeFi tools across multiple blockchains. This is a huge plus for all NFT owners on the STEPN platform who want to explore features outside of the STEPN ecosystem.
Benefits of STEPN
Let’s see what you get by interacting with STEPN.
- Walk, jog, or run to earn GMT
GMT (Green Metaverse Token) is a token that rewards physical activity with its own GMT cryptocurrency. If you already go for regular walks or runs, you can make some money from it. If you’ve always wanted to start exercising but couldn’t bring yourself to go for a run, this project can be an extra boost.
Of course, many have to walk for hours as part of their work, daily routine, and dog walks, and now they also have a chance to make all these walks profitable and rewarding.
- Improved lifestyle
Obviously, spending the day in an armchair or on the couch is not the healthiest way of life. You should burn the calories you get from food and drink, and by exercising, you also strengthen your heart and lungs. You can get your blood pumping, increase oxygen levels, and become healthier overall by moving.
This app will encourage you to walk instead of driving a short distance or start taking soothing evening walks alone or with friends or family. You can just walk around and listen to music, your favorite podcast, audiobook, or whatever else you’re interested in, and once you get home, you will earn some GMT.
- Governance
By owning GMTs, you become a part of the STEPN community, meaning you will have the right to participate in project governance. This means you can help determine the project’s future by voting on important decisions and proposals or submitting your own, and the rest of the community will vote.
STEPN Attributes
The attributes of a sneaker will completely affect the performance and wear of the sneakers, as well as the potential income you can generate. The sneaker attribute shouldn’t be confused with general properties, as attributes represent a specific section.
- Comfort
A variety of tokens you can earn will be affected by this attribute in solo and marathon mode.
The higher your comfort attribute, the more GMT you are able to earn per minute of exercise.
- Efficiency
The efficiency attribute will greatly impact your GST earnings. This is mainly in solo and marathon modes. Equipping your sneakers with a higher efficiency mode will mean you get more GST for your energy expended.
- Luck
The luck attribute of your sneakers will determine how frequent and high-quality the drops for the collection boxes are in solo mode.
- Resilience
Resilience can also be called durability, which will affect how quickly your sneakers wear out. If you have a 30/100 resilience, your durability will drop to around 20%. However, at 50/100, your durability will increase to 90%.
STEPN Strategy
Here are some STEPN strategies to earn more GST tokens that will help you to level up your performance and possibly earn more coins.
- Choose the right sneaker
When you are choosing sneakers, go for joggers. With 1 jogger, you will get 2 points of energy as well as high efficiency and resilience.
Make sure that the price of a jogger ranges from 8 to 13 SOL (the value corresponds to the market of the token).
- Balance of sustainability and efficiency
The more efficient the sneaker, the more GST tokens you can earn. In addition, the higher the resistance, the less you will have to spend on their repairs.
So, with the right balance of durability and performance, you can use your sneakers for longer while spending less and earning more from them.
- Level up regularly
It’s crucial to level up your sneakers every day, no matter how much you spend on them. Your spent tokens and waiting time will vary depending on which level you level up. For example, if you have leveled up to level 10, you will have to spend 10 GST tokens, and the level-up will be completed in 10 hours.
Currently, the maximum level a sneaker can reach is 30. Unfortunately, the complex nature of the STEPN level-up rules may be overwhelming for many people. Also, it’s not always evident what the actual STEPN level-up costs are.
Please note that you can still use your running sneakers for all activities while they go up. Upgrade daily until you reach level 30.
- Withdraw wisely
There is no need to be in a hurry to withdraw the money. For the first two weeks or a month, you should use the tokens only to level up so that you make more money for the same effort.
For example, instead of usually earning around 10 GST tokens per jog, you can earn 70-80 tokens after leveling up at 25-30.
- Spend energy
It takes 5 minutes of effort to fade away by 1 point of energy. Let’s imagine you have the common sneakers; you will have two energy to start with, which will be converted into tokens after 10 minutes.
- Keep wise track of mystery boxes
Each time you receive a mystery box, you will also receive a gem that can upgrade your token. But keep in mind that each mystery box has its own timer, after which it will open.
You must spend your GST tokens if you want it to open earlier. So it’s a good idea to keep track of which mystery boxes open when they open and only open when they’re off the time, and schedule sneaker upgrades accordingly to spend even less on them.
What is STEPN Crypto?
The STEPN Crypto app gives you rewards for walking. It was developed by the creators of the popular app CryptoKitties and has been around since September 2018. The app is available for both iOS and Android devices, but at the moment, it only supports Ethereum (although there are plans to add support for other blockchains).
The idea of the STEPN crypto app is simple: you walk around your city or wherever you want, and as a result, players can earn SWEAT crypto. It can be used as a fiat-backed crypto pair, such as SWEAT USDT. And then convert USDT to USD in order to use it as an asset in the real world.
The more steps you take in the STEPN Crypto app, the more coins you can earn.
Is STEPN Worth It?
STEPN is not only the industry’s leading Move-to-Earn app but also the project that first coined the term. It is a compelling concept that the world craves.
STEPN is still worth it despite the GST price crash. It is believed that GST was never meant to be a source of income; therefore, the highs we saw earlier this year were an unexpected anomaly.
As controversial as cryptocurrencies and NFTs are, and there is still a lot of public debate, the huge interest in Move-to-Earn is a testament to the business opportunities available. The monetization of physical activity, and therefore healthier lifestyles, could change many aspects of society. It would not be a surprise if STEPN developed a white-label solution that allows established brands (like Nike or Adidas) to launch their own STEPN Realm.
Any project that grows too fast will eventually run into problems. This may be a good problem, but it leads to dissatisfied users. The technical difficulties that STEPN had with Solana certainly didn’t help, and the fact that real money is at stake doesn’t make things any better.
Moreover, the team is another significant risk. The co-founders themselves don’t seem to have much experience in blockchain development, and they don’t even have an official CTO. Hiring Jesse Duan as the head of the strategy is also an odd choice for a blockchain project. The new CMO is their best decision so far, at least on paper.
The true advantage of using STEPN is a healthier lifestyle, as well as the opportunity to earn GMT as you progress through the app. GMT is the token you should be aiming for!
