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Get GST while getting fit

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PDAX

July 21, 2022

4 min read

TokensPrime

It’s not that uncommon for people who are trying to adopt an active lifestyle to soon lose motivation after a few sessions–and that’s okay. After all, with our busy, stressful lives it sometimes really becomes a chore to have to wake up early in the morning, or to have to stick to a diet–not to mention the body aches that come with all that physical effort. But what if there was an app that could give you a little extra motivation and make it more worth it? 

What if you earn while getting fit?

This is the idea behind the pioneering move-to-earn app STEPN, which allows its users to earn simply by walking, jogging, or running. Using your mobile phone’s GPS and accelerometer, the STEPN app can track the distance you cover for a session, and pay you a corresponding amount of cryptocurrency called Green Satoshi Token (GST). 

The STEPN app makes use of non-fungible tokens (NFTs) in the form of sneakers which a user has to first purchase in order to start earning. Each sneaker has unique qualities that can affect how much you earn with each session, how often you need to have it “repaired” or how likely you are to receive special loot boxes that may contain prizes. 

Owning more than two pairs of sneakers also gives you more “energy”, allowing you to run for longer and earn more each day. You can also cash out your earnings anytime you want, or you can save up your tokens to work your way up to more expensive and higher tier sneakers. 

What is GST for?

GST is STEPN’s primary earning token which you can trade for other cryptocurrencies and cash out for fiat money. GST can also be used in the following ways within the app:

GST is used for repairing your sneakers - Your NFT sneakers get used up a little with each run, which means that you have to repair it from time to time using a small portion of your earnings. 

GST can be used to level up - GST can also be used to level up your sneakers, which allows you to increase your sneakers’ earning attributes. Specifically, you can choose to upgrade “efficiency” to earn more tokens, or “resilience” to minimize repair costs. You can also increase your “luck” to increase the probability of running into loot boxes. 

GST is used for sneaker minting - GST can be used alongside the app’s governance token, Green Metaverse Token (GMT), to mint new NFT sneakers. Users who own two or more sneakers can choose to “breed” their shoes to mint new ones, which they can also use to run with, or sell at the marketplace for a profit. 

Tokenomics

GST is primarily built on the Solana (SOL) network, though it also has its own version running separately on the BNB Chain. GST on Solana has a current circulating supply of over 240 million tokens with no maximum supply cap. Market capitalization meanwhile, is at $19 million as of July 2022. 

GSTs are burned every time users upgrade and repair their sneakers. The STEPN app itself is still in its beta phase with many features that have yet to be activated, such as its “renting” feature, which will eventually allow users to rent out their excess shoes to other players to earn passive income. 

Another feature which has yet to be rolled out is GMT earning, which will allow users to earn GMT instead of GST depending on the “comfort” attribute of their sneakers. 

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DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital asset and its ecosystem. Any and all trading involving the digital asset is subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.

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