First Class Warehouse Research Report: Move to earn Stepn

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At present, the agreement has only been officially launched for about 3 months, but its daily active users have exceeded 10,000, and it is showing a continuous growth trend.

summary

summary

The subdivision track of Stepn is sports APP and Move to earn track with Gamefi nature.

Stepn is the first sports app built on Solana that combines blockchain token incentives. By introducing the innovative concept of Move to earn, it creates an attempt to empower sports apps with blockchain. In Stepn, After buying sports shoes in the trading market, users can earn token income by walking/jogging/running every day. The difference from traditional sports apps is that in addition to token incentives, the APP also adds random drop during walking. Treasure Box can be upgraded to adjust the game elements of sports shoes attributes, so that users can get a triple experience of playing, earning and exercising.

At present, there are not many officially launched projects on this track. The highlights of this APP are:

The team has a strong background. The founder not only has a background in encryption, games, and continuous entrepreneurship, but also has consultants covering venture capital in both traditional industries and encryption industries. Stepn launched the public beta version within three months after participating in the hackathon , and continuously updated and optimized after launch, the project progresses quickly and the team has strong delivery capabilities.

In terms of product design, Stepn does not only limit the user group to running users, but through the introduction of NFTs such as walking shoes and all-round shoes, even ordinary people without running habits can use Move (simple walking or Walking) to obtain income, and its minimum requirement is only ten minutes of exercise per day, which makes the APP very friendly to the exercise requirements of ordinary people, which is conducive to the growth of its user group.

From the perspective of user experience, the operations in the APP are very convenient and easy to use, and the UI design is more beautiful.

From the perspective of social media scale, Stepn has strong operational capabilities, has a high degree of attention on various platforms, has a strong community consensus, and has a high user retention rate.

From the perspective of business data, although the agreement has only been officially launched for about 3 months, its user growth rate is high, and the number of daily APP active users has exceeded 10,000.

The risks of this APP are:

  1. From the perspective of the long-term development of the project, as a sports app, it needs real users rather than speculators, but the effect of making money will inevitably attract Dajin studios or some speculators to enter the market through various cheating methods. Therefore, ensuring the long-term effectiveness of the anti-cheating mechanism is a key factor in the development of the project, which depends on the development capabilities of the team.Judging from the feedback from the current online users, the anti-cheating mechanism still needs to be improved.

  2. Judging from the entry of new users, the output and consumption of tokens in Stepn are currently in a relatively balanced state, but it should be noted that if the entry rate of new users in Stepn slows down or stagnates, GST may occur The price of the coin fell into a death spiral due to excessive selling pressure, and the current application scenarios of GST focus on the upgrade in the game, the synthesis of gems, the mechanism of accelerating the opening of treasure chests and breeding, and after the user returns the cost, its output is actually greater than Consumption, in the face of this situation that may arise in the future, the team’s solution is 1) to achieve a balance between GST output and consumption in the game by changing some of the in-game output GST income into output GMT income in the future . 2) For GMT, more application scenarios (such as governance, staking, in-game consumption, ecological establishment, etc.) will be given to ensure that the demand for GMT remains in a benign state, but the current gameplay of GMT has not been launched, so Whether the model can continue to maintain its current healthy state in the future remains to be seen.

  3. From the perspective of entry threshold, Stepn currently has two thresholds that prevent large-scale growth in the future: 1. The price of entry-level sports shoes NFT is relatively high, and currently only users with certain encrypted assets can afford it. 2. For non-encrypted users, a series of operations such as creating a wallet, understanding mnemonic words, and converting fiat currency assets into encrypted currency assets are relatively cumbersome, which has certain resistance to breaking the circle.At present, Stepn’s solution to this is to launch the rental market in Q3. By renting out the sneakers of encrypted users to non-encrypted users, non-encrypted users only need to sign an agreement to exercise directly to obtain income. They will learn encryption knowledge before exercising and monetizing It is currently feasible to change the entry mode of the platform into cashing in sports and then learning encryption knowledge. It is worth observing the future development of the leasing mode after it goes online.

In summary, Stepn deserves attention.

first level title

Project Description

Project Description

Basic Information

Basic Information

First Class Warehouse Research Report: Move to earn Stepn

team

team

The Stepn team is mainly composed of overseas Chinese. Currently in Australia, the number of the team has not been disclosed. The information of its core members is as follows:

First Class Warehouse Research Report: Move to earn Stepn

JerryHuang, one of the founders of Stepn, graduated from Zhejiang University majoring in computer science in 2008, entered the game industry in 2008, and made about 10 games in total. He founded the game studio FalafelGames from 2010 to 2015, and co-founded it with Yawn in August 2021. Stepn.

First Class Warehouse Research Report: Move to earn Stepn


YawnRong, one of the founders of Stepn, graduated from the University of South Australia with a major in advertising and marketing. He has experience in the real industry and blockchain entrepreneurship. He is one of the representatives of the South Australian Blockchain Association. He entered the currency circle in 2017 and founded it in 2018. Founded CryptoSA Lab, an OTC and mining company, served as Algorands business ambassador in 2019, and founded Stepn in August 2021.

First Class Warehouse Research Report: Move to earn Stepn

consultant:

consultant:

1) Scott Dunlap, one of Stepns consultants, vice president of Adidas.

2) William Robinson, one of Stepns consultants, the core contributor and chief incubator of AllianceDAO, has many years of experience in blockchain industry and game design.

3) JasonKAM, one of Stepns advisors, the founder of FoliusVenture (Twitter name: MapleleafCap), former investment director of BriarwoodChase Management hedge fund management company, has a high degree of attention in the encryption community.

4) SantiagoR, one of Stepns consultants and one of ParaFiCapitals partners, once worked for JPMorgan Chase, the largest financial services organization in the United States.

funds

funds

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First Class Warehouse Research Report: Move to earn Stepn

the code

the code

product

product

Stepn is a sports app built on Solana with Gamefi attributes. Its main feature is Movetoearn. It encourages players to earn the protocols tokens GST and GMT through walking, jogging, and fast running. It is mainly divided into four parts: 1) single-player mode; 2) trading market; 3) marathon mode; 4) background mode; the marathon mode and background mode are not yet online.

During the official campaign, the page of StepnAPP is as shown in the figure below:

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First Class Warehouse Research Report: Move to earn Stepn

secondary title

Accounts and wallets

Before entering Stepn, new users need to enter their email address to register an account in Stepn. Before March 7, users can use the APP without an invitation code after registration. After March 7, in order to control the speed of new players entering the field, the official launch of the invitation Code mechanism. After registration, new users need to fill in the invitation code to successfully register an account. Currently, the invitation code can only be obtained from the official website, Discord and old users. Old users will initially have an invitation code. If the invitation code is used up and completed A new invitation code will be generated after the daily exercise task.

After successful registration, the user can import the wallet address and assets on Solana by importing the mnemonic or creating a new wallet. In addition to the wallet, the APP also has a built-in fund account (Spending), and the users income will be It will be automatically deposited into the Spending account, and the user can transfer the account in Spending to the wallet at any time (for GST and GMT, the amount of each transfer must be greater than 10), and after the transfer, the transaction can be directly converted into SOL or USDC.

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First Class Warehouse Research Report: Move to earn Stepn

secondary title

single player mode

1. Sports shoes:

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First Class Warehouse Research Report: Move to earn Stepn

Table 2-3 Sports shoe attributes

2. Properties:

Each type of shoe has four attributes: 1) efficiency; 2) luck; 3) comfort; 4) durability;Each pair of sports shoes can be upgraded by consuming a certain amount of time and GST. By upgrading each pair of shoes, a certain amount of attribute points can be obtained. Users can choose to add points to different attributes according to their own needs. Each of these attributes gives users different benefits:

1) For efficiency, the higher the efficiency value, the higher the GST income per minute. When reaching level 30, the user can choose to continue earning GST or switch to earning GMT.
2) For luck, the higher the luck value can increase the chance of dropping treasure chests during walking;
3) For comfort, the higher the comfort value, the higher the GMT gain per minute, and it is enabled at level 30.
4) For elasticity, higher durability can reduce the GST that needs to be spent on shoe repairs after each energy consumption.

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First Class Warehouse Research Report: Move to earn Stepn

Table 2-4 Attribute details of different rarities

3. Energy:

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First Class Warehouse Research Report: Move to earn Stepn

Table 2-5 Relationship between number of shoes and total energy

(Note: The rarity of the shoes will also affect the total value of stamina, and each pair of green shoes will add 1 extra stamina, blue shoes +2, purple shoes +3, orange shoes +4.)

4. Grade:

Users can upgrade their sneakers by consuming GST. The more levels they upgrade to, the more GST and time it will cost (for example, it takes 1 hour to upgrade to level 1, and 30 hours to upgrade to level 30. Sell, repair, cast shoes, but can move normally), and users can also reduce the upgrade time by spending more GST.

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First Class Warehouse Research Report: Move to earn Stepn

Table 2-6 Functions that can be unlocked in different stages

5. Casting:

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First Class Warehouse Research Report: Move to earn Stepn

Table 2-7 Foundry Costs

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First Class Warehouse Research Report: Move to earn Stepn

Figure 2-3 Casting interface

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First Class Warehouse Research Report: Move to earn Stepn

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First Class Warehouse Research Report: Move to earn Stepn

Table 2-9 Sneaker Probability

6. Income mechanism:

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First Class Warehouse Research Report: Move to earn Stepn

First Class Warehouse Research Report: Move to earn Stepn

Table 2-10 Income formula parameter meaning

It can be seen from the formula that the GST obtained by the player when exercising will be related to the following factors:

1) the amount of energy consumed by the player; 2) the movement speed of the player; 3) the bonus of additional props on the sneakers; 4) the efficiency value of the sneakers; 5) the durability value; 6) the system value;

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First Class Warehouse Research Report: Move to earn Stepn

Figure 2-4 Simulation curve 2 of the relationship between GST per energy output and efficiency

7. Mysterious treasure chest:

When the user moves in single-player mode, if the energy and luck values ​​reach a certain value, a mysterious treasure box will be randomly dropped. The treasure box may contain GST, gems (level 1-3) or nothing at all. If the users GST of the day If the revenue has reached the upper limit, the treasure chest will not drop GST. There are 5 quality types of mysterious treasure chests. The higher the quality, the longer it takes to open the treasure chest. Players can speed up the opening of the treasure chest by consuming GST. There are four slots for Mysterious Treasure Chests, and you can place up to four Mysterious Treasure Chests.

The probability formula for whether the mysterious treasure chest can drop is as follows:

First Class Warehouse Research Report: Move to earn Stepn

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First Class Warehouse Research Report: Move to earn Stepn

First Class Warehouse Research Report: Move to earn Stepn

Table 2-11 The meaning of the parameters of the drop formula

It can be seen from the formula that the mysterious treasure chests obtained by players during exercise will be related to the following factors:

1) the amount of energy consumed by the player; 2) the lucky value of the sneakers; 3) the bonus of extra props on the sneakers; 4) the system value;

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First Class Warehouse Research Report: Move to earn Stepn

Figure 2-5 The simulation curve 3 of the relationship between the probability of the mysterious treasure chest falling, its quality, the energy consumed, and the lucky value

8. Gems and slots:

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First Class Warehouse Research Report: Move to earn Stepn

Figure 2-6 Mysterious treasure chest and gem slot interface

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First Class Warehouse Research Report: Move to earn Stepn

Table 2-12 Details of gain effects

(Note: According to the official documents, there are 9 gem levels in total, but currently players can only synthesize up to level 4 gems. The gain effect of gems after level 5 has not been officially disclosed, and players need to synthesize and explore by themselves.)

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First Class Warehouse Research Report: Move to earn Stepn

secondary title

Trading market and rental market

market place:At present, users can purchase shoe boxes through the built-in trading market in Stepn, or in the MagicEden trading market on the SOL chain. The total tax is 6%, of which 4% is given to NFT creators as royalties, and 2% of transaction fees will be retained by the team;

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First Class Warehouse Research Report: Move to earn Stepn

Figure 2-7 Stepn trading market interface

Rental market:The rental market is a mechanism that Stepn will launch in Q3 in order to lower the entry threshold for users. Users can apply for rental, complete the matching with the owner of the sneakers, and start the rental after agreeing to the rental terms. Each rental contract is valid for 24 hours. The sneakers will be returned to the owner for repairs; at the same time, users can extend the lease agreement to 7 days by upgrading their credit rating. Currently, renters and leasers earn 30%/70%, and the income ratio may be released after launch With certain adjustments, each time a rental agreement is successfully fulfilled, the lessors credit will increase.

Marathon mode and background mode (not yet online)

Marathon mode:The marathon mode that Stepn plans to launch in the future will have two types: weekly marathon and monthly marathon. For the weekly marathon, users can choose to participate in any of the 2.5 km, 5 km or 7 km marathons; for the monthly marathon For example, users can choose to participate in any of the 5km, 10km, and 15km marathons;

1) Before participating, the user needs to register first, and a certain fee needs to be paid when registering. If the mileage required by the registered type is not completed within the specified time, the registration fee will be collected and used for ranking rewards. (The leaderboard will calculate the points based on the users running speed and the attributes of the sneakers.) 2) Users can track their marathon progress through the [Set Goal] function during participation; 3) After the marathon is over, All users will receive NFT badges, and top-ranked users will receive additional GST/GMT and NFT badge rewards.

Background mode: When the user does not open the Stepn application, the application will run in the background. At this time, a certain amount of GST income can also be obtained. The background mode will obtain the step number information from the health data APP of the mobile device. The upper limit of the maximum number of steps is 3000 steps. This income is a fixed income, which will not be affected by efficiency value or item bonus, and energy and durability will not be consumed when obtaining income through background mode.

Anti-cheating mechanism

For sports apps that have the attribute of earning income, once users exercise through multiple mobile phones at the same time or obtain income through other non-outdoor human sports methods, a large number of GST will be acquired by speculative users instead of real users to the market. Selling pressure will damage the interests of real users. Therefore, how to prevent non-real users from obtaining benefits through cheating mechanisms is the key to the long-term development of Stepn. Currently, Stepn uses the following three mechanisms to prevent cheating, as follows:

  1. Prove the authenticity of player motion data:Collect the players motion data by accessing the gravity sensor, linear acceleration sensor, significant motion sensor, accelerometer, step detection sensor, etc. in the mobile phone. After collection, the following three methods are used to ensure that the players motion data is true: 1) Verify whether the mobile movement data matches the amplitude of human movement; 2) Verify whether the mobile movement data matches the mobile pedometer; 3) Verify whether the mobile movement data matches the GPS track;

  2. GPS algorithm development:Through the self-developed GPS algorithm to solve the phenomenon of GPS offset, degradation, and instability that may occur when players are exercising, resulting in deviations in the collection of exercise data. According to official disclosures, in the latest Beta test, it is different from traditional running applications and GPS devices. Compared with Stepn, the GPS accuracy has been improved by 70 times.

  3. Prevent simulator cheating through machine learning + data collection:Summarize:

Summarize:

  1. From the perspective of the team, the team not only has a background in encryption, games, and continuous entrepreneurship, but also has consultants covering venture capital in both traditional industries and encryption industries. The most important thing is that the Stepn product has only three The public beta version was launched within a month, and has been continuously optimized after the launch. The APP needs to be updated almost every two weeks. The project is advancing quickly and the team has strong delivery capabilities.

  2. From the perspective of positioning, although Stepn also adopts the to earn token incentive model, it is not like the mainstream Gamefi products on the market. It takes the route of playing and earning, but creates a new way to earn money through sports. The reward model, in sports, users can not only get external token incentives, but also get other internal incentives from lifestyle changes, dopamine secretion brought by exercise itself, etc. Under the dual incentives, its products can be greatly increased user retention rate.

  3. In terms of product design, Stepn does not only limit the user group to running users, but through the introduction of NFTs such as walking shoes and all-round shoes, even ordinary people without running habits can use Move (simple walking or Walking) to obtain income, and its minimum requirement is only ten minutes of exercise per day, which makes the APP very friendly to the exercise requirements of ordinary people, which is conducive to the growth of its user group.

  4. From the perspective of user experience, the operations in the APP are very convenient and easy to use, and the UI design is beautiful, but during exercise,At present, there are occasional situations where the APP cannot receive GPS signals, resulting in the user being unable to obtain revenue or low revenue.

  5. From the perspective of entry threshold, Stepn currently has two thresholds that prevent large-scale growth in the future: 1. The price of entry-level sports shoes NFT is relatively high, and currently only users with certain encrypted assets can afford it. 2. For non-encrypted users, a series of operations such as creating a wallet, understanding mnemonic words, and converting fiat currency assets into encrypted currency assets are relatively cumbersome, which has certain resistance to breaking the circle.At present, Stepn’s solution to this is to launch the rental market in Q3. By renting out the sneakers of encrypted users to non-encrypted users, non-encrypted users only need to sign an agreement to exercise directly to obtain income. They will learn encryption knowledge before exercising and monetizing It is currently feasible to change the entry mode of the platform into cashing in sports and then learning encryption knowledge. It is worth observing the future development of the leasing mode after it goes online.

  6. From the perspective of the long-term development of the project, as a sports app, it needs real users rather than speculators, but the effect of making money will inevitably attract Dajin studios or some speculators to enter the market through various cheating methods. Therefore, ensuring the long-term effectiveness of the anti-cheating mechanism is a key factor in the development of the project, which depends on the development capabilities of the team.image description

develop

history

First Class Warehouse Research Report: Move to earn Stepn

Operational data

status quo

Operational data

Stepn has not officially released its user data, but according to its Twitter and the disclosure of its founder in the AMA, on February 21, Stepn’s daily activity has reached 20,000, and its monthly activity has reached 60,000. It has reached 100,000 people, five times the number at the end of February. On April 10, the number of daily active users has reached 200,000. However, since some users may use multiple accounts for sports, the real number of daily active users should be around 100,000+.

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First Class Warehouse Research Report: Move to earn Stepn

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First Class Warehouse Research Report: Move to earn Stepn

Figure 3-2 Total active users of Stepn

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First Class Warehouse Research Report: Move to earn Stepn

First Class Warehouse Research Report: Move to earn Stepn

secondary title

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First Class Warehouse Research Report: Move to earn Stepn

Table 3-2 Stepn social media data

Comment:future

future

According to Stepns roadmap planning, the future development plan is as follows:

  1. After Twitter reached 200,000 followers, it officially announced the acquisition method and usage of GMT in the APP.

  2. In April and May, the trading market of Binance Chain was launched, a multi-chain wallet was launched, and the NFT avatar function of ETH and SOL was added.

  3. In Q3, the achievement system, task system, and rental system were launched.

  4. Summarize:

Summarize:

  1. Judging from the entry of new users, the output and consumption of tokens in Stepn are currently in a relatively balanced state, but it should be noted that if the entry rate of new users in Stepn slows down or stagnates, GST may occur The price of the coin fell into a death spiral due to excessive selling pressure, and the current application scenarios of GST focus on the upgrade in the game, the synthesis of gems, the mechanism of accelerating the opening of treasure chests and breeding, and after the user returns the cost, its output is actually greater than In the face of this situation that may arise in the future, the team’s solution is: 1) By converting part of the in-game output GST income into output GMT income in the future (GST output below level 30, after level 30 can be Choose to output GST or GMT) to achieve a balance between GST output and consumption in the game, and keep the currency price stable. 2) For GMT, more application scenarios (such as governance, staking, in-game consumption, ecological establishment, etc.) will be given to ensure that the demand for GMT remains in a benign state, but the current gameplay of GMT has not been launched, so Whether the model can continue to maintain its current healthy state in the future remains to be seen.

  2. From the perspective of Stepns development speed, the teams advancement speed is fast and its delivery ability is strong.

  3. economic model

economic model

Token distribution

Token distribution

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First Class Warehouse Research Report: Move to earn Stepn

Table 4-1 GMT Token Allocation

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First Class Warehouse Research Report: Move to earn Stepn

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First Class Warehouse Research Report: Move to earn Stepn

secondary title

Currency holding address analysis

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First Class Warehouse Research Report: Move to earn Stepn

Token use

Token use

The current token uses of GST are as follows:

1) Upgrading sneakers; 2) Forging new shoes; 3) Opening gem slots and synthesizing gems; 4) Speeding up the cooling time of upgrading and opening treasure chests; 5) Repairing shoes; 6) Reset sneaker attributes.

The current token usage of GMT is as follows:

1. Participate in governance:Lock GMT to obtain voting rights and participate in governance. Voters will receive some market transaction fee dividends or GMT rewards. (When calculating, the weight of 1-month lockup is 1, the weight of 3-month is 4, the weight of 6-month is 8, the weight of 1-year is 16, the weight of 2-year is 32, and the weight of 3-year is 64);

2. In-game consumption:1) Burn GMT to upgrade the level of sneakers to 5/10/20/28/29; 2) Burn GMT to upgrade gems above level 4. 3) Burn GMT to cast rare, epic, and legendary sneakers; 4) Burn GMT to redistribute attribute points; 5) Burn GMT to increase the upper limit of GST daily income; 6) Burn GMT to increase the success rate of gem upgrades; 7) Burn GMT to increase the probability of casting a pair of shoeboxes; 8) Burn GMT to subscribe to the GST return in the Gloating 12 pool.

Industry overview

compete

Industry overview

The track where Stepn is located belongs to the track of health sports APP and the Moveto earn track with Gamefi nature.

According to the data of Statista13, in 2020, the number of running users in the United States will be about 55.9m, and the number of people walking for health will reach about 111m, while the population of the United States only accounts for 4.3% of the global population, so we can preliminarily estimate the future global running market. The number of users exceeds 1 billion, and the number of people walking for health can reach about 2 billion. (Because the exercise habits of the United States are better than those of less developed countries, the real data should be reduced by a part when estimating), and in 2021, the online fitness industry will achieve an annual growth rate of 33%, so it can be seen that, The sports APP track has a certain potential user group and is in the growth stage of this group.

At present, the main features of traditional sports apps such as Strva and NikeRun Club are as follows:

1) The user experience is good, and the visual interface design for all sports data is beautiful;

2) It can record sports data of various exercise methods, such as rock climbing, cycling, swimming, etc.;

3) It can read data such as exercise and heart rate of external devices such as Appwatch, making exercise more convenient and conducive to analyzing health levels;

4) The APP is usually equipped with video or text guidance for various exercise methods to help users achieve the best exercise effect;

5) It has certain social attributes, and users can establish social relationships with runners by posting or joining clubs.

Compared with the traditional sports APP, the current Movetoearn APP has the advantage of token incentives and the confirmation experience of digital asset ownership. Field operation is cumbersome, but judging from the phenomenon that the download volume of Stepn surpassed NikeRunClub in Japan on February 7th, token incentives can play a more obvious role in the growth of new users.However, from the perspective of the life cycle of the project, it is difficult to maintain the long-term development of the project only with token incentives.There is a lot of room for improvement both in terms of functionality and friendliness to non-encrypted users.

The essence of Movetoearn and Playtoearn has a certain degree of similarity in the economic model, but the operation of playing the game is transformed into physical exercise, and the pleasure obtained from the playability of the game is transformed into the pleasure of hormone secretion during exercise , have added token incentives in addition to the incentives that the product itself brings to users, and at the same time have ownership of digital assets within the product.

Therefore, the life cycle trend of this track project, like most Gamefi, is very dependent on whether its economic model is sustainable, and whether its APP can give users other reasons to be willing to stay besides token incentives. Whether the users are real users or Dajin studios. Compared with traditional APPs, if the Movetoearn track APP wants to prolong its life cycle, it must not only consider the sustainability of its economic model, but also consider whether its anti-cheating mechanism is Perfect, whether its user experience can really retain real users,Judging from the current status of Gamefi, how to build a sustainable economic model is still in the exploratory stage, how to ensure the balance between the output and consumption of tokens, how to ensure that tokens have certain application scenarios, and how to ensure that the transformation will be carried out after the growth of the number of users reaches a stable level. All of the above put forward higher requirements for the model design of the project .

secondary title

Competitive product comparison

At present, the main Moveto earn projects on the market mainly include Stepn, Snkrz, Wirtual, 5KM, Fitmint, Genopets, etc.

Snkrz

Snkrz is a sports app built on Klay. The team is located in South Korea. In addition to the walking/running mode, the app also adds sports proof rewards for rock climbing, cycling and other modes. Users can have a chance to get random during the walking process. Props, such as traps, rockets, shields, drones, etc., can steal the physical strength and income of nearby users by using props, and other users can also use props to defend. In addition to Movetoearn, the APP also launched a land mechanism , with the map of South Korea as the background, if the user’s movement range is in the territory of other landholders, the landholder can automatically earn income, and at the same time, the landholder can attract more people by holding activities on their own land many users.

Wirtual

Wirtual is a sports app built on BSC. The team is located in Thailand. Users can choose one of the two methods of paid challenge and unpaid challenge to determine 1) the exercise type of the challenge, such as running, cycling, etc.; 2 ) Challenge exercise results, such as 5km, and then submit the exercise data results to get rewards. The submission method is 1) Manually upload the exercise data pictures recorded in other exercise apps; 2) Automatically connect to the exercise APP supported by Wirtual to obtain exercise data (such as automatically obtaining exercise data in Strava, Fitbit, AppleHealth); after successful submission, WIETUAL token rewards can be obtained according to the exercise data, and the NFT of the Avatar virtual character in the APP can be purchased to increase the value of the token Reward cap.

5KM

5KM is a sports app built on Ethereum. The team is located in China. It is currently in the NFTmint stage. There are 5,000 Genesis running shoes in total. The follow-up sports shoes will be generated by Genesis running shoes. There are currently four modes in the app: 1) Single 2) activity mode; 3) background mode; 4) experience mode. There are four types of running shoes: 1) casual; 2) jogging; 3) professional; 4) all-round; with four attributes: 1) reward coefficient; 2) luck; 3) wear rate; The mileage value of running shoes, the maximum mileage limit is 10KM.

Fitmint

Fitmint is a sports app built on Polygon. The team is located in India. Users can cast custom sneakers in the app through MATIC (choose the parts of the shoes by themselves), or buy custom sneakers cast by other players from the trading market , There are five types of sports shoes: 1) Basic; 2) Athlete; 3) Professional athlete; 4) Legend; Comfortable; 1,000 OG sneakers will be released to early community members during the testing phase. After the APP is officially launched, 50,000 sneakers will be gradually sold, and subsequent sneakers will be generated through breeding.

Genopets

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Item comparison

First Class Warehouse Research Report: Move to earn Stepn

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First Class Warehouse Research Report: Move to earn Stepn

Table 5-2 Comparison of Social Media Popularity

risk

risk

1) Code risk:Stepn currently does not disclose relevant information about code audits, and there is still a certain risk of hacker attacks.

2) Economic model risk:References

References

Stepn white paper

Snkrz white paper

Genopets white paper

Wirtual white paper

Fitmint white paper

note

note

1 https://www.coingecko.com/en/coins/stepn, as of April 12.

2 https://docs.google.com/spreadsheets/d/1R9bPGYwA3E0YLUhY20Ga1CzufRrnXo-mhkwpzVuz8XU/edit#gid=1695166158

3 www.tinyurl.com/stepnstats

4 https://dune.xyz/queries/604672/1128634

5 https://dune.xyz/nguyentoan/STEPN-(GMT-GST)-Core-Metrics

6 https://dune.xyz/nguyentoan/STEPN-(GMT-GST)-Core-Metrics

7 https://research.binance.com/en/projects/stepn

8 https://research.binance.com/en/projects/stepn

9 https://solscan.io/token/AFbX8oGjGpmVFywbVouvhQSRmiW2aR1mohfahi4Y2AdB#holders

10 https://bscscan.com/token/0x3019BF2a2eF8040C242C9a4c5c4BD4C81678b2A1

11 https://solscan.io/token/AFbX8oGjGpmVFywbVouvhQSRmiW2aR1mohfahi4Y2AdB#analysis

12 The schadenfreude pool is a game that Stepn will launch in the future. When users fail to open low-level sneakers from high-level shoe boxes or upgrade gems, a certain percentage of GST consumed through such activities will enter the pool as subscribers of passive income.

13 https://www.statista.com/topics/1743/running-and-jogging/#dossierKeyfigures

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