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1. Recent project and team updates
1.1 Project progress
Combined with the development of StepN since August 2021, the official announcement of the 2022 development roadmap is divided into four quarters, and there is a specific goal every month.
Q1: In January, the transaction function was realized in the App; in February, the market function in the App was realized; in March, IEO/IDO was carried out.
According to the data report in the official Medium on 2022-04-02, StepN generated a profit of 198,635.62 SOL ($26,815,807.35) in the first quarter of 2022 from its NFT market transactions and royalties. However, the official promises to use this profit to repurchase and destroy $GMT on the chain from the secondary market within one month, so as to create more value for the StepN ecosystem. At the same time, the destroyed contract address is also attached for supervision:https://explorer.solana.com/address/CGrf7SC5Y4LcdkhnfPeeEt6Ln44YpZ81ViLrRkFB7afa
Currently, we are in the second quarter.
Q2: In April, the in-app wallet upgrade was completed; in May, the multi-chain wallet was updated; in June, the multi-chain market function was updated.
As of 2022-05-12, it is found from relevant social media that there are few updates on its on-chain wallet and cross-chain wallet. Of course, this has something to do with StepNs launch on the Binance Chain not long ago. The team is combining the double-chain StepN to do some airdrop promotional activities. In Medium on 2022-05-10, some content related to token economics was updated. The report indicated that 68 million GMTs had been destroyed, accounting for more than 10% of the circulating supply.
Q3: In July, launch the achievement system; in August, launch the adventure system; in September, launch the rental system.
Q4: In October, the online marathon was realized; in November, the SocialFi attribute was launched; in December, community activities were launched.
1.2 Team progress
According to the current announcement on the official website, in addition to the two co-founders Jerry, Yawn, and chief operating officer Jessica announced since its launch in September last year, the official website has recently announced that Ryan Turner, the principal of Malicious Delicious Design Company, has joined StepN and served as its co-founder. chief design. On May 7, 2022, Mable Jiang, the co-founder of Multicoin, announced that he would leave his former company and join StepN as the chief financial officer. The addition of Mable allows the StepN team to further improve the economic model of its native token GMT, laying the foundation for the teams business development and publicity in the future, and also promotes Web3 users to deepen their understanding of StepN from the perspective of the token model.
Among the consultants, there is the current Adidas Runtastic (Adidas subsidiary) CEO and Adidas Mobile Vice President Scott Dunlap. As a sports brand manager, Scott appreciates the concept of move to earn very much. His joining may imply that StepN Adidas may cooperate in the future.
In addition, Will Robinson, the leader of Alliance DAO and the founder of dfdao, has also joined StepN as an advisor, and the community may gradually carry out DAO governance. Jason Kam, founder of Folius Ventures, and Web2 Twitter KOL (95,320 fans) are also project consultants for this update.
In general, the addition of fresh blood has enriched the teams wings and covered more and more fields, laying a solid foundation for the future expansion and development of StepNs cooperation territory.
1.3 Funding situation
On January 20, 2022, StepN, a Move-to-Earn game on the Solana chain, announced the completion of a $5 million seed round of financing, led by Sequoia Capital India and Folius Ventures, Solana Ventures, Alameda Research, 6th Man Ventures, Sfermion and other institutions, Former ParaFi Capital partner Santiago Santos and Republic Asia Pacific partner Zhen Cao participated in the investment. The financing is completed through SAFT and will be used for team expansion and product optimization.
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2. Team AMA highlights
On May 7th, the StepN project team held an AMA event in Discord. The content involved was mainly divided into transaction optimization, May plan (skin and sneaker casting), Genesis sneaker benefits, #StepN Beta Phase 4, multiple accounts, New NFTs and planned projects, token burns.
Transactions: transaction optimization and re-launch failed transactions, server optimization.
May plan:
Skin plan; burn different gems to get.
Maintain a balanced double chain; 10,000 pairs of shoes will be airdropped to holders who own Solana Genesis shoes;
Multiple accounts are allowed, but cannot run simultaneously.
The blind box will be released in the middle of the month.
It is planned to open the second group of Discord.
Genesis Shoes:
Recently, BSC shoes have been airdropped to Solana Genesis shoe holders.
Plan future perks, airdrops, and other perks for Genesis sneaker holders, crypto NFT Bahamas;
BSC ASICS Genesis also has the above privileges;
Token burning status:
More than 16,000,000 GST have been burned in the last month, and 10% of GMT has been destroyed. Over 60 million GMT have been destroyed.
StepN Beta4 stage:
New system, new items, new rules
Increased security level (many in-game activities require two-factor authentication)
The Japanese community requires transaction history for tax purposes, and other updates will roll out next week.
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3.1 Number of changes in social media users
Early stage (statistics as of 2022-03-10)
Recently (statistics as of 2022-05-12)
Summarize:
Summarize:
According to the comparison of the above data, the same project on different chains will also have huge gaps in different periods.
According to the comparison of social data, in just two months, StepN has repeatedly ignited social topics, and its social media activity and community popularity have continued to rise, especially in the case of continued turmoil in the market, StepNs Discord I community continues to maintain full membership status and maintain a daily chat activity of more than a thousand, discussing rainstorm running, mint strategy, etc. 2022-5-13 Discord II has been opened.
According to the data on the chain, because Solanas native project has a series of advantages that the BSC chain does not have, such as time span, daily active users and user retention, capital investment, market acceptance and competitive impact, etc. Although the user accumulation of the BSC chain is not enough at present, and the $GMT transaction volume is in a long-term low state, but in terms of development space, the SOL chain is in a mature stage, and the upside is limited, and the StepN on the BSC will be able to integrate in the future and have a collision opportunity And probability, the ecological prospect is broader.
For a GameFi track application, the change in data activity on the chain represents the recent development trend of the project. The statistics below will be based on Dune Analytics:
3.2 The total number of StepN users and the total number of shoe NFTs
The first is the recent changes in the total number of users of Stepn
The number of users and trading volume indicators are one of the important factors to measure the development of GameFi track projects. In Figure 1, we can clearly observe that as of 2022-05-12, the total number of users on the StepN chain is as high as 423,296, and the data has shown an exponential growth since March, and the growth rate is getting faster and faster. The peak month-on-month growth rate of user growth reached 35% every two weeks, but this situation was broken from the end of April to the beginning of May. With the changes in market conditions, the daily new users participating in StepN decreased at a visible rate, which is worth paying attention to. It is mentioned that the growth rate of new users dropped by about 35% in the first week of May.
The growth shown in Figure 2 is the same as that in Figure 1. At present, the total number of NFTs owned by StepN is 308,184, and the overall Mint growth in the historical peak period reached about 11,502 per day. Recently, it was only 9,433, a decrease of nearly 20% from the previous month. Significant slowdown. Coupled with the fact that the total number of SneakerNFTs without quantity growth restrictions is constantly rising, it has played a certain proportional exchange for the project’s market funds. In the future, the number of Mints will exceed the project’s internal digestion capacity. In the absence of sufficient funds to enter the market, it is easy to have a sharp floor price For the NFT and GameFi markets, it is not only a leading project that drives the development of the overall sector, but also a crisis under the growing prosperity.
3.3 Changes in the number of StepN daily active users and new users
Lets observe the trend of StepNs daily active users. As a way to judge whether the project has vigorous vitality, the daily active user index is also an indispensable and important indicator for chain game projects. According to statistics, since mid-April, the number of active users (users who have completed at least one GST/SOL transaction per day) on StepN has been maintained at more than 10K and relatively stable, and the number of new and old users has shown an upward trend , the continuous influx of new users can meet the basic requirements of StepNs long-term development.
3.4 GST and GMT daily deposit and withdrawal flow rate
$GST is the game token of StepN. Since the supply of $GST tokens is unlimited, the supply can only be reduced through the combustion and destruction mechanism inside the game. Therefore, observing changes in its data is also one of the criteria for judging the recent situation of the project one. According to statistics, since 2022-05-03, the amount of withdrawals in the $GST token liquidity pool has shown a steady increase, resulting in a steady decline in the overall pool volume. Of course, one of the reasons is that the packet loss rate of the SOL public chain is high in the province, and the synchronization of the chain is delayed, so the Dune data statistics are not complete, and the actual situation is more optimistic than the data on the chain.
Statistics on the deposit and withdrawal of $GST on the chain. From the end of April, the deposit amount of $GST is 117,766,378 (5,888,318.9 deposits per day), while the total withdrawal amount is 131,000,514 (6,550,025.7 average daily), and the total difference is 13,234,136. And the overall data gap is still widening.
$GMT is the governance token of StepN, and a total of 6,000,000,000 pieces were minted on 2022-03-09. The data from 04-29 shows that both the amount of gold withdrawals and the amount of gold deposits are at the peak position in the past month. Steady pressure on one end caused the USDC balance in the pool to show a decline.
The picture on the right shows the deposit and withdrawal situation on the SOL chain. At present, the daily deposit is still steadily greater than the withdrawal. From the perspective of the currency standard, the overall amount of funds is still rising.
3.5 GMT data changes and price fluctuations, shoe NFT price changes
As of 2022-05-12, the $GMT price has retreated from the highest point of $4.11 to the current $0.94, with a total drop of 77%. According to Mytoken statistics, the total transaction volume of the day was $53.7426 million, ranking around 70# in the market transaction volume. Compared with the 30% decline of Ethereum and Bitcoin in the past seven days, it is seriously oversold. Compared with the 60% decline of the SOL public chain in the same period, it is still oversold. However, compared with the leading project DeFiKingdom project token $JEWEL on the GameFi track in the same period, its price decline is about 75%, which is relatively similar. (From this point of view, when the market goes to extremes, except for Axie, which can maintain a relatively stable market value in this field, the market value and capital amount of other projects vary greatly, the stability is not high, and the user stickiness is not enough)
The picture on the right shows the price change of StepN running shoe flooring. In fact, the value of $GST is rising steadily overall. Its recent flooring price has fallen from the highest replacement demand of 347 GST to about 200+, an increase of 40%. However, the number of SOL basic replacements has been increasing. rose (single value is declining), from 7 to 11, a year-on-year increase of 36%. (Based on the current 60 $SOL, the current floor price of shoes is about 660$) (The highest price is 1,600$, and the overall value has shrunk by about 60%, which is similar to the 63.5% decline of GST)
From the perspective of capital inflows and other conditions, although $GMT has a large user base, it is still affected by the adverse market sentiment. The total USDC funds have shrunk by 48% from the highest point of 21924,339 to 10,114,870. Both the token price and the selling price of running shoes fell by 60-65%, which is consistent. Compared with other track projects in the contrarian market, the advantage of the StepN project is that there are still a relatively stable number of new players entering the market every day, which is conducive to increasing the turnover rate of market funds and is healthier for future development , the disadvantage is that there will be some panic in the community, which is a potential threat.
3.6 Comparison of BSC chain and SOL chain market status
Compared with the development curve of StepN on SOL, it has reached the transition from the rapid growth period to the stable development period. For users who enter the market late, they lack the entry conditions such as the first-time advantage, which naturally reduces the number of potential users. On the other hand, BSC, another chain launched by StepN recently, has a larger user base and wider spread, coupled with the ultra-high profit ratio on the SOL chain and the accumulation of users in the early stage, it has also attracted many potential users. Played a perfect auxiliary role.
Comparison of daily active users
Comparing the active user data of the Solana chain and the Binance chain, it is not difficult to see that due to the project’s original network chain Solana has a certain user base, resulting in more participating users than the number of users on the BSC chain, and BSC has just been on the chain, the cumulative number of users is not enough , it will take some time to settle. Therefore, in terms of the number of users, SOL>BSC is far ahead.
GMT volume comparison
Affected by the announcement issued by the project party, the BSC chain has shown a downward trend since March 16, 2022, and the decline has been relatively heavy, which has also affected the decline in liquidity. Similar to the arc-low structure, it proves that the market has experienced a certain trough and turbulent period, and then funds flowed in, and the project has strong sustainability.
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4. Development forecast and risk warning
In the market that has continued to fall in recent days, the cost price of StepN shoes has dropped mainly due to the sharp drop in SOL, and the price of $GST has also fallen similarly. But the performance of the overall in-game economy didnt even suffer that much. Maybe StepN will be a rare and interesting community. Even in todays plummeting market, many groups are still discussing rainstorm running, mint strategy and throwing invitation codes. The founder Jerry also stated that StepN may be one of the few projects that can make money in the bear market in the next half year, and hopes that everyone will not speculate on $GMT but go to sports and get through the bear market together.
At present, StepN also has several risk points:
The first is whether the anti-cheating mechanism can guarantee long-term effectiveness. 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.
Secondly, if the entry rate of new users of StepN slows down or stagnates, there may be a situation where $GST sells too much and the currency price falls into a death spiral. Although for now, the output and consumption of tokens in StepN maintain a relatively balanced state, the current application scenarios of $GST focus on upgrading in the game, synthesizing gems, accelerating the mechanism of opening treasure chests and breeding, and users return After the cost, its output is actually greater than its consumption.
Certain statements involved in this article may be assumptions about future expectations and other forward-looking opinions, and known and unknown risks and uncertainties may cause actual results, performance or events to be different from opinions and assumptions in the statements There are substantial differences.
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The above content analysis only provides reference information, and does not serve as the basis for investment decisions. Please do not make any investment decisions based on this report. The report author is not responsible for the users investment results.
Reports have been prepared as of the date indicated and as subsequent market or economic conditions may change, the contents of the report do not necessarily reflect these changes. Graphs, charts and other visual aids are provided for informational purposes only. None of these graphs, charts or visual aids should be used to make investment decisions. It is not intended to assist anyone in making an investment decision, and no graph, chart or other visual aid can capture all of the factors and variables necessary to make such a decision.
Certain statements involved in this article may be assumptions about future expectations and other forward-looking opinions, and known and unknown risks and uncertainties may cause actual results, performance or events to be different from opinions and assumptions in the statements There are substantial differences.
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