What Is Green Satoshi Token (GST)?
Green Satoshi Token (GST) is the game token of STEPN — a Web 3.0 lifestyle app with in-built fun social elements and gamification design. STEPN is the first move-to-earn NFT game where players earn GST tokens by walking, jogging and running outdoors while wearing NFT Sneakers. GST tokens can also be used to level up and mint new Sneakers, and players can sell/rent their NFT sneakers on the app Marketplace.
Check out our deep dive on STEPN.
The goal of the project is to encourage the world’s population to lead a healthy and active lifestyle, as well as to acquaint people with the concept of Web 3.0. The STEPN platform is originally powered by Solana (SOL) and uses a dual-token mechanism where Green Satoshi Token (GST) is the currency in the game and Green Metaverse Token (GMT) is the governance token.
To become a part of the community, a user first downloads the STEPN mobile app, registers an account and creates a wallet. The user then deposits SOL tokens to the built-in STEPN wallet, goes to the in-app Marketplace, buys NFT Sneakers and waits 24 hours for “energy” replenishment (energy is time user workouts, in minutes, the indicator recovers at a rate of 25% every 6 hours).
The following are the advantages of the STEPN project:
Activity rewards motivate app users to go in for sports every day, keep themselves in good shape, improve physical health;
GameFi functionality is built into the application (Sneakers-minting, leveling up Sneakers, custom NFTs, Mystery boxes);
The STEPN ecosystem includes tools like Wallet, Swap, Marketplace;
To use the application and purchase NFT Sneakers, users don’t need a knowledge base of blockchain technology;
The mobile application is equipped with an intuitive and simple interface;
There is a free rental of NFT Sneakers on the platform. Players can buy their own pairs of shoes by accumulating the required number of tokens.
The STEPN project raised a $5.0M Seed Round from top investors including Sequoia Capital, Folius Ventures, Binance Labs, Solana Capital, Alameda Research, DeFi Alliance, M13, Corner Ventures, 6th Man Ventures, Zee Prime Capital, Sfermion, Spark Digital Capital, MorningStar Ventures, Lemniscap, WelinderShi Capital, Solar Eco Fund and Openspace Ventures.
Who Are the Founders of Green Satoshi Token?
STEPN was established in August 2021 by fintech studio Find Satoshi Lab, based in Australia. In September of the same year, the core team was formed, and in October the project won Solana Ignition Hackathon Gaming Track 2021.
Jerry Huang is one of the co-founders of the company with ten years of experience in game development, marketing and testing. Prior to STEPN, Huang also launched several highly rated and downloaded games for iOS App Store.
One more co-founder is Yawn Rong, a talented entrepreneur, crypto investor and blockchain incubator. Rong has a track record of launching small startups and building them into national brands.
Jessica Duan holds the position of CSO in the company. Duan has a qualification in design and architecture, she manages operational strategies, advises senior clients & partners, and evaluates new technologies, market trends, business models and innovations.
What Makes Green Satoshi Token Unique?
The STEPN team intends to make a breakthrough by incorporating social and community elements into their product, giving fans of an active lifestyle the opportunity to earn cryptocurrency from their passion for running.
STEPN is based on the Move-to-Earn (move2earn or M2E) concept. In 2021, the project participated in the Solana Ignition Hackathon Gaming Track, taking first place and becoming the only mobile NFT game to win the hackathon. STEPN attracted the attention of the judges and received approval due to the game design, user-friendly interface, and built-in tools like Wallet & Marketplace.
Highlights of STEPN:
The application has three modes: Solo Mode (a player earns GST due to motion, the number of earned tokens depends on physical activity and the rarity of NFT shoes); Marathon Mode (online marathons are weekly and monthly events, registration is required at least 24 hours before the start); Background Mode (users earn income in GST tokens just by having one pair of sneakers, the background mode works even if the application is disabled, without reducing the endurance of the sneakers).
NFTs have a different quality, attributes and Gem Socket, the update is done by burning GST tokens, attribute points and NFT Gems can be added to improve performance.
Users can mint a sneaker box aka Shoebox by putting two sneakers together. As a result, an owner of a Shoebox receives a random NFT Sneaker.
On the built-in NFT Marketplace, users can trade everything they have: Sneaker, Shoebox, Gems, and also rent NFTs if necessary.
Using Swap, users of the mobile app exchange tokens for other crypto, and also deposit their tokens and NFTs to the built-in Wallet.
The STEPN app may charge small taxes for trading NFT sneakers, minting and renting. At the same time, most of the income is earned by platform users. Part of the profits goes to the purchase of Carbon Removal Credit — support for carbon neutrality (a state of net-zero carbon dioxide emissions).
Read about STEPN (GMT).
CoinMarketCap Alexandria takes a deep dive into STEPN (GMT).
Check out our overview of the Move-to-Earn trend and whether it’s a fad.
The latest data about Solana (SOL).
What is Web 3.0? Find out with our educational portal.
What are non-fungible tokens (NFTs)? Check out the CMC glossary for the most essential crypto terms and jargon.
How Many Green Satoshi Token (GST) Coins Are There in Circulation?
Green Satoshi Token (GST) is the utility token of the STEPN ecosystem, it’s used as an in-game currency and alternative to experience points. GST is required for repair, upgrade and mint NFT Sneakers. GST can be earned when users move in Solo mode or Background mode.
Players receive Green Satoshi Token (GST) via the STEPN app, tokens are generated in walking / running / walking modes. Investors can also earn GST by renting out their NFTs to platform users or new players.
GST tokens can also be donated to purchase Carbon Removal Credit on the blockchain, supporting the concept of carbon neutrality to combat climate change and contributing to environmental protection.
GST is an inflationary token with no defined maximum supply and with a total supply of 10,000,000 coins distributed as follows:
16.3% to Private Sale;
7% to Binance Launchpad Sale;
14.2% to the Team;
2.5% to Advisors;
30% to the platform’s Ecosystem / Treasury;
30% to Move & Earn.
As of April 2022, there are 3,597,242.47 $GST in circulation. Once used, the GST token is automatically burned to reduce the supply. Here are the specific cases where burning (destroying) occurs: shoe-minting, repairing pairs of shoes, leveling up NFT-Sneakers, adding gems / gems upgrade, unlocking new socket, resetting Sneaker attributes.
How Is the Green Satoshi Token Network Secured?
STEPN, a move2earn mobile NFT game, as well as its utility token — GST, are powered by Solana (SOL).
The security of the Solana network is built on a unique combination of Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus mechanisms. PoH is the main component of the protocol that processes the bulk of the network’s transactions, recording successful operations and time between them, while PoS is used as a monitoring tool for running PoH processes.
Where Can You Buy Green Satoshi Token (GST)?
Green Satoshi Token (GST) can be easily obtained through cryptocurrency exchanges such as Huobi Global, Bybit, Raydium, MEXC, PancakeSwap (V2), Serum DEX, Orca, CoinEx, Hoo, AEX, DigiFinex, BingX, Jubi and Hotbit.
Instal the CoinMarketCap mobile app, and track prices of GST, GMT or SOL in real-time.
Check out the top NFT collections by sales volume.
Have a look at our guide to non-fungible tokens.
Visit CoinMarketCap’s educational portal, Alexandria to learn everything you need to know about crypto.
Leave a comment