This is a play-to-earn 💸 platform, where you can earn crypto for keeping yourself fit🏃♂️🏋️♂️💪. Dank right?
This happens on STEPN (yikes 😬), which is a web3 running app on Solana. So, all you have to do is just Download the STEPN app from Playstore/Appstore (https://play.google.openinapp.co/d1724) , buy a pair of shoes(I mean if you have them already you don’t have to buy them again 😀), and track your running/jogging with that app & start earning. Seems easy peasy❗
Nope, not so easy, lets’s jump 🤸♂️deep into it.
Download STEPN app from Playstore/Appstore.
Then you will have to get their activation code, this is a troublesome process but with patience, you can get it at their Discord👽 server or Telegram.
Create a new wallet or import a wallet using its seed phrase (https://coinbase.openinapp.co/learn-crypto-basics-what-is-a-seed-phrase) 🌱 & then transfer $SOL to it.
Go to their marketplace & buy their shoe NFT with $SOL, (price starts from 13.5 $SOL = Rs. 93,420 🎟) but choosing a pair of shoes 👟isn’t an easy task, as there are a variety of shoes with different features.
Yes, they are very expensive💲 but you gotta invest something to mint money from it, right? 🤔
5. Types of shoes🎯
Depending on the speed ⚡you want to run/jog🏃♂️, you will have to choose a pair of shoes.
So, let’s say you bought runner shoes, now you will only earn $GST (Green Satoshi Token) when your speed is between 8-20 KM/Hr. You can definitely run faster or slower than that but you won’t ❌earn any rewards for it. Based on your speed specifications you can select a type of shoes. Now what if, you want to walk/jog/run according to your mood 🙄, then you can buy their Trainer shoes 🤼♂️.
Note: Higher the speed, the higher the rewards.
Also, If you have only one pair of shoes, you can earn $GST tokens only for 10 mins, you can obviously run after that, but you won’t earn anything. So if you want to run & earn for a longer time, you will have to buy more shoes. Slaps🙁
So if you have 1 sneaker, you will have 2 energy, with which you can move & earn for 10 mins, with 3 sneakers 20 mins, 9 sneakers 45 mins. Boujee🤩
There are many attributes of shoes, which can improve your $GST earnings.
1. Efficiency – higher the efficiency, higher the $GST earnings
2. Comfort – Higher the comfort, higher the $GMT earnings (governance token)
3. Resilience – higher the resilience, less repair required for shoes after every jog.
List of factors that will get you $GST rewards
1. Total energy remaining
2. Your speed
3. Attributes of the shoes (resilience, efficiency, comfort etc.)
4. NFT badges
Let’s calculate our daily earnings & also do the break-even analysis.
A quick detour, if you want to know more about StepN and how it works you can use this link https://stepn.com/litePaper
So, the current price of $GST token is around $6.5.
Let’s take an example of a basic/cheapest Jogging shoes.
The lowest jogging shoe costs 13.49 $SOL, after calculating the daily rewards of the below shoes in https://stepn.guide/, we can see that,
After adding all the attributes, we can earn 7.68 $GST for every 10 mins of jogging.
Price of $GST = $6.41
No. of $GST earned = 7.68 GST
Daily income = 7.68 * 6.41 = $49.22
Price of the shoes = $1145
Break even: $1145/$49.22 = 23 Days
This means, at the current price you will be at a point of no loss/no profit after 23 days. Guap 💲💲
Tokenomics🎟:
Before you hold any token, you must read 📰 their Tokenomics.
Should you hold $GST tokens?
Also, Forgot to mention that STEPN has its own governance token called $GMT token which can be staked in the near future. 5% of all the fees collected from transactions happening on STEPN will go to $GMT holders.
Supply:
$GST – unlimited token (highly inflationary, L😬)
$GMT – 6 billion tokens
If there is no proper burning strategy for $GST token, it’s going to $0 one or the other day.😬
So whenever we spend our $GST for the above activities, $GST gets burnt, reducing the supply, but is there enough demand so that enough $GST gets burnt? Well, that’s your part of the job.
Holding $GST for the long term won’t make much sense, but holding $GMT might make you money in the long term if STEPN stays in the hype for the long term.
Token Distribution:
We will be bringing in more such DeFi hacks in the upcoming newsletters which will surely help you become a DeFi farmer🤖👽, so don’t forget to hit that subscribe button.
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