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Summary of Green Satoshi Token (GST)
What is GST?
- GST is the game token of STEPN, a Web 3.0 lifestyle app.
- Players earn GST tokens by walking, jogging, and running outdoors while wearing NFT Sneakers.
Founders of GST
- STEPN was established in August 2021 by fintech studio FSL, based in Australia.
- Co-founders: Jerry Huang, Yawn Rong, and Jessica Duan.
What makes GST unique?
- STEPN incorporates social and community elements into their
Introducing Green Satoshi Token (GST): A Beacon of Sustainability on the Ethereum Blockchain
Introducing the Green Satoshi Token (GST): A Revolutionary Cryptocurrency
Introducing the Green Satoshi Token (GST), the native cryptocurrency of STEPN, a pioneering Web 3.0 lifestyle application that seamlessly integrates entertaining social features and gamification elements. As the first-ever move-to-earn NFT game, STEPN empowers players to earn GST tokens by engaging in outdoor physical activities such as walking, jogging, and running while donning NFT Sneakers. Furthermore, GST tokens can be utilized to level up and mint new Sneakers, and players have the flexibility to sell or rent their NFT sneakers on the app’s Marketplace.
Delve into our in-depth exploration of STEPN.
The overarching objective of this project is to inspire a global populace to adopt a healthy and active lifestyle, while concurrently introducing them to the paradigm-shifting concept of Web 3.0. At its core, the STEPN platform is fueled by Solana (SOL) and operates on a dual-token mechanism, wherein the Green Satoshi Token (GST) serves as the in-game currency, and the Green Metaverse Token (GMT) assumes the role of governance token.
To join the community, a user must first download the STEPN mobile application, register for an account, and create a digital wallet. Next, the user deposits SOL tokens into their built-in STEPN wallet, navigates to the in-app Marketplace, and purchases NFT Sneakers. Following this, they must wait for a 24-hour period to allow their “energy” to replenish, which represents the time spent on user workouts, measured in minutes, and recovers at a rate of 25% every 6 hours.
The Visionary Founders Behind Green Satoshi Token
STEPN was founded in August 2021 by FSL, a fintech studio headquartered in Australia. The core team coalesced in September of the same year, and in October, the project emerged victorious in the Solana Ignition Hackathon Gaming Track 2021.
Jerry Huang, a seasoned entrepreneur with a decade of expertise in game development, marketing, and testing, is one of the co-founders of the company. Notably, Huang has a successful track record of launching highly acclaimed and popular games on the iOS App Store.
Notably, another co-founder is Yawn Rong, a visionary entrepreneur, seasoned crypto investor, and esteemed blockchain incubator. With a proven track record of successfully launching fledgling startups and nurturing them into prominent national brands.
Jessica Duan assumes the role of Chief Strategy Officer (CSO) at the company. With a background in design and architecture, she oversees operational strategies, provides counsel to senior clients and partners, and assesses emerging technologies, market trends, business models, and innovations.
Unveiling the Uniqueness of Green Satoshi Token
The STEPN team is poised to revolutionize the fitness landscape by seamlessly integrating social and community features into their innovative product, empowering enthusiasts of an active lifestyle to monetize their passion for running through cryptocurrency rewards.
STEPN is founded upon the innovative Move-to-Earn (move2earn or M2E) paradigm. Notably, in 2021, the project emerged victorious in the Solana Ignition Hackathon Gaming Track, securing first place and distinguishing itself as the sole mobile NFT game to achieve this feat. The judges were impressed by STEPN’s sophisticated game design, intuitive user interface, and seamless integration of features such as Wallet & Marketplace, ultimately earning their approval.
What Is the Circulating Supply of Green Satoshi Token (GST) Coins?
The Green Satoshi Token (GST) serves as the utility token within the STEPN ecosystem, functioning as an in-game currency and alternative to traditional experience points. GST is essential for repairing, upgrading, and minting NFT Sneakers. Users can earn GST by engaging in physical activity in Solo mode or Background mode.
Through the STEPN app, players are rewarded with Green Satoshi Tokens (GST) as they engage in walking, running, or jogging activities. Additionally, investors can accrue GST by leasing their NFTs to platform users or newcomers.
GST tokens can also be utilized to acquire Carbon Removal Credits on the blockchain, thereby fostering the notion of carbon neutrality in the fight against climate change and contributing to the preservation of our environment.
GST is an inflationary token characterized by an unlimited maximum supply, with a total circulation of 10,000,000 coins, allocated as follows:
Sixteen point three percent allocated to Private Sale;
Seven percent allocation to the Binance Launchpad sale;
Fourteen point two percent to the Team;
Two point five percent to advisors;
Thirty percent will be allocated to the platform’s Ecosystem and Treasury, respectively;
Thirty percent allocated to propel the Move & Earn initiative forward.
As of April 2022, the circulating supply of GST tokens stands at 3,597,242.47. Notably, each time a GST token is utilized, it is automatically removed from circulation, thereby reducing the overall supply. Specifically, token burning occurs in the following scenarios: shoe minting, repairing pairs of shoes, leveling up NFT-Sneakers, adding or upgrading gems, unlocking new sockets, and resetting Sneaker attributes.
The Security Framework of the Green Satoshi Token Network
STEPN, a pioneering move-to-earn mobile NFT game, alongside its utility token, GST, are both propelled by the robust Solana (SOL) ecosystem.
The Solana network’s security is founded upon a distinctive synergy of Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus mechanisms. At the heart of the protocol lies PoH, which efficiently processes the majority of the network’s transactions, meticulously recording successful operations and the time intervals between them. Meanwhile, PoS serves as a vigilant monitoring tool, overseeing the seamless execution of PoH processes.
In Which Exchanges Can You Acquire Green Satoshi Token (GST)?
The Green Satoshi Token (GST) is readily accessible through prominent cryptocurrency exchanges, including Huobi Global, Bybit, Raydium, MEXC, PancakeSwap (V2), Serum DEX, Orca, CoinEx, Hoo, AEX, DigiFinex, BingX, Jubi, and Hotbit.
Download the CoinMarketCap mobile app and stay up-to-date with real-time price tracking for GST, GMT, or SOL.
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Delve into our comprehensive guide to non-fungible tokens, where the intricacies of this innovative concept are meticulously explored.
Delve into the world of cryptocurrency with CoinMarketCap’s esteemed educational portal, Alexandria, where you can discover a comprehensive wealth of knowledge on all things crypto.
The STEPN project boasts the following advantages:
Incentivizing activity rewards encourage app users to engage in daily sports, maintain a healthy lifestyle, and enhance their overall physical well-being;
Integrated within the application is a comprehensive GameFi functionality, encompassing features such as Sneakers minting, leveling up Sneakers, bespoke NFTs, and Mystery boxes.
The STEPN ecosystem encompasses a comprehensive suite of tools, including a Wallet, Swap, and Marketplace;
To utilize the application and acquire NFT Sneakers, users are not required to possess a comprehensive understanding of blockchain technology;
The mobile application boasts an intuitive and streamlined interface, ensuring a seamless user experience.
A complimentary rental of NFT Sneakers is available on the platform, allowing players to acquire their own pairs of shoes by accumulating the requisite number of tokens.
The STEPN project has successfully secured a $5.0 million seed funding round, backed by an impressive roster of top-tier 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.
Introducing Green Satoshi Token on the Binance Smart Chain
While the Green Satoshi Token (GST) initially debuted on the Solana blockchain, it expanded to the recently rebranded BNB Smart Chain (BSC) in May 2022. STEPN operates on a dual-token model, wherein GST serves as the in-game reward token, while the green metaverse token (GMT) assumes the role of governance token. Given STEPN’s strong partnership with Binance, which facilitated the GMT token sale for 7% of the total supply on the Binance launchpad in March 2022, it was a natural progression for GST to launch on BSC. GST can be traded on BSC via PancakeSwap, the most popular decentralized exchange on the chain. To access GST, users must first purchase BNB from an exchange like Binance and transfer it to their hot wallet, such as MetaMask, Trust Wallet, or Binance Wallet. Subsequently, they can connect their wallet to PancakeSwap and swap for GST on BSC. Notably, at the time of writing, a price discrepancy of approximately 68% exists between GST (BSC) and GST (SOL), likely attributed to the disparity in total supply – 104.3K for GST (SOL) versus 30.5K for GST (BSC) – and the distinct markets in which they are traded, with the majority of GST (BSC) volume concentrated on PancakeSwap.
Distinguishing Features of STEPN:
The application features three distinct modes: Solo Mode, where users accrue GST tokens in direct correlation with their physical activity levels and the rarity of their NFT sneakers; Marathon Mode, which comprises weekly and monthly online events that require registration at least 24 hours prior to commencement; and Background Mode, where users can passively earn GST tokens simply by possessing a pair of sneakers, with the mode remaining active even when the application is disabled, without diminishing the sneakers’ endurance.
NFTs possess distinct qualities, attributes, and a Gem Socket, which can be upgraded by burning GST tokens, thereby allowing the addition of attribute points and NFT Gems to enhance performance.
By combining two sneakers, users can create a unique entity known as a Shoebox, which, in turn, yields a randomly generated NFT Sneaker for its owner.
Within the integrated NFT Marketplace, users are empowered to trade a diverse array of digital assets, including, but not limited to, sneakers, shoeboxes, and gems, with the added flexibility of renting NFTs as needed.
Through the Swap feature, mobile app users can seamlessly exchange tokens for other cryptocurrencies, while also having the convenience of depositing their tokens and NFTs directly into the integrated Wallet.
The STEPN app may impose nominal levies on transactions involving NFT sneakers, minting, and renting. Meanwhile, the majority of revenue is generated by platform users. A portion of the profits is allocated towards the acquisition of Carbon Removal Credits, thereby supporting carbon neutrality, a state of net-zero carbon dioxide emissions.
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Delve into our comprehensive overview of the Move-to-Earn phenomenon and explore whether this burgeoning trend has staying power or is merely a fleeting fad.
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