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About Step App
Key Points
- Step App (FITFI) is a project based on the Step protocol for FitFi (Fitness Finance), where users complete fitness quests and PvP challenges.
- The app uses augmented reality technology to bridge the gamified metaverse with the real world.
- The Step App economy is based on gaming perks and values, including staking, liquidity rewards, locks, buybacks, and burns.
- The project was created in Q4 2021 and consists of products such as Fitness Metaverse, NFT Market, and Limited Drops.
- The founders are Dharpan Randhawa, Kirill Volgin, and Dmitry Gordeychuk.
- The Step App ecosystem utilizes technologies
About Step App: Empowering a New Era of Fitness and Wellness
Introducing Step App (FITFI): A Revolutionary Fitness Ecosystem
Step App (FITFI) is a pioneering project built upon the Step protocol, which converges the realms of fitness and finance through its innovative FitFi (Fitness Finance) model. Within this immersive ecosystem, users and their metaverse avatars engage in fitness quests and PvP (player versus player) challenges, fostering a dynamic community. As a market economy paradigm akin to GameFi, FitFi empowers members to consume fitness content while generating income, thereby revolutionizing the fitness industry.
The app’s innovative augmented reality technology seamlessly merges the immersive gamified metaverse with the real world, transforming fitness into a dynamic social experience where users can engage in friendly competitions and emerge victorious. By downloading Step App, users can monetize their physical activities, such as walking or running, while competing with friends and like-minded individuals, chatting, and exploring the vast expanse of the metaverse or the real world. Leveraging cutting-edge geo-location technology and non-fungible tokens (NFTs), Step App pioneers a revolutionary fitness experience within the metaverse.
The Step App economy is founded upon a unique synergy of gaming incentives and values, incorporating staking, liquidity rewards, locks, buybacks, and burns. At the heart of the ecosystem lie two distinct tokens: FITFI, the governance token, which is sustained by ecosystem fees, and KCAL, the in-game token, utilized for purchasing SNEAK (NFTs) and generating the value of the game economy, thereby enabling users to mine, earn, and stake.
In the fourth quarter of 2021, a pioneering project was launched, comprising a trifecta of innovative products: Fitness Metaverse, NFT Market, and Limited Drops. At the heart of the Step App lies a sophisticated functionality, meticulously designed to captivate and unite users, motivating them to adopt a lifestyle of daily physical activity and regular exercise.
The Visionaries Behind Step App: Meet the Founders
Dharpan Randhawa, a seasoned executive with 20 years of experience in the sports and entertainment industry, serves as the company’s president. During his tenure at the esteemed British motor racing group McLaren Racing, he successfully developed and nurtured partnerships. Prior to that, as VP at Lagardère Sports (SPORTFIVE), he oversaw the management of numerous high-profile sporting events and sponsorships. Currently, Randhawa helms the brand agency Talisman, leads a team of seasoned commercial leaders from esteemed organizations such as Manchester City and Los Angeles Lakers, and provides strategic counsel on crypto and Web3 projects.
The project is helmed by CEO Kirill Volgin, a seasoned software development engineer with a proven track record of launching innovative crypto projects. Notably, he is the mastermind behind Tokenary, an open-source NFT wallet featuring a Safari extension. Volgin’s impressive repertoire also includes founding and leading a software development and venture studio, as well as serving as CFO at Zerion, a fintech startup that empowers users to invest in and manage decentralized assets.
Notably, another key member is Dmitry Gordeychuk, a seasoned CTO boasting over 5 years of expertise in blockchain development. As a crypto veteran and DeFi pioneer, Gordeychuk currently serves as the head of blockchain at Symbiosis Finance, a decentralized multi-chain liquidity aggregation protocol.
What Sets Step App Apart?
The Step App ecosystem leverages cutting-edge technologies, including the innovative fitness metaverse, dubbed Step Metaverse, which seamlessly integrates NFTs and digital exercise avatars. Additionally, the ecosystem incorporates geo-location technology to facilitate secure and transparent transactions, GPS-integrated rewards, a user-friendly Android and iOS app, a comprehensive NFT marketplace for buying and selling SNEAKs, and a native cryptocurrency wallet, providing a seamless and immersive experience.
The native metaverse, aptly dubbed Step Metaverse, seamlessly converges the digital and physical realms, empowering Step App users to engage in exercise, competition, and lucrative endeavors through the Step App protocol.
Step App and SDK Step Protocol strive to achieve ambitious global objectives, including the sustained growth of users and retail sales of Step Metaverse, as well as partnering with world-class athletes and industry influencers to serve as brand ambassadors for the Step App, ultimately propelling the application to a market-leading position.
The Operational Framework of Step App:
There are three primary avenues for generating revenue within the game ecosystem: microtransactions facilitated through credit card and cryptocurrency payments (excluding SNEAK purchases), Staked Play, which involves competitive gameplay between players utilizing governance tokens (FITFI), and Tournament Gaming, a global competition platform featuring regional leaderboards, where participants require tickets to enter, with accumulated funds contributing to a collective prize pool.
Furthermore, an additional revenue stream is generated through the NFT Marketplace, where a 2.5% commission is levied on all transactions, as well as through NFT Sales, which feature limited-edition sneakers released on a monthly basis.
Pivotal Attributes of Step App:
By accomplishing fitness quests, users can enhance and empower their avatars, elevating their virtual presence within the metaverse.
Throughout competitive matches, users engage in a holistic development of their physical prowess and social aptitudes;
Through the successful completion of quests, users are rewarded with in-game currency, which not only motivates them to maintain their physical fitness but also yields a tangible return in the form of tokens.
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What Is the Circulating Supply of Step App (FITFI) Coins?
The Step App (FITFI) serves as the governance token of the Step App Network, deriving benefits from ecosystem fees. Meanwhile, KCAL functions as the in-game token, utilized for minting and maintaining SNEAK (non-fungible tokens) as well as Step App features.
To preserve the value of $FITFI and attract a sizable user base, the ecosystem provides a diverse array of monetary incentives. The tokenomics underlying Step App encompasses a range of services, including staking, liquidity incentives, locks, buybacks, and token burns, all designed to foster a thriving ecosystem.
Staking rewards: a substantial allocation of up to 50% of tokens acquired on the market is distributed proportionally among stakers;
Liquidity Incentives: To foster a robust market, Liquidity Pool (LP) tokens are accorded a 50% weightage premium in staking rewards, thereby amplifying their earning potential.
Locks: Tokens committed to staking are subject to a 10-day cooling-off period before withdrawal, whereas circumventing this process incurs a 12% penalty fee;
A significant portion of our revenue, 50% to be exact, is allocated towards token buy-backs, which involves purchasing tokens on the open market;
Governance possesses the authority to cast votes for the burning of redeemed tokens, with the capacity to eliminate up to 50% of them.
FITFI boasts a capped supply of 5 billion coins, with the token allocation structured as follows:
A total of 14% (700,000,000 $FITFI) has been allocated for public sale;
A quarter (25%) of the total supply, equivalent to 1,000,000,000 $FITFI, is allocated to facilitate Staking, Liquidity, Market Making, and Incentives.
Fifteen percent (750,000,000 $FITFI) is allocated to the team.
A substantial allocation of 30% (1,500,000,000 $FITFI) is dedicated to Mining and Move to Earn initiatives.
Fifteen percent (750,000,000 $FITFI) is allocated to fuel marketing initiatives, strategic acquisitions, and licensing agreements;
A total of 6% (300,000,000 $FITFI) is allocated to our esteemed partners, advisors, and consultants.
The Step App Network’s Security Framework: A Robust Defense Mechanism
Step App (FITFI) is built on the Avalanche blockchain, which leverages the proof-of-stake (PoS) consensus mechanism to ensure the integrity of the system, thereby safeguarding the network against Sybil attacks and guaranteeing a secure environment.
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Where to Acquire Step App (FITFI) Tokens?
As of May 2022, Step App (FITFI) has successfully listed on a multitude of prominent platforms, including Gate.io, Huobi Global, Bybit, KuCoin, OKX, MEXC, LBank, Crypto.com Exchange, Pangolin, TraderJoe, BitMart, CoinEx, XT.COM, Hoo, AEX, BitForex, Bitget, Bibox, BigONE, BingX, and Hotbit.
Stay up-to-date with real-time FITFI price movements by downloading the CMC mobile app.
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