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Altcoins
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May 25, 2022

Move-to-Earn Altcoin Explodes 146% in Seven Days As Bitcoin and Crypto Markets Move Sideways

By Daily Hodl Staff

A lifestyle app that rewards users for participating in outdoor activities is seeing its newest token race up the charts.

STEPN (GMT), a move-to-earn blockchain project that exploded by a staggering 20,000% after launching earlier this year, is now gaining even further momentum with the creation of a second digital asset on a different chain.

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The fitness project was initially built on Solana (SOL) with a dual-token system: Green Metaverse Token (GMT) for voting and staking and Green Satoshi Token (GST) for delivering rewards for walking or running.

Now there exists a second version of GST that operates on the Binance Smart Chain (BSC), which is rallying and decoupling from its Solana counterpart.

Colin Wu of Wu Blockchain explains the price discrepancy to his 219,100 Twitter followers by noting that the BSC version is being used to purchase expensive non-fungible tokens (NFTs). He also notes that there’s no bridge between the two chains.

“Stepn Token GST on BSC has exceeded $40, 9x compared to the GST price on Solana. NFT floor prices on BSC have been pushed up to $13,000.

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The main reason is that Stepn did not build a cross-chain bridge between Solana and BSC. However, GMT is down 21% in the last 7 days.”

Crypto analyst and active STEPN user Nguyen Toan provides a project breakdown and offers the following insights:

  • Monthly active users have skyrocketed by over 3,000% from 16,439 on February 1st to 588,001 by May 1st.
  • Monthly NFT sneakers minted rose by over 2,600% from 8,449 on February 1st to 234,765 by May 1st.
  • The current shoe-minting cost is $472.80.
  • The project has allocated approximately $26 million to buy back and burn GMT tokens.

STEPN users can earn tokens by purchasing sneaker NFTs from the app and participating in real-life exercise activities which are tracked by their phone’s built-in GPS features. Currently, only the solo participation mode is functional, but the marathon and background modes are in development for future release.

There is also a feature to mint custom NFT sneakers for sale as well as convert GST for stablecoin US Dollar Coin (USDC).

Green Satoshi Token BSC is up 1.67% and trading for $24.42 at time of writing. It hit a monthly peak of $45.19 back on May 8th before the overall crypto market crash sent it plummeting to as low as $9.10 on May 14th.

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Meanwhile, the original Solana version of STEPN Green Satoshi Token is down 5.81% on the day and priced considerably less than its twin at $2.47.

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Featured Image: Shutterstock/Marko Aliaksandr/Fotomay