A life-style app that rewards customers for collaborating in outside actions sees its newest token hurtling on the charts.
STEPN (GMT), a move-to-earn blockchain challenge that exploded by a staggering 20,000% after its launch earlier this yr, is now gaining much more momentum with the creation of a second digital asset on a special chain.
The health challenge was initially constructed on high of Solana (SOL) with a twin token system: Inexperienced Metaverse Token (GMT) for voting and staking, and Inexperienced Satoshi Token (GST) for offering rewards for strolling or working.
Now there’s a second model of GST engaged on the Binance Sensible Chain (BSC) which is recovering and decoupling from its counterpart Solana.
Wu Blockchain’s Colin Wu explains the value discrepancy to his 219,100 Twitter followers by noting that the BSC model is used to buy costly non-fungible tokens (NFTs). He additionally notes that there isn’t a bridge between the 2 chains.
“Stepn Token GST on BSC exceeded $40, 9x in comparison with GST worth on Solana. The NFT flooring costs at BSC have been raised to $13,000.
The principle motive is that Stepn did not construct a cross-chain bridge between Solana and BSC. Nonetheless, GMT is down 21% over the previous 7 days.”
Crypto analyst and energetic STEPN consumer Nguyen Toan supplies a challenge breakdown and affords the next insights:
- Month-to-month energetic customers elevated by over 3,000% from 16,439 on February 1st to 588,001 on Might 1st.
- Month-to-month minted NFT sneakers are up over 2,600% from 8,449 on Feb. 1 to 234,765 by Might 1.
- The present shoe stamping value is $472.80.
- The challenge has allotted roughly $26 million for the buyback and burning of GMT tokens.
STEPN customers can earn tokens by buying sneaker NFTs from the app and collaborating in real-world coaching actions tracked by their cellphone’s built-in GPS capabilities. Presently solely the solo participation mode is useful, however the marathon and background modes are beneath growth for future releases.
There may be additionally a function to mint customized NFT sneakers on the market, in addition to convert GST into stablecoin US Greenback (USDC) cash.
Inexperienced Satoshi Token BSC is up 1.67% and is buying and selling at $24.42 on the time of writing. It hit a month-to-month excessive of $45.19 on Might 8 earlier than the general crypto market crash despatched it as little as $9.10 on Might 14.
In the meantime, the unique Solana model of STEPN Inexperienced Satoshi Token is down 5.81% on the day, buying and selling at $2.47, considerably lower than its twin.
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Featured picture: Shutterstock/Marko Aliaksandr/Fotomay