The token started 2022 with a kick, rising in value over 300% since its debut in late December 2021 to $1.8 to an all-time high of $7.8 on April 29, 2022. However, since then , the token fell, losing over 99.7% of its gains to $0.0223 as of November 25, 2022.
So what is the green satoshi token (GST) and how does it work?
What is the green satoshi token (GST)?
A pioneer in the movement to win (M2E), STEPN inspires cryptocurrency fans to exercise or “move” while earning the platform’s native currency: the green satoshi (GST) token.
According to the STEPN platform White paper: “With game-fiSTEPN aims to push millions toward a healthier lifestyle, combat climate change, and connect the public to Web 3.0, all while simultaneously building on its Social-Fi aspect to build a lasting platform that fosters Web 3.0 content. generated by the user.
STEP Announced its public beta launch on December 20, 2021 and was launched by Australia-based fintech studio, Find Satoshi Lab.
Users can purchase and equip non-fungible tokens (N.T.F.) in the form of slippers used for jogging, walking, or running outdoors.
the game has four types of NFT slippers Designed to accommodate different fitness levels. In addition, STEPN shoes are classified according to five different qualities that are randomly assigned to them, thus establishing their rarity.
Users can purchase new shoes through the in-game NFT marketplace or create their own by “breeding” two shoes they already own through what the platform calls a shoe minting event (SMEs). Each Sneaker can be played up to seven times. The more a Sneaker has been bred, the more tokens it will cost.
STEPN has three game modes.
What is your opinion on SOL/USD?
Vote to see merchant sentiment!
Solo Mode: Users are equipped with NFT slippers and can earn GST coins by walking or running. Your progress is tracked via a GPS signal. Users receive a certain amount of energy that allows them to earn GST tokens. Once that energy is depleted, tokens can no longer be earned.
Marathon Mode: Users can participate in a weekly or monthly marathon of the distance they choose. At the time of writing this article, the marathon mode was currently in development.
Background Mode – Users will be able to continue earning GST tokens while STEPN is running in the background. As long as a user has an NFT Sneaker, the app will be able to collect the user’s step data from their mobile health app. At the time of writing this article, this mode was also in development.
How does the green satoshi token work?
The GST currency is the in-game token of the STEPN ecosystem, while GMT is its government currency.
So what is the green satoshi token used for?
GST has a unlimited supply and users can get them through the move. GST is paid for every minute of movement. The amount of GST paid to users depends on the type of Sneaker they own and their unique attributes.
Because STEPN was built on the Solana (SUN) ecosystem, the GST currency was introduced in the Solana block chain and then in May 2022 it was also added to the BNB Chain (bnb), formerly called BNB Smart Chain (BSC).
“To ensure the stability of GST, STEPN is designed with many recording mechanisms. These involve upgrading your in-game assets such as shoes and gems, unlocking gem sockets, and repairs. GST is also used to mint new shoes,” STEPN said in a blog post.
GST can remarkably be considered one of the most successful cryptocurrencies of 2022, despite the general bear market that followed most cryptocurrencies earlier in the year.
The currency rose about 350% in four months, from $1.7443 on December 22, 2021 to $7.8337 on April 29, 2022, its all-time high, as the company pledged to combat climate change and achieve carbon neutrality by purchasing $100,000 in Carbon Offset. Tons and the GTS token were listed on the popular Coinbase cryptocurrency exchange.
However, the positive rally did not last long and GST managed to lose more than 45% of its gains overnight falling to $4,121, ahead of the launch of phase IV of the platform’s public beta. By May 3, 2022, the token managed to make a comeback, surpassing $6.5.
As the hype around STEPN and its native cryptocurrency began to wane, and the economic situation around the world deteriorated, GST embarked on a bearish streak, losing more than 97% of its gains since its 3rd of July value. May 2022, up to $0.1804 on June 13, 2022.
radardapp‘s third quarter gaming report published in October 2022 noted that STEPN “has cooled off after a torrid second quarter” and its monthly active users decreased by 67%, falling to 482,000. By comparison, during the second quarter, STEPN registered more than 2 million monthly users and more than 260,000 new wallets.
By November 23, 2022, GST lost an additional 87.6% of its price to $0.0223.
Latest GST news and price drivers
STEPN was the first win-to-move blockchain to launch and, with no competition at the time, managed to reach certain heights. However, competition was inevitable with the launch of Sweat Economy, another move-to-win blockchain, which according to radardapp minted a record 10,000 NFTs in September 2022.
Furthermore, uncertainty surrounding the Solana blockchain has been increasing since crypto exchange FTX, which is closely related to Solana, filed for bankruptcy on November 11. Since STEPN was created on the Solana blockchain, the GST coin is also affected by positive or negative movements in Solana’s native SOL cryptocurrency.
In other news, STEPN Announced on November 18 that launched an in-app event to celebrate the FIFA World Cup, major international sporting events of 2022, and encourage users around the world to get moving and get involved.
In addition, STEPN has also partnered with ASICS and Solana to “pave the way for the Web3 fitness industry” by launching a new Sneaker Collection UI.
Risk and opportunities
Anndy Lian, chief digital adviser at the Mongolian Productivity Organization and author of ‘NFT: From Zero to Hero,’ told Capital.com that building GST on the Solana network is both a “risk and an opportunity” for the token.
“More than $700 million has come out of Solana-based apps, a 70% drop from $1 billion in TVL alone on November 2. And keep in mind that this is the beginning of the whole saga.
“If Solana can continue to function and withstand this massive hit, GST, which is one of Solana’s largest ecosystems, will surely be the first to benefit from this; Proving to the world that decentralization really works this time.”
Crypto advisor Victoria Kennedy added that GST’s biggest advantage is its current burn system, which sees more tokens being burned than released, keeping the satoshi token cryptocurrency green deflationary. However, she also noted that due to its mass usage feature within the STEPN ecosystem, “the selling pressure from players is much higher, which drives the price down.”
Dr. Pooja Lekhi, Vice Chair of the Department of Quantitative Studies at the University of Canada Western, said that the GST coin is “still very new to the crypto market and therefore has a limited track record and no traceable features in the views. commercial”.
On the other hand, Dr. Lekhi noted that GST has certain unique features that include “social and community aspects.”
“With Game-Fi, STEPN aims to encourage people to lead a healthier lifestyle, combat climate change, and connect the public to Web 3.0, which is the next version of the Internet. The GST token can be used to purchase carbon offset credits and has received support from top-tier crypto investors, crypto firms, and large companies.”
Please note that analyst opinions are not financial advice and should not be used as a substitute for your own research. Always perform your own due diligence and never invest or trade money that you cannot afford to lose.
How many green satoshi tokens are there?
Green Satoshi (GST) tokens have an unlimited supply, which means an indefinite number of new tokens can be mined. As of November 25, the total number of GSTs based on data from CoinMarketCap exceeded 565 million, while the current supply stood at 555 million.
Who created the green satoshi token?
GST was created by Australia-based fintech studio Find Satoshi Lab.
What makes the green satoshi token unique?
GST is the first time native token Web3 lifestyle app, STEPN, which makes it unique in its app. The token can be used for purchases on the STEPN platform and users are also rewarded.
Rate this article