1/16
🚀STEPN's Action Plan
💪Thank you for 1500+ responses! We loved the engagement & support
📈Today, as promised, we would love to share our proposed plan of action for improving
#STEPN
in the thread below.
🧵
1/16
📈How to sustain GST price?
🏃🏽♀️How to maintain NFT SNEAKER floor price?
🔥How to work out GST inflation?
Read below and discuss with us. Give your ideas in the form linked. 🧵
Me : So our
#STEPN
DEX is no. 1 now
CZ : Ya, but wrong chain 😂
Laser focussed on his product and community. Only
#bnb
on his mind.
@cz_binance
is a force of nature 💪
Everyone’s love for him was so palpable in the air, you could almost touch it! ❤️
16/16
#STEPN
thanks you from the bottom of our hearts for all the thoughtful suggestions given. Who says great minds cannot come together to work for the collective good? We hope everyone continues to grow and evolve together in
#STEPNVERSE
💪Bear or not, we build at
#STEPN
. Relentlessly
🔥SMAC, DOOAR, Energy Bridge, Dynamic Minting, Scrolls, new MBs, Sneaker Synthesis
🏃🏽♀️So much in store. Let's go!
“When the going gets tough, the tough get going! ” Read all about SMAC, DOOAR, Dynamic minting, EnergyBridge, Scrolls, MBs and other initiatives we are launching to build the best app out there!
💰 A big step towards creating additional revenue sources
🤝 Majority goes towards giving back to the
#STEPN
ecosystem
🏃♂️Read more about our new DEX
#DOOAR
here
9/16
Problem 4: Recycling Mechanism of Sneakers and Gems
Proposal:
• 5 sneakers same-quality sneakers can be synthesised (burned) into a sneaker of the next higher quality
• Will cost some GST and GMT, but the success rate is 100%
A privilege to get
#STEPN
story out there on the magnificent stage
@CryptoBahamas
.
@Stepnofficial
is changing millions of lives and it’s an honour to be part of this journey 🙏
Christmas is coming this July with
#STEPN
!
🏅 Airdrops for OG owners
🏆 Raffle for all the users
🔥 Hundreds of thousands of sneakers burnt with the promotions
Are you ready? 🏃🏽♀️🏃♂️
At
#STEPN
we build, Relentlessly. After a recent slew of launches - SMAC, DOOAR, Energy Bridge, Dynamic Minting, Scrolls, new MBs, Sneaker Synthesis - we are now set to unveil something big this July. “Are you ready? ”
Join us for all things
#STEPN
- we’ll discuss all our major releases this month including today’s update. SMAC, DOOAR, Scrolls, MB, energy bridge and more our action plan going forward 🚀
See u tomorrow!
Thank you
@Forbes
"Its blend of Web3 with the $385 billion gaming industry ...and the $1.5 trillion wellness industry is a winning combination."
#STEPN
15/16
A massive thank you to all our users for journeying with us. We couldn't have gotten to where we are without your constant support and input. We strive towards providing long-term value and your support is important to us
A three-part series on how
#STEPN
🏃🏽♀️ Pioneered a new market altogether
📈 Rewrote the playbook of growth in Web3
💪 Reimagined FitTech from bottom-up
Read Part 1 here :
15/16
“There is no power for change greater than a community discovering what it cares about”
You have spoken and you have been heard!
Read more about these changes here
🚀 Announcing SMAC - our cutting edge AI system live in our new update.
💪Detects a) GPS Spoofing b) Motion simulation c)Multimining
🏃🏽♀️ Cheating ruins it for all - artificially inflating the token and NFT prices, throwing the entire system out of sync
14/16
Speak Up!
While we will release our solutions soon, we want to hear our community's feedback and ideas on tackling these concerns. Please give your ideas in the form here:
4/16
Problem 2: Pure mint-and-sell activities
Proposal:
• Rework Mystery Boxes (MB) from 5 qualities to 10 qualities.
• Increase mint cooldown from 48 to 72 hours.
• Increased cost to mint.
STEPN x adidas: Step into the Future.
We are proud to announce that we are teaming up with
@adidas
and
@altsbyadidas
for a long-term collaboration, to revolutionise the lifestyle app ecosystem, and bring global adoption to
@fslweb3
.
This groundbreaking partnership will contain…
#STEPN
places product and community at the heart of everything we do.
Be it launch, now or in future!
I’ll be breaking it down our thinking on a) tech, b) tokenomics, c) community and d) cause
A personal update and tectonic evolution within Find Satoshi Lab (FSL) ecosystem with
#STEPN
@Stepnofficial
and beyond. A 🧵 below
⚖️. It starts with
#GMT
earnings that we launched yesterday. This triggers a self-sustaining balance of "GMT <--> Sneakers <--> GST"
2/16
Problem 1: Cross-Realm Energy Bridge
We still want to be able to reward loyal users while mitigating current issues.
Proposal:
• Maximum of 3 extra energy on new realms (1 for each realm you own a shoe)
• Extra energy will gradually reduce from 3 to 0 by the 4th month
Part 2 in our series about what it takes for
#STEPN
to build the future!
🏃🏽♀️ Pioneered a new market altogether
📈 Rewrote the playbook of growth in Web3
💪 Reimagined FitTech from bottom-up
Read Part 2 here :
As market begins to turn, a lot of accounts will turn back from cold storage to teach you all about their favourite tokens and projects. So a sincere request to those who are still open-minded :
🤡This bull market, do not fall for shillers and reply guys who come with their own…
14/16
Final thoughts
We have experienced volatility on both ends of the spectrum. From close to nothing on the SOL chain and extreme fluctuations on the BNB chain.
For future realms, we intend to learn from our mistakes and use the SOL chain as a blueprint for better success.
On 6th July 2022, 50 million SPL-GMT from the Ecosystem fund are burned and 50 million ERC20-GMT are minted and transferred to FTX to serve as the liquidity bridge between SPL/BEP GMT and ERC20-GMT.
5/16
Rationale:
With the introduction of minting scrolls, we want users with just 1 sneaker to have a chance of getting a MB.
Furthermore, we expect the minting changes along with other changes to create a sustainable loop in the game economy.
10/16
Proposal (continued)
• Min/max attributes of the new sneaker will be 20% more than its traditional counterpart
• Probability of shoe type based on shoe type of 5 shoes used
• Option to engrave a short immutable sentence on sneaker
9/16
Our Thinking :
We hope that all users can get to enjoy the benefits of exercising while earning some money. We do not want STEPN to become solely a financial product where user experience is completely detached from exercising.
#STEPN
in a matter of months became a force to reckon with, in the fitness industry.
Here's how! 🏃🏽♀️🏃♂️
The best bit - we are only getting started! 🚀
6/16
Problem 3: Dynamic Minting Costs
While the dynamic minting model worked somewhat, it did not achieve our desired outcome when GST prices were over $12.
Proposal:
• GST component in minting will be a constant
• As GST price increases, extra GMT costs will be imposed
It’s been less than 24 hours, and 1,000 BAYC holders have already claimed their OG Sneakers. 🔥
Tag your BAYC friends before time runs out and get healthy on
#STEPNApeRealm
🏃♀️🏃♂️
11/16
Our thinking
Understanding the importance of GST prices to users, we intend to ensure Mint-GST prices stay healthy and sustainable while keeping users interested in minting.
Timeline is flooded with happy and grateful
#STEPNTrailblazer
posts.
We are grateful to all of you for being with us through all ups and downs these past two years!
It’s honestly a pleasure to see
#STEPN
community this happy and excited.🥰🥰
Trying to clarify some queries :…
3/16
Rationale:
A simple yet promising solution to maintain our goal of rewarding loyal users without overcomplicating the process. The team wants to ensure
#STEPN
retains a low technical barrier to entry and a fun user experience.
"GMT earning is a small step on our roadmap, but hopefully it can be a giant leap for the STEPN community."
Always here for you, with you, by you - Team
#STEPN
I'm just blown away by creativity & reach of
#STEPN
fam in
#STEPNrun
from Zanzibar to Germany, Ukraine to Finland (learnt of Zutphen )
from lush forests to beaches, cities to remote foothills|
from kids to pets in tow
This community is unlike anything I've seen before!
❣️🙌
8/16
Rationale:
While many of you may find the existing dynamic minting structure sufficient, we must think about the long game. To ensure sustainability in the time to come, these changes are essential.
4/16
First, let’s align our expectations.
- More value inputs from commercial sources, less from new users.
- We are committed to ensuring our product consistently gradually improves and are willing to spend on it.
- New realms should not be too volatile
8/16
Problem 2: Mint Farms
Videos have surfaced of people minting huge amounts of shoes with multiple phones, which is not what we intended for the app.
💪HP introduces lifespan to
#STEPN
sneakers
📈It prevents what's otherwise inevitable inflation
🔥Introduces sink for GST and Gems
🏃🏽♀️Lower levels don't even need to spend on restore, higher levels get a free restore per our poll.
Read more here about our recent changes.
As we constantly welcome new users to
#STEPN
, we take a moment to explain a few terms in crypto space. If you like what we have done, drop a comment and if the response is resounding, we will consider expanding the glossary beyond STEPN.
13/16
Our Thinking
To ensure our game assets are able to self-regulate in the markets, introducing mechanisms to extract value regardless of the game economy sentiment to ensure a stable experience for users.
Bear Markets the best times to build.
Cos they allow Long term thinking
🏃♀️
#STEPN
pioneered
#movetoearn
🤝 STEPN rewrote the playbook of
#growth
in web3
💰STEPN met trad
#FitTech
head-on building a product that ppl use
Few can imagine where we’ll go from here.
Strap on! 🚀
#STEPN
is always thinking of ways to bridge web2 and web3. Our ACH partnership is in that direction and so is this chat. We break down what web3 is about and how to increase adoption.
13/16
Regarding all the proposed changes, our team at STEPN will closely monitor the situation and introduce tweaks if necessary, to ensure an optimal outcome is achieved for both STEPN and our community.
Did u know "
@15minutecity
is an urban project concept that hopes to design a neighbourhood where residents can
#walk
or bike to any of their daily needs in less than 15 minutes"
#STEPN
doing its bit to shed light on projects aligned with our mission
Healthy you,
Healthy planet
7/16
Our Thinking:
We aim for cross-chain bridges to reward old users while helping to expedite development of newer realms, all while ensuring there is balance.
2/16
The last two months have given STEPN team a lot to reflect on, especially the BSC Realm. This thread gives a summary of the situation, the 4 problems team has identified and our thinking on each of them.
12/16
Problem 4: Lack of adjustment mechanisms for marketplace prices.
Issue only surfaced when the game economy turned bearish, a clear reflection that we Lack deflationary measures for our assets - causing a decline in user experience.
Dear STEPNers, over the past few days we’ve received lots of feedback about the HP System and we found one to be very helpful.
So we want to give the option of a free full HP restore once the Sneaker has been upgraded to a certain level.
At which level you want that to happen?
Dear
#STEPN
community, botting and farming is a net negative for our app and our community. We've seen a heightened farming activity and as such have strengthened our anti-bot measures.
We are actively looking into the issues of genuine users being bot-tagged and do apologize…
6/16
Problem 1: Cross Chain Bridge
Average user consumed 9 daily energy after only 20 days, due to popular 8 SOL + 1 BNB sneaker strategy.
Inefficient market pricing led to a huge FOMO rush, causing huge volatility.
5/16
Issues
1) Cross-realm bridge brought about both financial incentives & exploitation.
2) Pure minting & selling strategies hinder overall experience
3)Frill cases for dynamic minting not fully considered
4) Lack of self-adjusting mechanisms for assets
Over 60 million GMT/points locked in the first 12 hours!!! 🤯
10 hours to go for phase 1 of
@Stepnofficial
@adidas
raffle. To participate - .
If u r not in the phase 1 allowlist, don't lose heart anon, phase 2 for 790 sneakers is open to all and starts…
12/16
Possible considerations in the future:
1. Platform fee to address potential botting and frequent price changing issues.
2. Dynamic platform fee that changes according to GST price.
There are decades when nothing happens, and then There are days when decades happen!
Today is one such for
#STEPN
fam 🚀
#GMT
earning is live NOW . 🔥
let's go go go 🏃🏽♀️🏃♂️
10/16
Problem 3: Dynamic Minting considerations
While it stabilises the price of GST, recent crisis led to new issues
We lacked drivers to slowly lower the price instead of plummeting it, more detailed considerations for such a plan and inefficient dynamic mint prices
3/16
On the 30th April, we launched the BSC chain, a bold move in our books. We certainly paid our dues in this attempt, but we also learned a lot.
In hopes the past doesn't repeat itself, we want to share our thinking.
“Some simple-looking games aren’t that simple behind the scene, for instance, how we design the economics of our app.”
Simplicity for users is the cornerstone of
#STEPN
and key to onboard millions of users to web3 🚀🚀
Icymi our Townhall, we announced our biggest ever airdrop - and it’s going to be a week long!
Some alpha shared, more to come.
So stay tuned. If u take away one thing let it be this - register your FSL id on and link to your STEPN account. Thank me…
STEPN Townhall April - Recap 🧵
We had a Townhall packed with info and exclusive a̶l̶p̶h̶a̶s̶ announcements!
🔹 FSL ID - Vision, point systems, and more
🔹 Trailblazer AIRDROP week
🔹 New Rainbow Plan
🔹 Partnership highlights
🔹 Community questions
You missed it? Let’s dive…
If strong tokenomics are the foundation, NFTs are the bricks in the walls of web3.
At
#STEPN
we will continue to add utility to NFTs in a way not imagined before.
🏃♀️🏃♂️Stay tuned!
⭐️ Did you know that you can now earn all of the trading fee back in points in
#STEPN
⭐️All of our 2% trading fee in
@Stepnofficial
will be given as points in FSL ID to our community
⭐️log on to start earning points and u can claim 1 point = 1 GMT on…
Talking about
#STEPN
is always special.
We broke down marketing evolution from web1 to web3 in the keynote.
And stress tested some gaming aspects to fitness in the panel at
@coingecko
🚨 TRAILBLAZER GENESIS AIRDROP 🚨
#STEPNTrailblazer
week continues with ANOTHER HUGE AIRDROP 🔥
Eligible Genesis holders will receive FSL Points on their
#FSLID
in the next 24 hours! ✨
With this new airdrop, we want to reward our most loyal community members.
That’s why…
Opportunities don't happen, you create them.
💪
#STEPN
's APE Realm is one such
🏃🏽♀️ Inclusiveness at its core
💌 Read more in our open letter and thread below 🧵
1/17
At
#STEPN
we continue to actively explore a path that no one has traveled before and we are excited to introduce APE Realm.
As we open the minting of Ape Realm in a few hours this thread attempts to answer some of the questions on the APE realm and STEPN at large.
Done!
Community >> everything!
Ur wish our command ❤️
Winning pot is 10K GMT now.
Go go go! 🏃♀️🏃🏃♂️
And do take care of urself beautiful ppl while doing so!
Thanks
@BrainDisSTEPN
@Krit_G4M3fi
for the nudge! 🤟
#STEPN
is truly a revolution - a movement like no other I know!
💪 unparalleled community
🔥 world-class product
📈 Sky-high impact and ambitions
And the best bit - we are just getting started! 🚀
Happy
#STEPNEMBER
This month, STEPN turns 1 and we want to say a big thank you to the
#STEPN
Community. Let’s take a look at all the incredible things we’ve achieved together this year 💚
STEPN It’s A Movement [1/9]
🪔 To everyone celebrating the festival of lights, a very very happy Diwali 🪔 🙏
❤️ Wishing you and your loved ones - all the health, happiness, peace, prosperity and then some
#mooar
😉
#Diwali
#Diwali2022
At
#STEPN
longevity and sustainability is at the core of our thinking.
Will be breaking down all the steps we are taking to ensure
#STEPN
is the go to destination in fitness and lifestyle 🏃♀️🏃
This September STEPN turns 1🎂
Where did the year go? Stay tuned for something fresh rolling in and get your sneakers ready for weekly
#STEPNEMBER
challenges🏃
#STEPN
#STEPNversary
🚨 STEPN GMT Earning 🚨
The
#STEPN
team are proud to announce that after months of planning and testing, $GMT earning for Level 30 Sneakers will be deployed to the STEPN App in the next 24 hours.
Read on for a few important notes ⬇️ [1/7]
STEPN Integrates Apple Pay 🍎
We are thrilled to announce that
#STEPN
is the first blockchain gaming app to secure a landmark integration with Apple Pay, breaking down the barrier to entry for Web3 💫
How it works ⤵️ [1/6]
💪
#STEPN
remains committed to adoption.
🙌All our activities r focussed on Product and Community.
📖As we build a product stronger than ever, we continue to educate our new users on web3 and beyond
This time we take on some aspects pertinent to our game economy
Let’s go 🚀
Excited to share that I've been chosen as a UN women UK delegate for this year's CSW68 (The 68th session of the Commission on the Status of Women) organized by
@UNWomenUK
@UN_Women
is the United Nations entity dedicated to the empowerment of women.
As a group, this year's…
Many STEPNers would echo with this "When I'm stuck on a question, I spend some time in nature and always find my answer."
So let’s conserve the nature and preserve this feeling
#worldconservationday
#STEPN
gets mentioned in the latest article on crypto and fitness in
#TIME
@time
thanks to our amazing community of STEPNers around the world. 🏃🏽♀️🏃♂️
Read more here :
Apple’s market cap is $2.7 trillion - bigger than that of UK’s (FTSE100) - bigger than Alphabet + Amazon combined!
This scale brings huge responsibility to its users! And as such caution they exercise is understandable.
It took us months to get here - but it goes to show our…
Mobile move-to-earn game
@Stepnofficial
has added the ability to purchase NFT sneakers through the iOS app via Apple Pay—with Apple's added fees all bundled into the price.