Step App: Is it just a STEPN imitation disk or a completely different level of Fit2earn?

Move2earn has become the most powerful narrative in the web3 world in the past three months, and the token GMT has risen from 0.1 in early March to $4. move2earn has a strong ability to go out of the circle, and some imitations have appeared one after another. Among them, Step App, which has just issued tokens recently, has received the most attention. The number of followers on Twitter has rushed to more than 120,000 in just a few days, compared to StepN's 36.6 10,000 people, already one-third.

Whether this Step App is just an imitation disk or something, just look at the information on his official website. As the old saying goes, DYOR, Not financial advice and probably nothing.

infrastructure

In Step app's white paper , he claims that Step App is the first application built on the Fitness Finance Protocol, calling out three goals:

1. Become the leading app for fitness and money (Fitfi) (okay...)
2. Bring a lot of physical goods into the metaverse (a lot of projects have called it, it's okay)
3. Let a large number of KOLs and global brand ambassadors become the spokespersons of the Step app, and support the protocol and the Metaverse (depending on the execution ability)

Key point: There is a protocol suite that allows other fitness apps to be directly imported. Walking to make money is just the first application. There may be various fitness and money making in the future. Why make an agreement? The official website said:

The currently available FitFi products are Stepn and Genopets, both of which are built on their native systems. This hinders the ability to export the FitFi experience, drives up development costs, and divides the fitness market into a series of FitFi projects. Step App addresses the biggest bottlenecks and fee drivers in the FitFi market from the start, and third parties can use the Step Protocol SDK to build in the Step Metaverse.

Therefore, Step app shouted more grandly than STEPN in the starting narrative. Whether it can be realized or not is another matter. In addition, Step app is based on Avalanche Chain, while STEPN is based on Solana.

team

Looking at the public information on the Internet, CEO Kirill Volgin has been an engineer at a google for 8 years, and has worked for Microsoft and Amazon in the past. Dmitry Gordeychuk previously worked in Defi and is the founder of Symbiosis Finance (about 900th largest by market capitalization). Robert Vukosa could not find information. In addition, they found a Daniel Ritchie, a retired British rower who appeared to be the endorser, to be honest, why not find a runner first...?

In addition to these four people, there are also seven named consultants in different fields, including sports circles, currency circles, fashion, DAO, VC, etc.

business model

Looking at the model again, Step app took the lead in issuing the governance token FITFI, with a public fundraising price of 0.0049. As soon as it was launched, the crit increased by 70 times to 0.35. At the time of writing this, it was already around 0.55. (The token part can be found in the Fox God article )

The FITFI token can be pledged, and there is an opportunity to get airdrops of in-game tokens and shoes. Another token, KCAL, will be used in the game. KCAL is used to manufacture and repair shoes. STEPN is also a dual-token model, namely, the governance token GMT and the in-game token GST. The former has less and less issuance, while the latter has unlimited circulation.

STEPN's income mainly depends on selling shoes (the price of shoes is calculated by Solana), Step App is a little different, including

1. There are physical stores where you can buy things that have nothing to do with gameplay, including skins, skins, etc. This can be purchased with cryptocurrencies or credit cards. This operation is very web2. Perhaps this is considering that STEPN can only make money by selling shoes, and Step App did this.
2. For private competitions, the project side charges 2.5%.
3. To hold regional and international e-sports competitions, the project party will draw 5% of the tickets.
4. All shoes NFT project party draws 2.5% and sells limited-edition shoes.

FITFI

Compared with STEPN’s first application and then the token, Step App chooses to put the FITFI token to CEX first, which can be traded on OKX, gate.io, bybit and other exchanges. According to the introduction of the official website white paper. Token distribution is as follows:

The white paper plans as follows:

1. Buyback: 50% of game revenue is used to buy tokens on the market. (Guaranteed currency price)

2. Destruction: You can vote to destroy 50% of the repurchase tokens. (The community can raise the price of the currency)

3. Staking rewards: 50% of the tokens purchased in the market are allocated to staking players. (Ensure the pledge yield, the more people, the higher)

4. Lock: The pledged tokens need a 10-day cooling time to be withdrawn, and 12% of all pledged tokens will be charged as a fee for direct withdrawal. (avoid crashing)

5. Liquidity incentives: LP tokens earn 50% more in staking rewards. (encourages liquidity)

in conclusion

From the official website and the white paper, we can see the general outline. According to the roadmap, the second quarter will start testing. It is expected that the third quarter will be launched on the main network, and the fourth quarter will talk about cooperation and focus on marketing and promotion.

In the current situation that nothing has been made in the app, the FITFI token has been fired to the second largest market value of the move2earn track, which shows the degree of attention, but it can also be said that the market has given move2earn to the degree of expectation. One of the touted reasons I think is because STEPN has been fired too high, the barriers to entry are high, and some people are starting to target the next Alpha project.

I have been in the discord community of Step App for a few days. Basically, everyone is chatting blindly. Many people are asking about the progress, but they are just waiting. The project team did not invest too much in the community, and only answered everyone's questions with a few MODs. There is no whitelist, no invitation level rewards, etc. Nothing. So watch everyone come in silently and wait.

Finally, is Step App a Ponzi scheme? Of course, there are Ponzi elements to some extent, but basically STEPN itself has Ponzi properties, otherwise, what would you do with a bunch of shoes and tokens? For details, you can listen to Gamma's analysis and podcast .

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