Define Stepn (GMT).

STEPN (GMT) stands as a cryptocurrency token constructed on the Solana (SOL) blockchain. Serving as the foundational token for the STEPN initiative, this particular token has a fixed supply of six billion tokens. The GMT step-in initiative aims to enable users to earn cryptocurrencies through social finance and gaming finance applications developed on the Solana network.

The platform presents itself as a "web-free lifestyle app" that incentivizes users to foster a healthy lifestyle by engaging in activities like walking, jogging, or running. This concept might resemble the mechanics of games like Pokemon Go. 

However, the notion of earning rewards through such activities is relatively novel. This model aligns closely with the play-to-earn framework, drawing parallels to it due to its integration of elements from gaming finance and social finance within the realm of NFTs.

What is Stepn (GMT)?

STEPN (GMT) represents a pioneering move-to-earn NFT token game leveraging the Solana blockchain. This game operates on the premise that users can generate income through everyday activities like walking, running, and jogging. The game's distinctive feature lies in the utilization of NFTs.

To commence earning through these activities, users must acquire NFTs in the form of shoes. The game showcases an array of NFT footwear, varying in type, comfort levels, and other attributes, with prices differing accordingly. The Stepn ecosystem relies on two distinct tokens: GMT (Green Metaverse Token) and GST (Green Satoshi Token). While GST has an unlimited supply, GMT's availability is capped at 6 billion units.

As outlined in STEPN's whitepaper, 30% of the total GMT supply is earmarked for distribution among users partaking in the game and governance processes. Additionally, 30% is allocated to STEPN's treasury, with 16.3% reserved for private sale. A portion of 14.2% is dedicated to the project team, and advisors receive 2.5%.

Who are the founders of Stepn?

The emergence of STEPN (GMT) marks a groundbreaking leap in NFT utilization within gaming, pioneered by Find Satoshi Lab, an Australian fintech company. Founded by Jerry Huand and Yawn Rong, this Solana-based NFT token game secured victory in the Solana Ignition Hackathon Gaming Track.

Esteemed judges lauded its straightforward design and compelling use case, anticipated to captivate a vast user base. STEPN was initially conceived in August 2021, with the first open beta version launching in December 2021, followed by the official launch of STEPN (GMT) in March 2022. Within a month of the beta release, the in-app purchase and trade marketplace debuted on the STEPN platform.

What is the working mechanism of Stepn?

STEPN operates on the Solana network. Up until June 10, 2022, STEPN utilized Orca, Solana's prominent DEX, as its primary de

centralized exchange platform. However, to enhance the token swapping and trading experience, STEPN introduced its proprietary DEX named DOOAR, swiftly gaining widespread recognition.

This move granted STEPN greater control over fee structures for swapping and other trading activities. DOOAR's rollout occurred in three phases: initially exclusive within the STEPN application supporting Solana, followed by the addition of a frontend enabling liquidity provision for GST/USDC and GMT/USDC.

The final stage allowed users to create liquidity pools for any token and introduced multi-chain support. Aligned with Solana's blockchain, STEPN follows its consensus mechanism, employing Proof of History (PoH) consensus. 

PoH involves a series of computations validating the time elapsed between two events. Implemented through a cryptographically secure function, PoH ensures the unpredictability of output from input, necessitating complete execution for output generation.

What are the advantages of Stepn (GMT)?

• Enhanced user incentives: Joining the Stepn Community not only connects users with a group of NFT enthusiasts but also encourages a healthier lifestyle. Through its distinctive revenue and earning model, users gain access to three STEPN gameplay features - solo, marathon, and background modes - enabling them to earn money and actively engage in the game. 

The concept of NFT sneakers maintains intrigue around Web 3.0 for users, while the opportunity to earn while running sustains user interest in the app.

• Inclusivity for all: The complex world of Web 3.0, with its daunting terminologies such as blockchain and decentralized finance, can overwhelm new or less tech-savvy users. However, the Stepn Mobile app's user-friendly interface and game-like structure cater to users of varied technological backgrounds, making them feel welcomed and comfortable within the app.

• Strong endorsement in Crypto trading: Amidst numerous web 3.0 projects emerging in this tech-driven era, many tend to lose value and user engagement over time due to a lack of strong utility. STEPN stands out by uniquely combining real-world daily actions with NFTs from the Web 3.0 realm. 

This distinctive fusion directly impacts the performance of tokens associated with Stepn on trading platforms, providing a robust utility and sustainability to the project.

To read more information on Stepn (GMT), visit Suncrypto Price Explorer.