Gstcoin: Move-to-Earn Web3 Lifestyle Application Token

What is Gstcoin

Friends, imagine if your daily exercise—like walking, jogging, or running—not only kept you healthy but also rewarded you with real digital currency. Isn’t that cool? Gstcoin, also known as Green Satoshi Token (GST), is the “energy token” in such a project! It’s not a standalone blockchain, but the core utility token within the Web3 lifestyle app STEPN ecosystem.

STEPN is like an app that combines fitness, gaming, and social interaction. It encourages everyone to “Move-to-Earn” (M2E for short): by wearing special “NFT sneakers” and exercising outdoors, you can earn GST tokens. Simply put, you put on virtual sneakers in the app (these are unique digital assets called NFTs), go out for a walk or run, and the app rewards you with GST based on your activity.

These GST tokens act as your “experience points” and “game currency” in the game. You can use them to upgrade your sneakers, “breed” new sneakers, or even exchange them for other cryptocurrencies. The whole process is like playing a fitness game, but your sweat really turns into “money.”

Project Vision and Value Proposition

The STEPN project and its GST token are about much more than just making money. Its vision is ambitious, like a multifunctional “health ambassador”:

• Encouraging a healthy lifestyle: The most direct goal is to motivate millions of people worldwide to adopt a healthier, more active lifestyle. Imagine, you might be more willing to exercise outdoors just to earn GST.
• Addressing climate change: This is a very special highlight! STEPN promises to use part of its revenue to purchase “carbon removal credits” on the blockchain, supporting carbon neutrality and contributing to environmental protection. It’s like every step you take is helping the planet’s green future.
• Connecting Web 3.0: The project also hopes to introduce more people without technical backgrounds to the concept of Web 3.0 (the next generation of the internet, emphasizing decentralization and user ownership) in a fun way.
• Building a social platform: It also incorporates “Social-Fi” elements, aiming to build a long-term platform that encourages users to generate Web 3.0 content, combining exercise and social interaction.

Compared to similar projects, STEPN is one of the pioneers in the “Move-to-Earn” field, cleverly integrating exercise, gaming, social, and blockchain technology to create a brand-new interactive experience.

Technical Features

The STEPN project behind the GST token also has some noteworthy technical aspects:

• Multi-chain support: STEPN was initially built on the high-performance Solana blockchain, known for its fast and low-cost transactions. Later, it expanded to BNB Chain (Binance Smart Chain). It’s like an app that can run on different mobile operating systems, increasing flexibility.
• NFT Sneakers: The core of the project is sneakers in the form of “non-fungible tokens” (NFTs). An NFT is a unique digital asset, just like a limited-edition sneaker you own in the real world, each with its own characteristics and value.
• Dual-token model: The STEPN ecosystem adopts a dual-token mechanism: GST is the utility token (used for in-game spending and earning), while GMT (Green Metaverse Token) is the governance token (used for community decision-making). It’s like a country having a currency for daily transactions and a special one for voting in elections.
• Multiple exercise modes: The app features various game modes, such as “Solo mode” for earning rewards by exercising alone, “Marathon mode” for participating in competitions, and “Background mode,” which can record steps and earn GST even when the app is inactive.
• Built-in wallet and exchange function: The app integrates a digital wallet for users to store and manage GST, and also has an exchange function for direct token trading within the app.

Tokenomics

The economic model design of the GST token determines its value and role within the STEPN ecosystem:

• Basic Token Information

  • Token symbol: GST
  • Issuing chain: Mainly issued on the Solana blockchain, also supports BNB Chain.
  • Total supply and issuance mechanism: GST is an inflationary token, which means it does not have a fixed maximum supply. In theory, it can be continuously generated, but the project team controls its circulation through various “burn” mechanisms.
  • Inflation/Burn mechanism: Although GST can be continuously generated, it has multiple “burn” mechanisms to reduce market circulation and maintain its value. These burn scenarios include: minting new NFT sneakers, repairing sneaker durability, upgrading sneaker levels, socketing or upgrading gems, unlocking gem slots, and resetting sneaker attributes. It’s like in-game coins: you can keep earning them by defeating monsters, but you also have to keep spending them to upgrade your gear.
  • Current and future circulation: As of May 2024, the circulating supply of GST on Solana is about 4.25 billion.

• Token Utility

  • Earn through exercise: Users earn GST by walking, jogging, or running outdoors.
  • In-game spending: Used for minting new NFT sneakers, upgrading sneakers, repairing sneakers, upgrading gems, etc.
  • Cash out earnings: Earned GST can be exchanged for other cryptocurrencies, realizing the “Move-to-Earn” income.
  • Environmental donations: Users can also choose to donate GST to purchase carbon removal credits and support environmental causes.

• Token Distribution and Unlocking Information

  According to early materials, the initial distribution of GST (for a version with a total supply of 10 million GST) is roughly as follows: 16.3% for private sale, 7% for Binance Launchpad sale, 14.2% for the team, 2.5% for advisors, 30% for ecosystem/treasury, and 30% for “Move-to-Earn” rewards. Note that since GST is an inflationary token, these proportions mainly refer to the initial issuance or distribution on a specific chain.

Team, Governance, and Funding

• Core Members and Team Features

  The STEPN project was founded in August 2021 by the Australian fintech studio Find Satoshi Lab (FSL). The core team was formed in September of the same year.

  • Jerry Huang: One of the co-founders, with ten years of experience in game development, marketing, and testing.
  • Yawn Rong: Another co-founder, an experienced entrepreneur, crypto investor, and blockchain incubator.
  • Jessica Duan: Chief Strategy Officer (CSO), with a professional background in design and architecture.

  The team is characterized by combining gamification design, social elements, and blockchain technology, dedicated to promoting a healthy lifestyle.

• Governance Mechanism

  The STEPN ecosystem adopts a dual-token model, with GST as the utility token and GMT (Green Metaverse Token) as the project’s governance token. This means that users holding GMT tokens can participate in major project decisions.

• Treasury and Funding

  In October 2021, the STEPN project won first place in the Solana Ignition Hackathon gaming track, bringing early recognition and funding. It is also a member of the DeFi Alliance Gaming Accelerator. The project earns revenue by charging small fees on in-app activities such as NFT trading, sneaker minting, and leasing, with part of the revenue used to purchase carbon removal credits to support environmental protection.

Roadmap

Since its inception, the STEPN project has achieved several important milestones:

• August 2021: STEPN project established.
• September 2021: Core team formed.
• October 2021: Won first place in the Solana Ignition Hackathon gaming track.
• December 2021: Project beta version released.
• May 2022: GST token expanded to BNB Chain.
• Future plans: STEPN announced it will migrate from the Ethereum (ETH) ecosystem to the Polygon network to address Ethereum’s high gas fees. The deadline for users to convert assets is August 14, 2025.

Common Risk Warnings

All blockchain projects come with risks, and GST and STEPN are no exception. It’s important to understand these risks before participating:

• Economic Risks

  • Token price volatility: GST token price is highly volatile. It has experienced significant surges and drops of over 99%. Such dramatic fluctuations mean high investment risk.
  • Inflationary model: GST is an inflationary token with no fixed maximum supply. Although there are burn mechanisms, if token generation outpaces burning, its value may be diluted.
  • Sustainability of the “Move-to-Earn” model: This model requires continuous attraction of new users and capital inflow to sustain. If user growth slows or declines, the economic model may face challenges.

• Technical and Security Risks

  • Smart contract vulnerabilities: Blockchain projects rely on smart contracts, and if there are vulnerabilities, it may lead to asset loss.
  • Network attacks: Any blockchain platform may face various network attacks, such as DDoS attacks, phishing scams, etc.
  • Blockchain network congestion: If the underlying blockchain network (such as Solana) becomes congested, it may affect transaction speed and user experience.

• Compliance and Operational Risks

  • Regulatory uncertainty: Global regulatory policies on cryptocurrencies and NFTs are still evolving, and future policy changes may impact project operations.
  • Increased competition: The “Move-to-Earn” field may see more competitors, challenging STEPN’s market share and user appeal.
  • User dependency: The project’s success heavily depends on continued user engagement and new user acquisition.

Verification Checklist

If you want to research the Gstcoin (STEPN) project in depth, here are some key pieces of information you can check yourself:

• Block explorer contract address:
  • GST contract address on Solana: AFbX8oGjGpmVFywbVouvhQSRmiW2aR1mohfahi4Y2AdB
• GitHub activity: It is recommended to visit STEPN’s official GitHub repository to check code update frequency and community contributions, which reflect the project’s development activity.
• Official whitepaper: Although whitepaper content is mentioned in search results, a direct official link may need to be found on the STEPN website. The whitepaper is the best way to understand the project’s design philosophy, technical details, and economic model.
• Official website: stepn.com
• Community activity: Follow its activity on social media and community platforms such as Twitter, Discord, and Telegram to stay updated on community discussions and project news.

Project Summary

Gstcoin (Green Satoshi Token) is the core utility token in the Web3 lifestyle app STEPN ecosystem, pioneering the integration of outdoor exercise and blockchain technology, allowing users to acquire digital assets through “Move-to-Earn.” The project’s vision is to encourage healthy living, address climate change, and guide the public to understand Web 3.0. GST serves as in-game currency for upgrading NFT sneakers, minting new sneakers, and more, with burn mechanisms to balance its inflationary nature. The STEPN team consists of experienced professionals in gaming and blockchain, and received early recognition at the Solana hackathon.

However, like all cryptocurrency projects, GST faces significant economic risks, including extreme token price volatility and sustainability challenges of the “Move-to-Earn” model. In addition, technical security and regulatory compliance are also areas that require ongoing attention.

In summary, Gstcoin (STEPN) is an innovative and promising project that seeks to combine virtual and real-world healthy behaviors, opening new directions for blockchain applications. But remember, the cryptocurrency market is high-risk and highly volatile. The above information is for educational purposes only and does not constitute investment advice. Always conduct thorough independent research (DYOR) before making any decisions.