Stepn (GMT)

Earning Tokens

Stepn rewards users with tokens when they walk, jog, or run outdoors while using NFT sneakers. These tokens can be earned through physical activity and used within the app.

NFT Sneakers

Users buy, upgrade, and trade NFT sneakers that help them earn more tokens. Sneakers are essential for participating and increasing earnings.

Decentralized Exchange (DEX)

Stepn has its own multi-chain DEX called DOOAR, which supports token swaps within the app and helps maintain the ecosystem by buyback and burn of tokens and NFTs.

Community and Ecosystem Support

Tokens are used to support community events, giveaways, and ecosystem-building activities, helping grow the Stepn platform and user engagement.

Lifestyle and Health

Stepn encourages a healthier lifestyle by turning outdoor movement into a rewarding Web3 experience, blending fitness with crypto and gaming elements.

Pros

• Encourages physical exercise by rewarding users with tokens for walking, jogging, or running.
• Uses a dual-token system: Green Satoshi Token (GST) for earning and Green Metaverse Token (GMT) for governance.
• Both tokens have mechanisms to burn supply, helping control inflation.
• Offers a fun and interactive way to learn about crypto, NFTs, and Web3.
• Available on Android and iOS, easy to start by buying NFT sneakers.
• Promotes a healthier lifestyle through the "move-to-earn" concept.
• Has a growing community and innovative gamification features.

Cons

• Requires initial investment to buy NFT sneakers to start earning.
• Daily energy limits how much you can earn without buying more shoes.
• Earnings depend on market value of tokens, which can fluctuate.
• The model relies on continuous user growth to maintain rewards.
• Repairing shoes costs GST tokens, which can reduce net earnings.
• As more users join, earning rates may decrease due to increased competition.

Founders

Stepn was founded by Jerry Huang and Yawn Rong. They created the Australian fintech company Find Satoshi Lab, which developed Stepn.

Background

Jerry Huang is a serial entrepreneur, and Yawn Rong is a cryptocurrency veteran and blockchain venture capitalist.

Achievements

Stepn won the Solana Ignition Hackathon Gaming Track and quickly gained popularity as a move-to-earn app.

Major Investors

Stepn has raised around $5 million in seed funding from well-known investors such as Sequoia Capital, Folius Ventures, Solana Capital, Alameda Research, 6th Man Ventures, DeFi Alliance, M13, Corner Ventures, Sfermion, Zee Prime Capital, Lemniscap, Spark Digital Capital, MorningStar Ventures, Openspace Ventures, Solar Eco Fund, and WelinderShi Capital.

Strategic and Angel Investors

Binance Labs, the venture capital arm of Binance, is also a key investor. Notable angel investors include Santiago R Santos and Zhen Cao, Asia Partner of Republic.

Investment Focus

These investors support Stepn’s mission to combine fitness with Web3 technology, encouraging users to earn tokens by walking or running outdoors.

Halal Status of Stepn

• General Consensus: Stepn is generally considered halal by some Islamic finance perspectives because it is a move-to-earn app that rewards physical activity without involving interest (riba) or gambling elements.
• Reasoning: The platform focuses on earning through exercise and uses tokens for governance and in-game activities, which avoids prohibited financial practices under Islamic law.
• Community Views: There is no unanimous ruling; some scholars encourage personal consultation with Islamic finance experts to confirm compliance with Shariah principles.

Short answer: Yes, Stepn is considered halal by many because it rewards physical activity and avoids interest-based or gambling practices.