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StepN is a Solana-based move-to-earn (M2E) project that gamifies running activities and allows users to earn in-game currency simply by moving. It holds a 92% market share in fully diluted valuations for all M2E projects.
Unlike other play-to-earn games, StepN has a relatively higher app stickiness because its core product revolves around running, which is a perpetual activity.
As we dug deeper into its tokenomics design, we discovered a concern about the sustainability of its in-game currencies, GMT and GST.
Footnotes
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