April 20, 2022, 2:33PM EDT
• 19 min read

StepN: The Sustainability of Move-to-Earn Model

Quick Take

  • 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.

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