What is green satoshi token (GST)? What you need to know about Stepn’s in-game currency token
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The green satoshi token (GST) is the native cryptocurrency of the first-of-its-kind Web3 lifestyle app STEPN, which encourages users to stay active by rewarding them with GST tokens.
The token started 2022 with a kick, seeing its value surge by more than 300% from its debut in late December 2021 at $1.80 to an all-time high of $7.80 on 29 April 2022. Since then, however, the token hs fallen, losing over 99.7% of its gains down to $0.0223, as of 25 November 2022.
So, what is green satoshi token (GST) and how does it work?
What is green satoshi token (GST)?
A pioneer in the move-to-earn (M2E) sphere, STEPN inspires crypto fans to exercise or “move around” while earning the platform’s native coin, the green satoshi token (GST).
According to the STEPN whitepaper: “With Game-Fi, STEPN aims to nudge millions toward a healthier lifestyle, combat climate change and connect the public to Web 3.0, all while simultaneously hinging on it’s Social-Fi aspect to build a long-lasting platform fostering user generated Web 3.0 content.”
STEPN announced its public beta release on 20 December 2021. It was launched by the Australia-based fintech studio, Find Satoshi Lab.
Users get to purchase and equip themselves with non-fungible tokens (NTFs) in the shape of sneakers that are used for jogging, walking or running outdoors.
The game has four types of NFT Sneakers designed to fit different fitness levels. In addition, STEPN Sneakers are ranked by five different qualities that are given to them at random, thus establishing their rarity.
Users can purchase new Sneakers through the in-game NFT marketplace or create their own by “breeding” two Sneakers they already own through what the platform calls a Shoe Minting Event (SME). Each Sneaker can be bred up to seven times. The more a Sneaker is bred, the more tokens it will cost.
STEPN has three game modes.
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Solo Mode: Users are equipped with NFT Sneakers and can earn GST coins through either walking or running. Their progress is tracked via a GPS signal. Users are given a certain amount of energy which allows them to earn GST tokens. Once that energy runs out, tokens can no longer be earned.
Marathon Mode: Users can participate in a weekly or monthly marathon of their chosen distance. At the time of writing (25 November), marathon mode was under development.
Background Mode: Users gain GST tokens while STEPN is running in the background. As long as a user owns an NFT Sneaker, the app will be able to collect the user’s step data from their mobile’s health app. At the time of writing, this mode was also under development.
How does green satoshi token work?
It is important to note that STEPN has a dual token system, operating the green satoshi token cryptocurrency and the green metaverse token (GMT).
GST is the in-game token of the STEPN ecosystem, while GMT is its governance coin.
So, what is the green satoshi token used for?
GST has an unlimited supply. It can be earned by users through moving. GST is paid for every minute of movement. The amount of GST paid to users depends on the type of Sneaker they own and its unique attributes.
Because STEPN was built on the Solana (SOL) ecosystem, the GST coin was introduced on the Solana blockchain and in May 2022 added to the BNB Chain (BNB), formerly known as the BNB Smart Chain (BSC).
GST can be considered one of the more successful cryptocurrencies of 2022, despite the overall bear market that hit most cryptocurrencies at the start of the year.
The coin surged by around 350% in four months, from $1.7443 on 22 December 2021 to its all-time high $7.8337 on 29 April 2022. The company pledged to combat climate change and achieve carbon neutrality through the purchase of $100,000 worth of Carbon Removal Tonnes. The GTS token was listed on the popular crypto exchange Coinbase.
The positive rally did not last long, however, and GST lost over 45% of its gains, dropping to $4.121 ahead of the release of the platform’s Public Beta Phase IV. By 3 May 2022, the token had resurfaced, surging past $6.50.
As hype surrounding STEPN and its native cryptocurrency started to decline, and the economic situation worldwide deteriorated, GST embarked on a bear run, losing over 97% of its gains from its 3 May 2022 value, down to $0.1804 by 13 June 2022.
DappRadar’s third-quarter gaming report published in October 2022 noted that STEPN “has cooled down after a torrid Q2”. Monthly active users decreased by 67%, falling to 482,000. In comparison, during Q2, STEPN registered over 2 million monthly users and over 260,000 new wallets.
By 23 November 2022, GST lost an additional 87.6% of its price down to $0.0223.
Latest GST news and price drivers
STEPN was the first ever earn-to-move blockchain to be released, and with no competition at the time quickly grew. Competition arrived with the release of Sweat Economy, another move-to-earn blockchain, which, according to DappRadar, minted a record-breaking 10,000 NFTs in September 2022.
Additionally, uncertainty surrounding the Solana blockchain has been on the rise since the FTX crypto exchange, which is closely tied to Solana, filed for bankruptcy on 11 November. STEPN is built on the Solana blockchain, and the GST coin is affected by either positive or negative movements in Solana’s native cryptocurrency, SOL.
In other news, STEPN announced on 18 November that it had launched an in-app event to celebrate the FIFA World Cup that encourages users to move and participate.
STEPN has also partnered with ASICS and Solana to “pave the way for the Web3 fitness industry” by launching a new UI sneakers collection.
Risk and opportunities
Anndy Lian, chief digital advisor at the Mongolian Productivity Organisation and author of NFT: From Zero to Hero, told Capital.com that GST being built on the Solana network is both a “risk and opportunity” for the token.
“More than $700m has exited Solana-based applications, a 70% drop from the $1bn in TVL on 2 November alone. And please be mindful that this is the beginning of the whole saga.
“If Solana can continue to function and ride through this massive blow, GST being one of the largest ecosystems on Solana would surely be the first few that will benefit from this; Proving to the world that decentralisation actually works this time.”
Crypto advisor Victoria Kennedy added that GST’s biggest pro is its current burn system, which sees more tokens being burned than released, thus keeping the green satoshi token cryptocurrency deflationary. However, she also noted that due to its massive use function within the STEPN ecosystem, the “selling pressure from the players is much bigger, thus pushing the price down”.
Dr Pooja Lekhi, vice chair of the Department of Quantitative Studies at University Canada West, said that the GST coin “is still very new in the crypto market and hence has a limited track record and has no traceable features on trading views”.
Dr. Lekhi noted that GST has certain unique features, including “social and community aspects”.
Note that analysts' views are not financial advice and shouldn’t be used as a substitute for your own research. Always conduct your own due diligence. And never invest or trade money you cannot afford to lose.
FAQs
How many green satoshi token coins are there?
Green satoshi tokens (GST) have an unlimited supply, meaning that an indefinite number of new tokens can be mined. As of 25 November, the total number of GST, according to data on CoinMarketCap, surpassed 565 million. The circulating supply stood at 555 million.
Who created the green satoshi token?
GST was created by Australia-based fintech studio Find Satoshi Lab.
What makes the green satoshi token unique?
GST is the native token of STEPN, the first ever Web3 lifestyle app, making it unique in application. The token can be used for purchases on the STEPN platform and is also rewarded to users.
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