Satoshi Token or GST is one of two cryptocurrencies from the house of STEPN, the other being Green Metaverse Token or GMT. Before we discuss what GST is, let’s discuss what STEPN is.
What Is STEPN?
STEPN is a Web3-based smartphone application based on the Solana blockchain. The goal of STEPN is to help its users have a healthy lifestyle. The play-to-earn app, STEPN allows users to earn money by walking, jogging or running.
The reward of STEPN is in the form of a Green Satoshi Token (GST) that is credited to a crypto wallet of the users.
As mentioned, GST is the native token of STEPN that is given as a reward to users, let’s have in-depth information about GST:
What Is Green Satoshi Token?
Green Satoshi Token is one of the tokens of the house of Stepn. The other token in the STEPN ecosystem is Green Metaverse Token or GMT. Here are some facts about Green Satoshi Token:
- Green Satoshi Token (GST) is a Solana token that powers STEPN.
- The goal of introducing the move to earn tokens is to urge the population to lead a healthy lifestyle.
- STEPN has come up with two cryptos, GST and GMT, and both cryptos have their own purpose. GST is used to mint the new NFT sneakers. GST can also be sold for profits. GMT on the other hand is used as a customization fee.
- There are limited Green Satoshi tokens on the market. The total supply of GST is 339,975,417 while the current circulating supply of GST is 329,975,416 according to Coinmarketcap data.
What are the Green Satoshi token use cases?
The use cases of Green Satoshi Token will depend on the users of the STEPN app. GST is used to power the STEPN app. Here are the uses of Green Satoshi Token:
- Once a shoe is rented or rented from the STEPN app, users have to coin it. The GST coin is used to mint shoes.
- Any repair work for sneakers is performed using GST on the STEPN app.
- Other uses of GST are: leveling sneakers, updating gems, unlocking grip, etc.
How does Green Satoshi Token work?
Green Satoshi Token is basically used as a reward token on the STEPN app. To earn rewards, a user must download the STEPN app and rent or rent NFT sneakers from the STEPN app. Once you rent NFT sneakers, you can earn in-game currency by jogging, walking or running outdoors, which can be cashed in for profit or used in the game. Green Satoshi Token is used for this purpose.
There are three STEPN game modes: 1. Solo Mode, 2. Marathon Mode and 3. Background mode.
A user can earn rewards in the form of a Green Satoshi Token in any of the three modes. In solo mode, a user can earn tokens by moving. Users can also earn tokens by participating in marathons. However, to participate in marathons, you must register for each race 24 hours before the event starts.
Background mode comes into play when the user owns or rents a sneaker. The mode is also activated when the STEPN app is disabled. When the STEPN app is disabled, the background mode extracts the step count from the mobile device’s health data.
Who are Green Satoshi Token’s competitors?
Move-to-earn platforms are gaining immense popularity as the development of Web3 technologies grows. Many move-to-earn platforms were created with their own native tokens. Green Satoshi Token is facing immense competition in this segment. Some of GST’s big competitors are:
: FITFI is the native token of the STEP app that is based on the move-to-earn function.
: STEP is the native encryption of the move-to-earn app, STEP. It is an Ethereum-based app.
GENE: GENE Token is a governance and staking token that represents the value of the Genopets game. Genopets is the world’s first Free-to-Play, Move-to-Earn NFT game on Solana.