What is StepN (GST)? Project and Token Analysis

Coin: StepN GST
Ticker: GST
Date Deployed: Tues Nov 29, 2022

Origin of the Project

STEPN was developed by Find Satoshi Lab, an Australian fintech firm, and is a pioneering Web3 lifestyle application that combines gaming and social elements with physical movement. Launched in 2021, STEPN gained recognition by securing 4th place at the Solana Ignition Hackathon, standing out among over 500 competitors. This achievement was a key moment in bringing the concept of integrating movement with digital rewards to life, positioning STEPN as a trailblazer in the Web3 space.

As the first move-to-earn mobile game powered by the Solana blockchain, STEPN allows users to earn tokens simply by walking, jogging, or running outdoors while wearing an NFT sneaker. The platform aims to motivate millions of people to adopt healthier lifestyles while entering the Web3 world. Additionally, STEPN has a broader goal of contributing to carbon neutrality, further emphasizing its commitment to both personal well-being and environmental sustainability.

Products

STEPN App:

Users must download the app, sign up, and connect their wallets to access STEPN’s cryptocurrency features.
NFTs in the form of sneakers are required to participate in the game, bought using Solana’s SOL token.
The sneakers have attributes such as resilience, efficiency, and comfort, which influence energy and earning potential.

Dual-Token System:

Green Satoshi Token (GST): Utility token earned through walking, jogging, or running, used for in-game actions like leveling up sneakers or minting new ones.
Green Metaverse Token (GMT): Governance token used for premium content, with a limited supply and burn mechanism to maintain value.

Marketplace and Wallet:

Users can buy, sell, or lease NFT sneakers and accessories, and utilize the in-app wallet with a built-in swap function to convert earnings into other currencies.

Should GST Be in Your Portfolio?

Before you decide whether or not to add GST to your portfolio, click here to scan the contract on Solsniffer. Solsniffer is the number one blockchain intelligence tool to detect security risks on Solana. Security risk analysis on Solana has never been easier, make sure to be aware of potential DeFi wallet scams and other crypto security concerns before investing.

Due Diligence Tips Before Investing or Trading GST

Research the Token

Analyzing GST as a token is important for understanding its potential. Review its whitepaper, community engagement, development team, and long-term roadmap. Is the project solving a real problem and has a clear plan for the token in its ecosystem?

Perform in-depth research before trading any Solana-related project, including GST. Understanding the project’s whitepaper, the use case, and the founding team’s goals will give you insight into the coin’s potential.

The orderbook can leave clues too, when there are more buy orders than sell orders, GST’s price is likely to rise, while an excess of sell orders could lead to a price drop. It can also help identify past market manipulation.

Develop a Safe Trading Strategy

Having a structured trading strategy prevents making emotional mistakes. If you cover multiple aspects, such as considering market conditions, clear trading goals, and determining entry and exit points, it can improve your chances of success. Your risk tolerance can make a great plan if you follow it and if the market agrees with your strategy.

In crypto, it’s easy to get caught up in the excitement and make impulsive decisions, especially when seeing how many others are making loads of profits. Avoid rushing into buying GST during a price pump, as a correction can follow.

An effective risk management strategy is a great differentiator as a trader, and that includes GST. Use stop-loss and take-profit orders to limit losses and lock in profits automatically. Also, position-sizing is smart to not risk too much of your capital on a single trade, protecting your portfolio from significant losses.

How to Scan GST on Solsniffer

Copy the GST contract address: AFbX8oGjGpmVFywbVouvhQSRmiW2aR1mohfahi4Y2AdB
Open the Solsniffer website and paste the address in the search bar.
Within seconds, a detailed analysis of GST on-chain data is generated.
A security score called Snifscore also ranks the project out of 100 to determine the authenticity of the project.

GST Tokenomics

Total Supply: 1,157,161,857
Max Supply: ∞
Market cap: $13,854,264

Snifscore Analysis

Snifscore: 72/100
High-risk factors: 4
Medium-risk factors: 1
Low-risk factors: None

Summary of (5) Contract Passed Indicators

No scams linked to owner’s wallet
No auto-freeze risk
Recent user activity confirmed
All liquidity pools known
Established contract stability

Summary of (7) Contract Risks to Consider

Mintable risk detected – High Risk
Private wallet holds significant supply – High Risk
Metadata presence needs review – High Risk
Large portion of LP is unlocked
Metadata mutability risk – Moderate Risk

Find Out if GST Is a Fraudulent Token

Detecting a scam project requires a combination of caution, research, and vigilance. Fraudsters come up with numerous ways to trick investors, staying awake to the warning signs before falling victim.

One of the first red flags is an offer that guarantees high returns with little to no risk. Rug pulls are the most common scam at the moment, the project creators build hype around a new Solana project and then disappear with the profits. If the team of a project stops providing updates, it could be a sign of trouble.

A few tips to protect yourself is to research the team behind a project, see how well they execute their roadmap, use secure wallets, enable 2FA and avoid giving your personal data to social media giveaways.