What is green satoshi token (GST)? What you need to know about Stepn’s in-game currency token

What is green satoshi token (GST)? What you need to know about Stepn’s in-game currency token

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 in 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 $1.8 to an all-time high of $7.8 on 29 April 2022. Since then, however, the token dipped, 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 platform’s 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 and 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 was bred, the more tokens it will cost.

STEPN has three game modes.

  • 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, the marathon mode was currently under development.
  • Background Mode: Users will be able to continue gaining GST tokens while the 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; the green satoshi token cryptocurrency and the green metaverse token (GMT).

The GST coin 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 and can be earned by users through moving. GST is paid out for every minute of movement. The amount of GST paid out 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 then in May 2022 also added to the BNB Chain (BNB), formerly called BNB Smart Chain (BSC).

“To ensure the stability of GST, STEPN is designed with plenty of burn mechanisms. These involve upgrading your in-game assets like shoes and gems, unlocking gem sockets, and repairs. GST is also used to mint new shoes,” STEPN said in a blog post.

GST can be notably considered one of the more successful cryptocurrencies of 2022, despite the overall bear market that followed most cryptocurrencies at the start of the year.

The coin surged by around 350% within four months from $1.7443 on 22 December 2021 to $7.8337 on 29 April 2022 – its all-time high – as the company pledged to combat climate change and achieve carbon neutrality through the purchase of $100,000 worth of Carbon Removal Tonnes and the GTS token was listed on the popular crypto exchange Coinbase.

The positive rally did not last long, however, and GST managed to lose over 45% of its gains overnight dropping to $4.121, ahead of the release of the platform’s Public Beta Phase IV. By 3 May 2022, the token managed to resurface, surging past $6.5.

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” and its 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 managed to surge to certain heights. However, competition was inevitable 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. Since STEPN was built on the Solana blockchain, the GST coin is also affected by either positive or negative movements in Solana’s native cryptocurrency SOL.

In other news, STEPN announced on 18 November that it has launched an in-app event to celebrate the FIFA World Cup, top international sporting events of 2022, and encourage users worldwide to move and participate.

Moreover, 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, the 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, the 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”.

On the other hand, Dr. Lekhi noted that GST has certain unique features including “social and community aspects”.

“With Game-Fi, STEPN aims to encourage people toward a healthier lifestyle, combat climate change and connect the public to Web 3.0, which is the next version of the internet. The GST token can be used to purchase Carbon Removal Credits and has received support from top-notch crypto investors, crypto firms, and big businesses.”

Note that analyst 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.

 

Source: https://capital.com/green-satoshi-token-gst-stepn-crypto-what-is-ultimate-guide

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Green Satoshi Token price prediction: Will M2E crypto rebound?

Green Satoshi Token price prediction: Will M2E crypto rebound?

The green satoshi token (GST), the utility token of the STEPN project, started 2022 with a high, but soon burnt out amid a wider negative shift in investor sentiment. Being the pioneer of move-to-earn (M2E) projects, STEPN, a Web3 app powered by the GST token, inspired crypto enthusiasts to exercise while earning money.

However, as the wider crypto market collapsed, following the fall of the TerraUSD stablecoin and its sister cryptocurrency LUNA, so did GST. Its price action relies on the performance of the Solana (SOL) blockchain, where  it was built.

What do experts have to say, and what other factors will shape the green satoshi token price prediction?

What is the green satoshi token?

The green satoshi token (GST) is the native cryptocurrency of the Web3 lifestyles app STEPN, according to the project’s whitepaper.

STEPN combines SocialFi and GameFi elements and is built “around an essential daily activity for most people – moving around”.

When STEPN launched in December 2021, it was the first M2E mobile non-fungible token (NFT) game powered by the Solana network. The game was created by a fintech studio based in Australia named Find Satoshi lab.

In the game, users equip themselves with NFT Sneakers and can either jog, walk or run outdoors to earn GST tokens. Players can also choose whether they want to lease or sell their NFT Sneakers on the in-app Marketplace.

“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,” the platform’s whitepaper said in a statement.

STEPN is currently under a Public Beta Phase. The application makes profit from small taxes on in-app activities, like NFT trading, Shoe-minting and Shoe-rental.In addition, part of STEPN’s profit goes to buy Carbon Removal Credit on the blockchain to combat climate change.

STEPN has a dual token system:

  • GMT is the platform’s governance token
  • GST is the platform’s utility token.

The two tokens are utilised for different purposes within the platform. GST tokens can be used to level up or mint new NFT Sneakers or even cash out for profit, meanwhile GMT tokens can be used for customisation fees.

STEPN has a burn mechanism which means tokens are available in a limited supply. Both GMT and GST tokens are burned through a number of in-app activities.

In order to become part of the STEPN community, a person must first download the STEPN mobile app, register an account and open a wallet. Users deposit SOL tokens to the built-in STEPN wallet with which they can buy NFT Sneakers.

Activity rewards motivate users to use the app everyday for sports, thus pushing them to continue to exercise.

The total supply of GST tokens amounts to a little over 286m – over 276m tokens are currently in circulation, according to data provided by CoinMarketCapas of 20 July. GST has a market capitalisation surpassing $18m and is ranked as the 621st largest cryptocurrency.

In 2021, STEPN finished fourth out of over 500 projects at the Solana Ignition Hackathon.

GST price analysis

The GST token was arguably one of the most successful tokens of 2022 as it embarked on a bullish trend shortly after launch. Debuting at $1.8451 on 22 December 2021, the token gained nearly 70% in two weeks as it reached $3.1216 on 6 January 2022.

Even though it managed to lose some momentum between 16 and 20 January, GST started a steady climb to $2.9423 by 20 February, up from $1.6839 lows a month earlier.

GST/USD chart, December 2021 – July 2022 

Between 1 and 6 March, the GST token jumped by nearly 50%, reaching its then all-time high of $3.9838. A second jump followed in April, when the token first reached $4.7337 on 1 April, surging to $5.4805 six days later.

After some downward action and fluctuation between $4 and $5, the token skyrocketed to $7.8233 – a 42.7% surge since its 7 April value and a 324% jump since its launch in December 2021.

Following the massive surge, the token dipped on the following day and lost over 45% of its value as it fell back to the $4 levels. The token is trading at its record lows, as of 20 July.

As of 20 July, the coin was valued at $0.06673, a 96.4% decline since its launch in December and a 99.1% fall since its all-time high in April.

This comes amid a wider shift in market sentiment to risk-off due to the tightening cycle of monetary policy, soaring inflation, the war in Ukraine, and fears of recession, with cryptocurrency veterans bitcoin (BTC) and ether (ETH) down 48% and 56% respectively year-to-date.

Key GST news that are driving the token

The GST token seemed to have been performing fairly well at the start of May. However, the positive rally was short-lived as the token soon embarked on a bearish trend following the collapse of the TerraUSD (UST) stablecoin and its sister token LUNA that brought down a sea of other cryptocurrencies.

In addition, the token was affected by a Solana outage on 30 April. The outage happened in Solana’s Mainnet Beta cluster which ceased producing blocks as result of stalled consensus. Even though the system was quickly restored and the GST token ended up dipping by 48.7% in a day.

The biggest STEPN news, however, came on 22 April, Earth Day 2022, several days before the GST token reached its all-time high, as the coin announced its goal of carbon neutrality. As the company noted:

“STEPN, a Web3 lifestyle app, is kickstarting their mission toward combating climate change and achieving carbon neutrality with a purchase of $100,000 worth of Carbon Removal Tonnes, or 5,797.1 tonnes. STEPN will continue to power the movement to reverse climate change with a monthly commitment to pay for carbon removal.”

On 27 April Coinbase announced that it would be adding support for GMT and GST tokens. A day later, OpenSea said that STEPN NFTs were “now available” on the platform.

Following the news, the GST token surged by around 65% in April to its all-time high of $7.8233.

In addition, at the start of April, STEPN released its first quarterly GMT results, which saw a profit of 198,635.62 SOL ($26,815,807.35 at the time) from the platform’s NFT marketplace trading and royalty fees.

One week later, the platform announced that over the previous few months, the app was used by 200,000 daily active users. In the aftermath of positive news, the GST cryptocurrency grew by around 15%, from $4.7337 on 1 April to $5.4422 on 8 April.

On 28 February the company announced that it was looking into launching two updates: a merge spending account with Wallet and an NFT marketplace upgrade. On 1 March the platform announced a giveaway and the token was made available to buy on the Binance Launchpad.

GST price prediction: What should traders look out for?

In the third quarter of 2022, STEPN is planning to launch the spin-off of their NFT marketplace. In the fourth quarter it plans to implement a system where players can rent each other’s sneakers for running.

According to Mark Fidelman, the founder of SmartBlocks and host of the Cryptonized podcast, the GST token “is a speculation”.

“That’s what’s driving its price action. It’s a pretty cool concept, but I don’t think the token price is going to go anywhere in the future,” he told Capital.com.

Fidelman added that whilst STEPN’s main goal is to pay people to be healthy and move around, the token has no other value that could be driving it forward.

“I mean, yes, [people] have to buy NFT’s before they can start moving around on the app and there’s some money there, but the amount of money [people] are spending, or the token is spending, on people moving can’t be paid back because there’s no underlying value there.”

Anndy Lian, the chief digital advisor at Mongolian Productivity Organisation and the author of Blockchain Revolution 2030, added that in order for GST to pick up its pace again, STEPN must try to “find a place within the GameFi space”.

“GST has to scale up or find more users sustainably. Earning $1 daily by walking seems to be more sustainable compared to $30. The company should rethink its marketing strategy for it to scale up,” Lian added.
“When that is addressed, they can find real investors who are interested in their product and not just trying to make money off it. This will also help them to position themselves to attract more prominent institutions or sports brands to buy into their company too.”

Both Lian and Fidelman agreed that STEPN proposes a unique concept, however, the company must work on their marketing strategy and value in order to return to past highs.

“STEPN is the pioneer in the move-to-earn space. This will continue to give them a good head start. I wrote a lot about them in my new book titled NFT: From Zero to Hero. My friendly piece of advice for the team is to get them to sprint and not walk,” Lian concluded.
Fidelman added: “Maybe if they figure out an exercise model that works, maybe that would work. But this has been tried with startups and failed miserably.”

Green satoshi token price prediction

In line with recent action, algorithm-based forecasting service Wallet Investor gave a bearish green satoshi token price prediction.

As of 20 July, the site called GST is “a bad investment”. According to the website’s future GST coin price prediction, the token could fall to $0.0223 in 2023.

DigitalCoinPrice on the other hand, had a more bullish view on the GST crypto price prediction.

According to its green satoshi token price prediction for 2022, the cryptocurrency could average at $0.0998 by the end of the year.

The site’s  green satoshi token price prediction for 2025 suggested that the coin could average $0.13 and $0.22 by 2028. Meanwhile, DigitalCoinPrice’s long-term green satoshi token price prediction for 2030 indicated that the cryptocurrency could average at $0.31 during the year.

Note that price predictions can be wrong. Forecasts 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.

 

Original Source: https://capital.com/green-satoshi-gst-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Catching up with Anndy Lian: “WE ARE SATOSHI”

Catching up with Anndy Lian: “WE ARE SATOSHI”

1. Where are you originally from, what was your upbringing like?

I am born in sunny island Singapore. Singapore’s environment is rather competitive if you compared it to other countries. You can imagine how is life like in this fast pace country. I am trained to do my best in whatever I do, be effective and results driven.

 

2. What languages are you fluent in, what heritage or culture do you hold onto strongest?

I can speak English, Mandarin, Cantonese, Hokkien, a bit of Japanese and Korean. I am Chinese, so I do hold on to my Chinese roots very much. Having said so, we are in 2021. Our culture changes with times, we learn from the best cultures and adapt to our lives.

 

3. What or when was the first time you realized crypto was your life path?

My first encounter with crypto was in 2010/11. My first encounter with blockchain was in 2016/17. Crypto as a life path is a bit cliche. I think it is more like I felt that blockchain can help to improve our lives, that is why I started to find out more.

 

4. If you could change one thing about your crypto journey what would it be and why?

Honestly, nothing in my opinion needs to be changed for my crypto journey. If it is a ‘must” for me to answer this, then I would say get rid of bad partners and find more like-minded individuals. Because I started early, you won’t imagine what kind of bad incidents I have encountered.

 

5. If you could educate new people getting into the crypto space what would you choose?

I would recommend them to learn from the basics and not enter into the cryptocurrency space because their friends made a 100X for example.

 

6. If you could change one thing about yourself what would it be and why?

“Maybe to be less successful when young.” Don’t ask me for the details.

 

7. What countries do you feel are leading the way in the digital currency space?

South Korea, China, Singapore and U.S.

 

8. What media do you feel is the right place to search for right information or less FUD?

There is no right media. I read @WuBlockchain, @blockcastcc, @cointelegraph and lots from the mainstream media. Do they have some FUD angles? Yes, but good media will provide both sides of the story.

 

9. Do you believe Cryptocurrency will end the banking system or evolve around it?

As of now, cryptocurrency will not end the banking system. It is evolving around it and improving it. I know many of my friends were against me when I started to give advice to governments in 2018. They told me crypto is decentralised and working with the government makes me look bad. I did not listen, I stuck to my point that we need to work with everyone to make crypto mainstream and we need to redefine decentralisation. I used the word “redecentralise”.

 

10. Will you mentor me? Lol jk. Do you believe Satoshi Nakamoto is an idea or an actual person?

I am in no position to mentor anyone. I need some mentorship myself too. (LOL). I believe Satoshi Nakamoto is amongst us. It may be a group or an actual person in the past but right now- “WE ARE SATOSHI”.

 

About Anndy Lian:

Advisory Board Member, Hyundai DAC Technology (Blockchain arm of Hyundai Motor Group)

Chief Digital Advisor, Mongolian Productivity Organization 

Member, Gyeongsangbuk-do Blockchain Special Committee, Government of the Republic of Korea

Former Blockchain Adviser, Asian Productivity Organization (APO)

Book Author, “Blockchain Revolution 2030”

Advisory Panel, China-ASEAN Business Alliance

Partner, Blockchain Investment, Passion Venture Capital (Granted Capital Market Services (CMS) licence from Singapore regulator MAS.)

Chairman, Korea eSports Industry Association (Singapore Chapter)

 

Anndy Lian is an all-rounded business strategist in Asia. He has provided advisory across a variety of industries for local, international, public listed companies and governments. He is an early blockchain adopter and experienced serial entrepreneur, book author, investor, board member and keynote speaker.

Currently, he is appointed as the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group where he looks after the governance and compliance aspects of the business. He is also the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization.

Anndy is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce (Chairman, Bitcoin Foundation) and Alexis Sirkia (Founder of Yellow.com), helping the province to grow using blockchain technologies.

He is the Chairman (Singapore) for Korea eSports Industry Association (KeIA) where he is actively promoting eSports to go mainstream and adopt cryptocurrencies.

 

 

 

 

 

This interview curated by Scott Tripp @CryptoBeast32.

Date of interview: 29 June 2021
Time of interview: 9.00 am SGT

 

 

 

Originally published on:

Catching up with Anndy Lian: “WE ARE SATOSHI”

Anndy Lian personal Interview. from SafeMoon

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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