What is Step App?
Step App is a web3 project aimed at keeping track of users’ physical activity with GameFi and DeFi elements. As part of the app, users receive NFT sneakers, after which they can earn game currency by running and walking. Thus, the application works according to the move-to-earn model. The reward received can be used to improve the characteristics of users’ sneakers, which will allow players to earn more, or the tokens received can be withdrawn and sold. In fact, Step App is similar to projects such as STEPN or Genopets, but with some exciting features. For example, the application allows you to take user interaction to a new level. As part of the Step App, players can organize competitions and tournaments locally or even internationally.
The project is still under development. The project team promises to launch a beta version soon. A full-fledged application and NFT marketplace will be found in the third quarter of 2022. On the official Twitter channel, users can filter out upcoming updates. So, FITFI staking has already been launched, with the help of which various rewards will be available to early adopters. At the moment, these are loot boxes in which you can win NFT SNEAKS.
The project team consists of four people, namely Dharpan Randhawa, Kirill Volgin, Dmitry Gordeychuk, and Robert Vukosa. Each of the team members has impressive experience in developing blockchain solutions, DeFi space, and games. In addition, six advisors who have considerable experience in the blockchain industry participated in developing the project. For example, one of the advisors is the co-founder of the DAO Maker — Hatu Sheikh. By the way, the FITFI token sale took place on the DAO Maker platform. The project team also attracts ambassadors represented by world-famous athletes.
Step App Tokens ($FITFI), ($KCAL)
Two tokens will function within the project:
- FITFI is the main token of the project, with which community members will be able to access the project governance. In addition, the FITFI token can be used in the staking by which users can receive various rewards as the app develops. About 50% of the profits received by the project will be aimed at FITFI buy-backs. What to do with the buy-baked tokens is decided by the government, but most likely, most of the tokens will be burned to ensure price growth.
- KCAL is a game token that has not yet been launched. To receive KCAL tokens (after their launch), the user needs to register in the app using their email, after which they will receive 5 FAT points daily. It is also possible to receive plus 3 FAT daily for referring friends. In the future, the accumulated FAT can be exchanged for KCAL. To convert FAT to KCAL, users will also need to burn some FITFI. KCAL tokens will be used to purchase NFT SNEAKS.
On May 6, 2022, the FITFI staking dashboard was launched. It was developed to reward early adopters. Rewards will include loot boxes, passive income, sponsored drops, etc. To date, only loot boxes are available to stakers as a reward. The essence of loot boxes is that each user has the opportunity to win NFT SNEAKS for a relatively small price. The chance of sneakers in the loot box is 35%. If you are unlucky, then do not despair. At least you will be able to win skins, avatar tags, or badges that will be useful in the upcoming game. The peculiarity of staking is that it is perpetual. Users do not need to bother and re-stake their assets as the forthcoming events develop and unlock.
For every 100 $FITFI staked, the user receives one drop ticket. For higher stakes, users receive additional drop tickets. However, it should be kept in mind that one staker cannot get more than five loot boxes.
It is noteworthy that staking within the project is not locked. That is, users can request a FITFI withdrawal at any time. Nevertheless, to prevent the sudden price drop, when many FITFI tokens return to the circulating supply (are unlocked), the developers have implemented a 14-day cooldown. Thus, you will need to wait 14 days before they appear in your wallet when you want to withdraw your tokens. If you don’t want to wait that long, there is another way. You can pay a penalty of 16% of the stake amount.
In order to add your FITFI to the staking pool, you will need a MetaMask wallet. Before you start working with Step App, you need to make sure that you have FITFI and some amount of AVAX to pay fees. If you are transferring funds from one wallet to another, make sure to use the Avalanche C-Chain network.
As soon as you have staked FITFI, you will see a timer tab showing the remaining time until the snapshot. After the snapshot occurs, the protocol automatically distributes the loot boxes among the stakers.
To date, more than 65,000 users are participating in FITFI staking. Shortly, the project team plans to launch additional rewards for perpetual stakers.
To date, Step App is the second most popular move-to-earn project, second only to its direct competitor STEPN. Many users have assumed that the new app can become a STEPN killer since the entry threshold in the latter has become too large. The Step App project is similar to its rival in many ways, with one key difference — competitive mode. The FITFI token is actively listed on major exchanges such as the OKX, Huobi, KuCoin, etc. The chances of success depend directly on the implementation of the set goals. Nevertheless, Step App can boast more than 180 thousand Twitter followers, more than 65 thousand FITFI stakers, and more than 3 million pre-signed users.