StepN’s GMT Airdrops, The Governance Token

I would like to start by providing a brief introduction to airdrops here. Cryptocurrency airdrops are promotional tools that help startups reach a wider audience by giving away tokens to loyal users. This concept is similar to an IPO (Initial Public Offering), except that the coins are given away instead of sold. It is done to enhance awareness of the project as well as to increase ownership of the coin by providing incentives to investors.

The redemption process for airdropped tokens varies from one crypto application to another. There are some apps where the airdropped tokens are automatically deposited into the users’ wallets, which means that users do not have to do anything to receive the tokens. Alternatively, in many cases, users will have to take the initiative to claim the free tokens by following the instructions provided by the project.

What is STEPN?

STEPN, an Australian-based blockchain fitness app provider, provides blockchain technology-based fitness apps. It is possible for users to use this service for a limited period of time, by purchasing NFTs for the limited period. The user can get GST tokens by carrying out specific exercises and earning them in return for the GST tokens offered by the platform.

The STEPN program is a Web3 based application and also a “move-to-earn” game based on Solana technology. If you are walking, jogging, or running outside you can earn native tokens of GST by using the NFT application. By earning native tokens of GST you will be able to obtain new Sneakers and level up. Since launching at the end of December, the game has experienced steady growth in popularity. It features an in-app Marketplace where members can lease or sell Sneakers, and GST earnings are deposited in their Wallets, which have a swap feature built into them.

STEPN Tokens?

There are two tokens in STEPN: a game token – Green Satoshi Token (GST) – and a governance token – Green Metaverse Token (GMT).The GMT token is the native governance token of STEPN and can be used in the following ways

  • A stake in governance corresponds to the locking period.
  • GMT earns revenue by enabling in-app features such as sneaker upgrades and sneaker minting.
  • The longer the locking period, the more voting power a stake has.Managing the net profit is decided by GMT holders through the Treasury.

According to the following tweet StepN’s governance token, GMT, was airdropped to its early adopter and supporter users on 3/15.

The following analysis shows the overall stats for the GMT Airdrops,

  • It displays the total airdropped tokens as follows: 45.12M
  • The maximum and minimum Airdrop tokens received by users are 133.08K and 1 respectively.
  • In total, there are 6 days in which tokens can be received.
  • A total of 5.19K people received tokens during this period.
  • Additionally, we can view the start and end dates and times of airdrops.

As you can see from the graph below, the top 25 GMT airdrop recipients are listed. Among the top 25 receivers, the top 4 receivers contributed almost a quarter (26.47%) of dropped tokens, and the top 10 receivers contributed over half (52.41%). Moreover, we can only identify three recipients who have received more than 100k airdrops. The highest number of Dropped Tokens is 133.08K. It was received by (9dBGjgQE5K5rbe933T7tzDwqoQQD5iz8oTY3MRnuaAx8).  Here is a chart showing the cumulative of the top-25 GMT airdrop recipients.

As shown in the graph below, the number of recipients categorized by their received tokens . The overall number of receivers is 5,190. A total of 45.22% of total receipts came from categories between 1K – 5K tokens. Based on estimates, the lowest total Receivers are 4 (250 – 500 Tokens) and the highest total Receivers are 2,347 (1K – 5K Tokens).

Based on the given graph, we can see the distribution of airdrop tokens among all recipients. When we analyze the token distribution by category, the 1K – 5K Token category accounted for 45.22% of all receiver accounts. More than 97% of token receivers fall into the ‘1K-5KTokens’, ‘More Than 100K Tokens’, and ‘5K-10K Tokens’ categories.

  • According to the above analysis we discussed GMT, StepN’s governance token, which was airdropped on 3/15 to its 5000 trailblazers (early adopters and supporters). The amount of the airdrop was based on the time spent playing the game. 
  • Here, It displays the total amount of tokens airdropped as follows: 45.12M.
  • There are six days in which users can receive Airdrop tokens.
  • The maximum and minimum amounts are 133.08K and 1, respectively.
  • Over 5.19K tokens were distributed throughout this period. A total of 45.22% of total recipients came from categories between 1K – 5K tokens.
  • Here we can see more than 97% of token receivers fall into the ‘1K-5KTokens’, ‘More Than 100K Tokens’, and ‘5K-10K Tokens’ categories.

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