Solana’s Move To Earn Tokens

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.

Now lets get the basic overview of Genopets. According the Genopets Medium post “Genopets is the world’s first Free-to-Play, Move-to-Earn NFT mobile game that makes it fun and rewarding to live an active lifestyle. A Genopet is your digital pet whose evolution and growth is inextricably linked to your own. The steps you take every day power your journey through the Genoverse as you explore, battle, and evolve — earning crypto while you play.”

Lets us understand how these two apps are performing in the ongoing bear market. The first chart we are going to explore is growth of StepN and Genopets token holders. The following charts shows the growth of token holders from Q2. As you see in the chart the growth of StepN is impressive, where as Genopets GENE token holders are almost flat.

How about the token volume? The token volume is described as number of fungible tokens transacted in Solana ecosystem. The StepN tokens transactions volume is very strong compared to Genopets fungible tokens. Genopets fungible tokens in the following chart are just a small blip compared to StepN tokens.

Similar to fungible token transaction volume, the number of transactions of StepN fungible tokens eclipse Genopets on the following chart.

This chart shows the number of wallets who has move to earn tokens actively in their wallet. GST token’s active wallets peaked during mid May and since then it is on down trend while GMT token is holding steady since late April 2022.

Looking at the NFT sales volumes paints an opposite picture. The Genopets NFT volume is several orders of magnitude higher than StepN’s. This shows that Genopets app model is based on transacting NFTs where as StepN model is based on transacting fungible tokens.

Observations

Here are few observations based on the data we examined at Flipside Crypto data warehouse.

  1. The overall bear market in crypto ecosystem has an impact on the Move to Earn apps similar to every other crypto app that is noticing slowdown of user activity
  2. The StepN growth has peaked during mid May 2022 and it is on down trend since then. Though the active wallets are trending down, the total number of wallets is growing steadily. This indicates that StepN is still managing to have a healthy ecosystem.
  3. The Genopets fungible token activity is negligible compared to StepN fungible tokens activity, but its NFT transactions volumes blows StepN away!

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