Green Satoshi Token Use Cases, Differentiators, and Competitors
What are the Green Satoshi Token Use Cases, Differentiators, and competitors? Read on
Green Satoshi Token or GST is one of the two cryptos from the house of STEPN, the other one being Green Metaverse Token or GMT. Before we discuss what is GST, let us discuss what is STEPN.
What is STEPN?
STEPN is a Web3-based smartphone running application based on the Solana blockchain. The aim of STEPN is to help its user have a healthy way of life. The play-to-earn app, STEPN allows users to earn money by walking, jogging, or running.
The reward from STEPN is in form of a Green Satoshi Token (GST) which is credited to a crypto wallet of the users.
As mentioned, GST is the native token of STEPN which is given as a reward to the users, let us have in-depth information about GST:
What is Green Satoshi Token?
Green Satoshi Token is one of the tokens from the house of Stepn. The other token from STEPN ecosystem is Green Metaverse Token or GMT. Here are some facts about Green Satoshi Token:
- Green Satoshi Token (GST) is a Solana token that powers STEPN.
- The objective of introducing the move to earn tokens is to urge the population to lead a healthy way of life.
- STEPN has come up with two cryptos, GST and GMT and both cryptos have their own purpose. GST is used to mint the new NFT sneakers. GST can also be sold to gain profit. GMT on the other hand is used as a customization fee.
- There are limited Green Satoshi Tokens in the market. The total supply of GST is 339,975,417 while the current circulating supply of GST is 329,975,416 as per Coinmarketcap data.
What are the Green Satoshi Token Use Cases?
The use cases of Green Satoshi Token will depend upon the users of the STEPN app. GST is used to power STEPN app. Here are the uses of Green Satoshi Token:
- Once a shoe is leased or rented from the STEPN app, users need to mint it. GST coin is used for minting the shoes.
- Any repair work for the sneakers is done by using GST on the STEPN app.
- Other uses of GST are: Leveling up Sneakers, Gems upgrade, Unlocking Socket, etc.
How Does Green Satoshi Token Work?
Green Satoshi Token is used basically as a reward token on the STEPN app. To earn the rewards, a user needs to download the STEPN app and lease or rent the NFT sneakers from the STEPN app. Once you have leased the NFT sneakers, you can earn game currency by jogging, walking, or running outside, which can be cashed out for profit or utilized in-game. Green Satoshi Token is used for this purpose.
There are three STEPN Game Modes: 1. Solo Mode, 2. Marathon Mode, and 3. Background Mode.
A user can earn rewards in form of a Green Satoshi Token in any of the three modes. In solo mode, a user can earn tokens by moving. Users can also earn tokens by participating in marathons. However, to participate in marathons, the user needs to register for each race 24 hours before starting the event.
Background mode comes into play when the user owns or leases a sneaker. The mode gets activated even when the STEPN app is off. When the STEPN app is off, background mode pulls the step count from the mobile device’s health data.
Who are the Competitors of Green Satoshi Token?
Move-to-earn platforms are gaining immense popularity as the development of Web3 technologies grows. Many move-to-earn platforms have been created with their own native tokens. Green Satoshi Token is facing immense competition in this segment. Some of the big competitors of GST are:
FITFI: FITFI is the native token of the STEP App which is based on the move-to-earn feature.
STEP: STEP is the native crypto of the move-to-earn app, STEP. It is an Ethereum-based app.
GENE: GENE Token is governance and staking token that represents the value of the Genopets game. Genopets is the world’s first Free-to-Play, Move-to-Earn NFT game on Solana.