Enter StepN

Introduction

STEPN is a Web3 lifestyle app with inbuilt Game-Fi and Social-Fi elements.

Users equip themselves with NFTs in the form of Sneakers. By walking, jogging, or running outdoors, users will earn game currency, which can either be used in-game, or cashed out for profit.

There are two tokens in this project, GST and GMT:

• GST, which has an unlimited supply and is minted when a user moves in Solo or Background Mode.

• GMT, which is minted at the Token Generation Event, with a total of 6,000,000,000 minted.

Both tokens are burned by different events on the app, i.e. Shoe-Minting, Repair, Leveling up Sneakers or Governance participation.

Distribution

30% of total GMT will be distributed to users through move&earn and Governance participation. A large portion of 30% Ecosystem fund will be used to run giveaways and community events such as Forever Online Marathon Offerings (FOMO).

Move&earn GMT will start once GMT has been listed on the Exchange and STEPN has reached desirable Daily Active User count (TBD). To ensure the longevity of the app, the total release of GMT will halve every three years. (i.e. 15% of total GMT supply will be earned by move&earn/Governance in the first three years, 7.5% in the second three years and 3.25% in the third three years, until all tokens are released).

Source

STEPN Whitepaper

Methodology

Given the sample query on the bounty, I need to identify a variable on the solana.transactions table that can be matched to the [GST Token] (https://www.coingecko.com/en/coins/gst). From the Address in CoinGecko, I select all tx_id with this GST address as either pre_mint or post_mint to identify all transactions involving GST since January 1st and count the number of transactions and unique addresses (transfer_from_address and transfer_to_address).

To calculate the transacted amounts, I joined the previous tx_id from the CTE table I created with the following tables independently to obtain different amounts:

• solana.transfers table to obtain the amount of GST transferred from one address to the other
• solana.swaps table to add the amount of GST swaped from and to
• solana.staking_lp_actions table to add the amount of GST staked on liquidity pools
• solana.nfts table to add amount of GST burned to purchase an NFT (in-game items i.e. sneakers)

The Staking LP and NFT tables yield any results, meaning the tx_id identified as transacting with GST are not ordered in those tables.

There is a mismatch between the result of all transactions with pre_mint or post_mint as GST Token and the transactions found in solana.transfers and solana.swaps tables. Since the solana.swaps table only has info from Jupiter Aggregator, it can be argued that the swaps from other exchanges are missing, but don't know how to verify this statement.

Results

Daily transactions and wallets

The first graph below shows the all transactions with GST per day. It shows a gradual growth throughout all January followed by two spikes, the first smaller one around February 6th and the second bigger one around February 18th.

Conclusions

The growth in StepN transactions and number of wallets has been very good in the past weeks. The project has a lot of potential in my opinion because it gamifies running, which already has a big base of practitioners with very different profiles, and adds the incentives to earn real value with the GST token and NFT's.

I had difficulties trying querying the solana.events table for the tx_ids which I identify as transaction with GST. There must probably a workaround to obtain the missing information, so I am really looking forward the publication of results to see what the grand prize winners managed.

Transacted GST

As explained in Methodology section, I add the amounts of GST found in transfers and swaps tables, separating between swap from and swap to.

The second graph below shows the total different wallets that transacted with GST per day. Here adistinction is made between wallets that send and wallets that receive GST. A similar trend is seen as with total transctions.

The third graphs shows these two variables combined, in case of the number of wallets both "directions" have been added.

The distribution of GST between the different event types can be visualized on the donut chart below. The amount of GST found in the solana.transfers table is the dominant source.

GST Tokenomics and in-game behaviour

STEPN Whitepaper defined the supply of GST as unlimited but certain in-game actions burn GST:

• Shoe-Minting

• Repair

• Leveling up Sneakers

• Gems upgrade

• Unlocking Socket

• Resetting Sneaker Attributes

Also, the actions by which the GST get minted and transfered to the users address make the sneakers decay, so there is a limit on the amount of GST that can be obtained before a Repair needs to be done.

This in-game dynamic will most surely add some limits to the total supply of GST based on the users numbers and the distance they claim to run. From my experience with other games like Clash of Clans,there will probably be updates or new items that account for the increase in GST supply such, that there will always be a goal to save GST in order to buy a new sneakers or give a certain attribute.