StepN Growth

    Create a visualization showing the number of unique wallets that have transacted with GST by day since January 1st. How much total GST has been transacted per day since January 1st? Provide some insights over the adoption of GST and how long it can accommodate its limitless supply as an in-game token.

    Introduction

    1. In this dashboard, we will examine the number of unique wallets that have transacted with the GST token per day since January 1st, 2022.

    2. Then, we will look at the number of GST token swapped and transferred per day since January 1st.

    3. Lastly, we will discuss adoption of GST and see if it can sustain with its limitless supply.

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    1. The above bar chart depicts the daily number of unique addresses transacted with GST.
    2. As can be seen, since the beginning of January, the number of unique wallet addresses has been steadily increasing.
    3. We can see that StepN is getting traction and adoption from more users, indicating that this is a very healthy growth. It is attracting more and more unique active users over time.
    1. The number of GST swapped every day has been steadily growing. On February 25th, the number of GST swapped each day reached a high of 253k GST.
    2. However, the number of GST swapped from per day is significantly more than the number of GST swapped to for most of the days. In the first 15 days of January, this was not the case.
    3. This is a poor measure since it implies that more people are selling GST than buying it.
    4. As the number of daily unique active users of StepN grows, more GST will be generated, and more GST will be traded or sold for other tokens.
    Will this trend continue as StepN expands and gain more adoption?
    1. According to the StepN whitepaper, GST is minted when a user moves in Solo or Background Mode and has an infinite supply.
    2. While it may look that StepN has poor tokenomics, there are a few controls in place to keep the quantity of GST tokens under control.
    • A Daily Energy Cap and a Daily Token Cap will be set for each user. The quantity of Energy and tokens that users can have every day is limited by these constraints.

    • There is a token supply reduction / burning mechanism in place. Shoe-Minting, Repair, Sneaker Leveling, Gems Upgrade, Unlocking Socket, and Resetting Sneaker Attributes all burn GST.

    1. The burning mechanism is an important aspect of this tokenomics because as additional GST tokens are minted, GST tokens are also burnt when new users join by purchasing a pair of sneakers, existing users upgrade their sneakers, and so on.
    2. If the developers discover that the overall supply has been rapidly increasing, they will have something in their pocket to control or a lever to pull, such as reducing the rewards (lowering the energy and daily token cap of each user) or increasing the GST amount necessary to be burnt for in-game upgrades.
    3. As a result, I think that, despite the fact that StepN has an endless supply of GST and that more GST will be minted every day, StepN still has a bright future since the StepN developers may intervene at any moment to restrict the token supply and maintain a healthy and balanced environment.
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    About StepN

    1. StepN is a Web3 running programme that includes Game-Fi and Social-Fi features. Users can buy NFT Sneakers from the in-app Marketplace and use them to walk, jog, or run outside to earn GST, which they can spend or exchange for USDC in the app.
    2. StepN aspires to combine the power of both POS (Proof of Social) and POW (Proof of Workout). Profits from Game-Fi and Social-Fi will be divided in accordance with the app's in-app Governance.
    3. StepN is committed to sustainability, which is why they chose to donate between 10% and 70% of their profit to carbon-neutral programmes.
    4. StepN is backed by well-known Web3 investors such as Solana Ventures and Alameda Research.
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    1. As can be seen, the number of GST transfers per day gained momentum in the month of February, with the amount of GST transferred per day increasing.
    2. The transfer of GST peaked on February 23rd, 2022, with 3.52M GST transferred that day.