Binance is excited to announce the 28th project on Binance Launchpad – STEPN (GMT). The token sale for STEPN will follow the Launchpadsubscription format, with the recording of user BNB balances starting at 2022-03-02 00:00 AM (UTC).
Binance will record user BNB balances for 7 days from 2022-03-02 00:00 AM (UTC) to 2022-03-09 00:00 AM (UTC). The final BNB holding amount for each user will be determined as the average of the 7 days, using the Daily Average BNB Balance calculation previously announced here.
GMT Token Sale Details:
Token Name: STEPN – Green Metaverse Token (GMT)
Launchpad Hard Cap: 4,200,000 USD
Hard Cap Per User: 15,000 USD (1,500,000 GMT)
Total Token Supply: 6,000,000,000 GMT
Total Tokens Allocated to Binance Launchpad: 420,000,000 GMT (7% of Total Token Supply)
Public Sale Token Price: 1 GMT = 0.01 USD (price in BNB will be determined prior to subscription)
Token Sale Format: Subscription
Supported Sessions: BNB only
Preparation Period 2022-03-02 00:00 AM (UTC) to 2022-03-09 00:00 AM (UTC): During this period, user BNB balances will be calculated in hourly snapshots for each day over a 7-day period. Your final average daily BNB balance over these 7 days will determine the maximum amount of BNB that you can commit later on.
Subscription Period 2022-03-09 06:00 AM (UTC) to 2022-03-09 09:00 AM (UTC): Subscription will open at this time for all eligible users for a 3-hour period. Users must also sign the Token Purchase Agreement at the same time, prior to committing their BNB. Please note that once committed, your BNB will be locked and you will not be able to redeem or access any other functions such as transfers, withdrawals or trading until final token distribution.
Calculation Period 2022-03-09 09:00 AM (UTC) to 2022-03-09 10:00 AM (UTC): Subscription closes and token allocation calculation begins.
Final Token Distribution 2022-03-09 10:00 AM (UTC): Your final token allocation will be calculated and the corresponding BNB will be deducted from your already-locked BNB amount. Once deducted, your GMT and BNB tokens will both be transferred to your spot wallet.
About STEPN (GMT)
STEPN is a Move-to-Earn health and fitness application. Users equipped with Sneaker NFT can move outdoors to earn tokens and NFT rewards. STEPN has a built-in wallet, swap, marketplace, and RNPL (Rent Now Pay Later) system to make STEPN a bridge between crypto and non-crypto users.
STEPN has a dual-token system, a game token – Green Satoshi Token (GST) and a governance token – Green Metaverse Token (GMT).
GMT is the native governance token of STEPN and has the following use cases:
Governance: Stake to participate in governance, the longer the locking period, the higher the voting power.
Profit distribution: GMT holders own the treasury and can vote to decide the distribution of net profit.
Accrual of protocol revenue: GMT is burned to access in-app features, such as sneaker upgrades and minting of new sneakers.
Key Features and Highlights
Mobile application: STEPN is live on iOS AppStore and Google Play store (Restricted to certain countries).
Sneaker NFT: Every sneaker has different types, qualities, attributes, and gem sockets. Users can burn tokens to level up and customize sneakers.
Move and Earn: Users equipped with sneakers NFT can move outdoors and earn tokens. There are multi-layers anti-cheating mechanics to prevent exploitation.
RNPL (Rent Now Pay Later) system: Users can rent a sneaker for free, move and earn and then split the earnings with the sneaker owner.
In-app NFT marketplace: Users can trade their NFTs on the marketplace.
In-app swap: Users can swap their token earnings to other forms of cryptocurrencies.
In-app decentralized wallet: Users can deposit and send cryptocurrencies to the wallet to fund their spending accounts.
STEPN has raised 5MM USD from Sequoia Capital and other leading Web3 investors, where 16.30% of the GMT total token supply has been sold at 0.005 USD/GMT.
STEPN Token Sale and Economics
Hard Cap: 4200000 USD
Total Token Supply: 6000000000 GMT
Initial Circulating Supply: 10% of Total Token Supply
Public Sale Token Price: 0.01 USD (price in BNB will be determined prior to the start of subscription)
Tokens Offered: 420000000 GMT
Hard Cap Per User: 15000 USD (price in BNB will be determined prior to the start of subscription)