Will StepN be revived?
StepN was a project that introduced the concept of using blockchain to people more than any other project, introducing us to a world in which we can make money by walking. Did that good era end with the fall in StepN value, or can StepN be revived to generate good revenue for its users?
In this article, I want to talk in-depth about this project and the available solution
First, let’s look at the status of GST tokens. According to information received from Solscan, there are about 115 million GST tokens in circulation. About 47% of these tokens are in the wallet that belongs to the project itself, and when you want to enter or exit GST into the app, this is done for you through this wallet, so we can conclude that about 47 Percentage of tokens are locked inside the app, according to Solscan, about 80% of tokens are in the top 100 wallets and 9 wallets have more than 1% of total tokens, there do not appear to be very large whales.
Now let’s take a look at the GST inflow and outflow of the past month
As you can see, most of the time we had GST inflow and if we add up the number of inflow and outflow each day we will see that in the last 30 days the balance has been positive 36 million.
The important question that arises is that if we had so many inflow tokens, then why has the price of GST dropped by about 86% in the last 30 days? I do not have an exact answer to this question, but I will raise a few possibilities.
The information we got from on-chain may be incorrect or the price of GST may have been manipulated, but whatever it is, the price of GST does not seem real at the moment compared to the price of shoes. And now minting shoes is not profitable, in order to be profitable, either the price of shoes must increase or the price of GST must decrease.
Given that the gst inflow is generally positive, I think it should be more logical for the price of shoes to go up than for the price of GST to go down. But why does this not happen and we see the price of GST falling more and more every day?
In my opinion, this is a deadly cycle, the unknown cause of the down gst price can accelerate it, and the secret lies in the figure below.
Read more from the link below
https://medium.com/@Masoud_crypto/will-stepn-be-revived-31d1bf404b45