What Happened to STEPN move-to-earn app?
STEPN is a pioneering Web3 'move-to-earn' lifestyle application launched in late 2021, which incentivizes users to earn cryptocurrency by walking, jogging, or running with NFT sneakers. After a meteoric rise in early 2022, it faced significant challenges including a crypto market downturn and questions about its sustainability, leading to a substantial decline in user base and token values. The project continues to evolve with new iterations like STEPN GO, strategic partnerships, and adjustments to its tokenomics, aiming for long-term viability as of early 2026.
Quick Answer
STEPN, the popular 'move-to-earn' crypto app, experienced a boom in early 2022 but saw a significant decline in user engagement and token prices amidst the broader crypto bear market and concerns over its economic model. As of early 2026, the project is still active, having launched a new iteration called STEPN GO with updated tokenomics and features like the Haus System and GGT token. A major development in January 2026 was the halving of GMT earnings, a move aimed at enhancing long-term sustainability. The app continues to introduce new challenges and updates, striving to maintain its community and attract new users despite its tokens trading significantly below their all-time highs.
📊Key Facts
📅Complete Timeline15 events
STEPN Founded by Find Satoshi Lab
Jerry Huang and Yawn Rong establish STEPN under the fintech studio Find Satoshi Lab, conceptualizing the move-to-earn model.
Public Beta Launch
STEPN launches its public beta version on both Android and iOS, introducing NFT sneakers and the ability to earn crypto through movement.
GMT Token Launch and Initial Price Surge
The Green Metaverse Token (GMT) is launched, quickly gaining traction and experiencing a significant price increase.
GMT Reaches All-Time High
The GMT token hits its peak price of $4.90, reflecting the app's explosive popularity.
Peak User Engagement
STEPN records over 700,000 monthly active users, establishing itself as a leading Web3 application.
Action Plan for Game Economy Introduced
STEPN releases an action plan to address sustainability concerns and stabilize its in-game economy amidst growing volatility.
Significant User Decline and Token Price Drop
Amidst a broader crypto bear market and concerns over tokenomics, STEPN experiences a sharp decline in active users and token values, with reports of staff layoffs.
Apple Pay Integration
STEPN becomes the first blockchain gaming app to integrate with Apple Pay, simplifying the onboarding process for new users.
New Roadmap for Q4 2023 - Q2 2024
STEPN unveils a roadmap including features like Apple Music integration, a new notification system, and a 'Marathon Mode'.
Launch of STEPN GO
STEPN GO is introduced as a new iteration of the app, featuring easier onboarding, updated tokenomics, the Haus System, and a new GGT token.
FSL Game Hub and GMT Pay Launch
Find Satoshi Lab launches its Game Hub and introduces GMT Pay, aiming to expand the ecosystem and integrate crypto payments into daily life.
12-Week Marathon Challenge (STEPNathon) Begins
STEPN announces a 12-week Marathon Challenge, leading up to a final event in January, encouraging consistent user activity.
GMT Earnings Halving
STEPN implements a 50% reduction in GMT earning emissions, a significant adjustment to its tokenomics for long-term sustainability.
First 2026 Townhall
STEPN hosts its first townhall of 2026, discussing Legendary Sneakers, the STEPNathon campaign, and broader plans for the year.
Gate.io Delists GST
Major exchange Gate.io announces the delisting of Green Satoshi Token (GST), with trading halting on February 9, 2026, impacting its market liquidity.
🔍Deep Dive Analysis
STEPN emerged in August 2021, founded by Jerry Huang and Yawn Rong under the fintech studio Find Satoshi Lab, quickly becoming a flagship project in the burgeoning 'move-to-earn' (M2E) Web3 sector. The app officially launched its public beta in December 2021, allowing users to purchase NFT sneakers and earn Green Satoshi Tokens (GST) and Green Metaverse Tokens (GMT) by engaging in physical activity.
The app experienced a rapid surge in popularity in early 2022, with its GMT token reaching an all-time high of $4.90 on April 29, 2022. By May 2022, STEPN boasted over 700,000 monthly active users, generating substantial profits, including $122.5 million in Q2 2022. This period was marked by intense speculation and high entry costs for NFT sneakers, with some users reportedly earning over $1200 daily.
However, the sustainability of the M2E model came under scrutiny. The unlimited supply of GST and the need for users to sell tokens to realize profits created significant selling pressure, contributing to a rapid decline in token prices. The broader crypto market downturn, exacerbated by events like the Terra Luna crash in May 2022, further impacted STEPN's ecosystem. By October 2022, the app saw a dramatic drop in active users and a 90% decline in Q3 profits, leading to reports of staff layoffs.
In response to these challenges, STEPN's developers, Find Satoshi Lab, began implementing various strategies to stabilize the economy and enhance user experience. This included an 'Action Plan for Game Economy' in June 2022, introducing new rules for energy gain and token consumption. In May 2023, STEPN integrated with Apple Pay, becoming the first blockchain gaming app to do so, aiming to simplify onboarding for non-crypto native users. The team also released a new roadmap in October 2023, outlining features like Apple Music integration and a 'Marathon Mode'.
A significant development was the launch of STEPN GO in November 2024, a new iteration designed with easier onboarding, fortified tokenomics, and expanded gameplay, including a new 'Good Game Token' (GGT). This was followed by the launch of the FSL Game Hub and the introduction of GMT Pay in February 2025, aiming to integrate cryptocurrency payments into daily life. As of early 2026, STEPN continues to adjust its tokenomics, notably implementing a 50% halving of GMT earnings on January 1, 2026, to manage token emissions and promote long-term sustainability. Despite these efforts, GMT and GST prices remain significantly lower than their peaks, and the project focuses on community engagement through events like the 'STEPNathon' and regular townhalls to discuss future plans.