Solana supported STEPN has accumulated a staggering $5 million in a fundraising round. The initiative repays holders for exercising but it’s not a gratis earning. The fundraising included Sequoia Capital India, Folius Venture as the leaders of the process. Notable investors such as Cao, Angel investors, Solana, and Alameda Ventures participated in the process.
The initiator of the block, Yawn Rong described STEPN as the first of its kind. He also added that the fundraising will help STEPN advance its project and increase the size of its crew.
What to know about STEPN
STEPN is a blockchain-supported fitness platform developed in Australia. It yields returns for participants by allowing them to purchase NFT with a limited span. Then participants can accumulate the app’s GST token.
Participants are expected to stake Solana (SOL) token in the app wallet, purchase a sneaker NFT from the app’s marketplace. The wait for a day for energy to be restored. The marketplace contains various types of sneaker NFTs such as jogger, runner and walker. A walker sneaker is expected to yield ten (10) minutes of Energy. Participants can accumulate GST tokens base on the type of sneaker they acquire. CoinGecko values one GST toke and at the rate of $1.70.
Features of STEPN
Additionally, Users can exchange accumulated tokens to SOL or USDC stablecoin with can be transfer to a normal bank account. Participants must compulsorily spend money to acquire Sneaker NFTs, before they start earning.
Furthermore, Jerry Huang, a co-initiator of STEPN revealed that participants can accumulate up to $20 and $30 daily. He further added that participants can earn more depending on the time they spend using the app.
Additionally, STEPN allows participants to lease sneaker NFTs. The platform also includes features such as production and repair of sneakers to recover energy. Another feature of the platform is the dual token system. The feature allows participants to get GST for dividends as well.
Lastly, the app has gained participants from up to Ninety(90) countries around the globe. With over 1,500 daily participants, It’s has gained wide acceptance in the United States, China, and India. Participants are finding the platform attractive to use due to its dual-earning program.