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Sweat Economy DAO votes to repurpose M of idle tokens

The move-to-earn platform had 2 billion $SWEAT tokens locked up in inactive user accounts which the community has voted to be returned to a governance contract.

Move-to-earn platform Sweat Economy is set to repurpose over 2 billion native $SWEAT tokens that were locked up in inactive user wallets.

The tokens, valued at around $10 billion, were locked up in dormant user accounts following a token airdrop event in Sep. 2022. According to the platform, Sweatcoin users that opted into the Web3 move-to-earn’s crypto offering received $SWEAT tokens that were locked up in a 24-month lock-up contract.

Users that failed to install the Sweat Wallet over the past year and claim locked tokens essentially left a sizable portion of the ecosystem’s token supply frozen in inactive accounts.

Sweat Economy’s foundation controls the keys to the lockup contract responsible for the token generation event, allowing for the platform to repurpose the tokens that otherwise would have been ‘abandoned’ and unrecoverable.

Sweat Economy users were invited to take part in a decentralized autonomous organization (DAO) voting process to decide the fate of the locked $SWEAT tokens. Users could opt to have the 2 billion tokens recovered, transferred and potentially repurposed in the future or leave them unrecovered in respective inactive accounts.

According to the platform, over 355,000 users voted between June 7 and 14, with 83 percent of voters supporting the reclamation of idle tokens. Sweat Economy will transfer an estimated 2.4 billion tokens from the lockup contract to its governance treasury contract.

The foundation intends to propose a new community vote to allocate the recovered tokens to its U.S. platform launched earmarked for September 2023.

A spokesperson from Sweat Economy told Cointelegraph that the platform’s principle of community-centric decision making is founded on a one token holder = one vote rule. The wider community will ultimately decide how the platform uses or repurposes the $10 million worth of reacquired tokens:

“It is a notable and groundbreaking change in the industry as most projects give power to token holders in proportion to their holdings.”

The Sweatcoin web1 and web3 mobile app records users daily step count and rewards $SWEAT tokens for activity, with 4,033.93 steps generating 1 $SWEAT token. The app enforces a cap of 5,000 steps.

Move-to-earn is an evolution of play-to-earn games, which have dominated the

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Bear Market

The move-to-earn blockchain game has seen a significant drop in its user base and its rewards token has taken a decline due to the cryptocurrency market conditions.

Solana (SOL) blockchain-based move-to-earn fitness app STEPN is reportedly laying off over 100 of its contract workers amid the ongoing crypto bear market and as its user numbers dwindle from previous highs.

Moderators and ambassadors will be among the sacked staff, and investment in STEPN will be scaled back according to crypto reporter Colin Wu.

There will also be a shift toward promoting STEPN's parent company Find Satoshi Lab (FSL) and its new projects, Wu claimed, citing community sources.

The famous blockchain game STEPN began to lay off staff in the bear market. It will mainly lay off more than 100 MODs, ambassadors, etc., and will reduce investment in STEPN, and some development progress has been delayed. According to community sources.
— Wu Blockchain (@WuBlockchain) October 12, 2022

Cointelegraph contacted STEPN for comment but did not receive a response before publication.

Founded by Australian-based fintech Find Satoshi Lab, STEPN launched in 2021 giving user’s the ability to purchase nonfungible token (NFT) “sneakers” used to walk or run in the real world to earn Green Satoshi Tokens (GST) which can be used for in-game purchases or cashed out.

STEPN was off to a promising start after launch; its governance token Green Metaverse Token (GMT) hit an all-time high in April, reaching $4.11, while GST peaked at $8.51, according to data from CoinGecko.

Now, GMT has fallen over 85% and is trading at $0.61 at the time of writing, while GST has dropped over 99% to $0.026.

It’s the same story for the app’s users, according to Dune Analytics data, which reveals the app's daily active user count rose to an all-time high of 105,257 on Jun. 26 before crashing down to under 6,000 in September before recovering slightly to 11,877 users as of Oct. 5.

Recent setbacks include being forced to block mainland China users and a distributed denial-of-service DDoS attack in June.

*STEPN Monthly Active Users *(MAU)* in 2022. Source: Dune Analytics*

Crypto researcher Lucia Kim from self-described Web3-native accelerator "nonce Classic" claims the decline could be the fault of the limitations of STEPN.

In a lengthy Oct. 4 Twitter post, Kim explained the system was structured to make users sell their tokens in the market to claim rewards, but this saw a supply increase, resulting in "accelerating token price decline due to excessive supply of NFTs.”

"The more rewards users get, the more tokens they sell to the market, which in turn affects its ecosystem," Kim explained.

The STEPN team has recently teased changes are coming, with co-founder Yawn Rong taking to Twitter on Oct. 10 with an open letter to their community stating "changes are happening so that we can continue to add value to GMT and the Find Satoshi Lab ecosystem."

"We will be devoting all of our resources to progressing to the next stage of FSL," said Rong.

No specifics were revealed, but Rong says more will be explained over the next few weeks, telling his 34,000 Twitter followers they "won't want to miss what comes next."

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Axie Infinity

Strong hype around the move-to-earn sector helps GMT price establish a new record high.

The native tokens of move-to-earn lifestyle app STEPN swung higher on news that they would be available to trade on Coinbase, a U.S.-based crypto exchange.

The price of STEPN's governance token Green Metaverse Token (GMT) rallied by nearly 20% to reach over $4 in the past 24 hours, hitting as high as $4.50, its best level to date.

*GMT/USD four-hour price chart. Source: TradingView*

Similarly, the other STEPN token, called Green Satoshi Token (GST), which players earn after walking, jogging and running outdoors with STEPN's "NFT Sneakers," gained 6.5% to about $6.25 on a 24-hour adjusted timeframe with a new record high of $7.20.

STEPN ecosystem grows

The intraday rallies in GMT and GST markets are part of a broader uptrend that started in early March 2022. The growing hype around the so-called move-to-earn industry is boosting the value of these tokens, which are rewarded to active players.

Move-To-Earn Token FITFI on Avalanche has achieved a 50x increase over the price of DAOMaker IDO ($0.0049) after it was launched on OKX and Bybit today. The public offering will release 10% after the launch. The mechanism is similar to Stepn. https://t.co/KVRVb1kDvL
— Wu Blockchain (@WuBlockchain) April 26, 2022

In particular, STEPN's economic model, which involves selling nonfungible token (NFT) shoes and using the proceeds to buy back and burn GMT tokens, likely attracted speculators that see a lower supply-higher demand structure as bullish. GMT comes with a supply cap of 6 billion.

Stepn $GMT nearly 2x since last tweet. Up 40x since first mention. I’m up a lot and Stepn app makes me money too. What a great investment https://t.co/CgheKBoMib
— MURO - won't DM, beware of scam (@MuroCrypto) April 28, 2022

Meanwhile, GST, which comes with an unlimited supply cap, finds bullish cues from its underlying use-cases.

Notably, STEPN players use the token to mint, repair and level up their NFT sneakers — or even sell them on the app’s marketplace. As a result, if the number of STEPN users increases, it could lead to players limiting GST's downside prospects by using it as an in-game currency.

Players have already been sharing the screenshots of their STEPN profiles, featuring their physical activities and the GST rewards they earned for doing them. Meanwhile, leading NFT marketplace OpenSea has added STEPN's sneakers collection, providing more avenues for STEPN NFT owners to resell their digital shoes.

How do I get a $STEPN activation code?
— KSICRYPTO (@ksicrypto) April 27, 2022

The hype for move-to-earn tokens appears similar play-to-earn projects such as Axie Infinity (AXS), which skyrocketed last year.

GMT ascending triangle

GMT's price eyes a return to $4.50 ahead of this week's close, based on the "ascending triangle" setup on its shorter-timeframe charts, as shown below.

*GMT/USD hourly price chart featuring 'ascending triangle' setup. Source: TradingView*

Ascending triangles appear when the price consolidates between a horizontal upper trendline and a rising lower trendline. They resolve after the price breaks out in the direction of its previous trend, and rise by as much as the maximum distance between the triangle's upper and lower trendline.

Interestingly, the triangle's upside target near $4.50 also coincides with the 1.618 Fib line of the Fibonacci retracement graph drawn from $3.82-swing high to $2.75-swing low.

GST descending triangle

Unlike GMT, GST is showing signs of breakdown as it forms a descending triangle pattern after topping out at $7.20.

GST's price has been trending lower between a falling upper trendline and a horizontal lower trendline, which is considered bearish reversal after a strong uptrend. That said, the STEPN token now risks breaking below the triangle's lower trendline, as illustrated below.

*GST/USD hourly price chart featuring 'descending triangle' setup. Source: TradingView*

If this occurs, GST's price will risk falling by as much as the triangle's maximum height when measured from the breakdown point, resulting in the bearish target of $6.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

STEPN to new highs? GMT price painting first ‘bull flag’ toward $5 target

April 22, 2022 Coin Telegraph

<div>STEPN to new highs? GMT price painting first 'bull flag' toward target</div>

Altcoin

GMT is booming amid warnings that its 38,000% price rally since inception could end up being an "absolute joke."

STEPN (GMT) has rallied strongly against the U.S. dollar this week as it looks likely to form a classical bullish technical pattern called the "bull flag."

GMT eyes more upside

GMT's price rose 30% week-to-date, including a strong rally to establish an all-time high near $3.85 followed by a relatively modest correction to nearly $3. In particular, the correction phase occurred inside a descending parallel channel, raising possibilities that the price would eventually break out of it to the upside.

That is precisely because traditional analysts consider strong run-ups, followed by range-trapped price corrections, as bullish continuation setups. And the one GMT has been painting — a bull flag, as mentioned above — could lead to an upside boom in the weeks ahead, as shown in the chart below.

*GMT/USD 4-hour price chart featuring 'bull flag' setup. Source: TradingView*

As a general rule, traders realize a bull flag target by measuring the previous uptrend's height and projecting it from the breakout point. Applying the classic setup on GMT's chart shows that it now eyes a run-up above $5, about 65% above today's price.

Bull flags' success rate of meeting their upside targets sits near 64%, according to Thomas Bulkowski, a veteran investor and analyst.

But the risk of a drop toward $2 becomes high if the GMT's price breaks below the bull flag's lower trendline, the last line of support, which coincides with the 50-4H exponential moving average (50-4H EMA; the red wave) at $2.91.

STEPN's 38,000% gains 'an absolute joke'?

GMT surged by nearly 38,000% in less than two months, amid the hype surrounding STEPN's "move-to-earn" economic model that rewards its app's users with a native currency, called Green Satoshi Token (GST), for merely moving.

STEPN generates revenues (it made $26.81 million in Q1/2022) via the sales of its so-called "NFT Sneaker" — a unique digital image whose ownership enables players to earn GST in the first place. The game uses the proceeds first to buy and then burn GMT, thus creating upward pressure on its prices if the demand for the token goes up.

Independent market analyst Wangarian believes the hype around STEPN looks similar to what Axie Infinity (AXS), a play-to-earn gaming metaverse, witnessed in May 2021. AXS/USD rallied from around $2.50 to about $178 between May and November last year.

Tell me how $APE + $GMT ripping in a sideways market doesn't look similar to $AXS back in May 2021.
— Wangarian (@0xWangarian) April 21, 2022

Fellow independent market analyst Michaël van de Poppe, however, fears that GMT's market capitalization, which sits near $1.9 billion — with a fully diluted valuation of around $18 billion — is an "absolute joke."

But GMT "valuations can still become ridiculous," he adds, owing to STEPN's marketing tactics.

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move-to-earn

STEPN ecosystem grows

GMT ascending triangle

GST descending triangle

GMT eyes more upside

STEPN's 38,000% gains 'an absolute joke'?

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