$FITFI: The next STEPN?
STEPN has gained immense success and popularity in the crypto space with a unique use-case. Run & Earn. Absolutely sounds straight out of a Netflix Sci-Fi movie, but I guess this is the real world 🌍, there is now a thin line between surreal & real…well, thats what the advancements of Web3 has brought upon us.
Seeing the level of success STEPN has gained as a project, a competitor could not have been behind…enter $FITFI, a native token of the Step App project.
Lets take a deep-dive…
Project: $FITFI / Step App
Quotation from the Litepaper:
“Step App token economy includes staking, locks, liquidity incentives, buy backs, and burns. These are driven by demand drawn by both gameplay perks and value drawn from the game economy.”
Litepaper available HERE
FITFI tokens are the governance token. These benefit from the Step App ecosystem fees. $KCAL tokens will be the in-game token and they will be used to purchase SNEAKs. Users will earn $KCAL from running while staking a SNEAK.
Contract address via Networks:
- Avalanche — Contract Address: 0x714f020C54cc9D104B6F4f6998C63ce2a31D1888
Contract Legitimacy: https://snowtrace.io/address/0x714f020C54cc9D104B6F4f6998C63ce2a31D1888
- BNB Smart Chain — Contract Address: 0x714f020C54cc9D104B6F4f6998C63ce2a31D1888
Contract legitimacy: https://bscscan.com/address/0x714f020C54cc9D104B6F4f6998C63ce2a31D1888
Project Audit Report:
I could not find any relevant source on whether the smart contracts have been submitted to a third-party security firm for audit. Not a very good look for the project IMO
Unique Selling Points:
- A GameFi Metaverse for the fitness economy
- MoveToEarn (M2E): Earn rewards while walking, jogging or running
- Stake NFTs on the ecosystem to earn LOOTBOX rewards
- The project roadmap is very ambitious — with a target of onboarding 10 million users
- Multiple revenue streams to sustain rewards payout to community
- Implementation of Augmented Reality within the ecosystem
- Very strong community in place
- This project is being seen as a replacement by those who missed out on Stepn
Project Team & Advisors:
The information of the project team and advisors shown above looks very promising. They ́have not included any links to external sources, like LinkedIn to verify authenticity. The fact that the team has not been fully KYC’ed nor Fully Doxxed, certainly does not bode well for me, but it could also be due to the project being so very new.
- President- Dharpan Randhawa: https://www.linkedin.com/in/drandhawa/
Partners &/or Venture Capital (VC) Investors:
I could not find any data about Venture-Capitalists being involved in the initial funding of the project. Also, the roadmap very clearly defines when the strategic partnerships will come into play.
The launch of the Genesis NFTs in Q2 2022 will generate a massive capital inflow for sure. I am super-confident about this, since I am seeing the popularity of the project amongst the crypto community…also, like I mentioned above, this is the project people are eyeing who missed out on STEPN.
Personally, I think Store Integrations will be the key to the long-term play of this project. Generating a continuous stream of sufficient liquidity and then maintaining the same to keep the reward pool alive is something every project of this sphere will have to cope up with.
- $FITFI is the native token of the Step.App ecosystem and will used for reward payouts
- $KCAL are the in-game tokens which are required to mint SNEAKs
- Running whilst staking $FITFI generates $KCAL rewards
- Maximum supply of 5 billion tokens
$FITFI tokens allocation upon launch is as follows:
- 30% allocated to Move to earn
- 20% allocated towards Staking rewards
- 15% allocation to the Team
- 15% allocation to marketing, licenses and acquisitions
- 14% allocation towards public sale of the tokens
- 6% to Partners, Advisors & Consultants
To make it simpler, only 21% of the total supply is allocated to the team, partners, advisors and consultants. This will for sure prevent any wrong doing and dumps.
- The Litepaper vesting schedule doesn’t provide additional information to the time period of the graph.
Project revenue streams :
- Play Income: Micro transaction fees on non-SNEAK purchases
- Staked Play: A 2.5% fee is applied to the combined reward pool from competition play such as friends and family competing (staked Governance Tokens only)
- Tournaments: Global leadership boards, a 5% fee is taken from price of the participation ticket sale
- 2.5% fee on all NFT sales in the NFT marketplace
- Monthly sales of limited edition SNEAKS will go live on the marketplace
- Governance community can vote to burn up to 50% of Play Income as a deflationary measure (this is super)
- The other 50% can be redistributed to users staking on the platform as rewards
- Staked tokens carry a 10-day redemption period, early redemption comes with a higher fee of 12%
- Liquidity Provider tokens also pay a larger reward payout compared to the staked tokens
- Staking tokens above the minimum threshold will ensure the users ends up paying a reduced fees for all transactions
Project Socials Media Links:
- Twitter: https://twitter.com/stepapp
- Telegram: https://t.me/stepappchat
- Discord: https://discord.com/invite/stepapp
- Website: https://step.app/
I love projects that can stand up and challenge an already well established project. This keeps the crypto space competitive and also gives other investors a chance to grab something they missed the train on. STEPN was a projecg no one saw coming and Boom 💣, today users are earning more than $70 per-day for a mundane activity like walking/running. STEPN has become out-of-reach for the smaller investors and if Step.App can recreate the same experience or even better it by going one-step further, why not????
The project also aims to incorporate AR into their ecosystem, and the same can be experienced in the opening of their website. I am curious to see if the implementation of Augmented-Reality will be through a smartphone or they plan to take it a notch up through some dedicated hardware.
Overall a great project and looking to further reaearch and use this to understand the working parts better.
A huge thank you to CoinDCX for giving me this opportunity to write such a detailed report and be a part of the #CoinDCXpathbreaker program, enabling me to share such educative material with everyone in the crypto space.
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