The Chinese storm in Stepn!

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Coinmonks

3 min readMay 27, 2022

After the announcement of the cessation of Stepn App for the Chinese last night, we witnessed terrible sale pressure from the Chinese, which caused great fear among other users, and they bought it.

Did these panic cells seriously damage Stepn? How important was the departure of the Chinese for Stepn?

Let’s take a look at what happened yesterday and its implications for the continuation of this project

First, let’s guess how many Chinese users made up Stepn, For this purpose, I try to check the data I receive from different countries

In the figure below, you can see the visitors of Stepn.com by a country that China is not among the top 10 countries.

As you can see, Russia is the first country with the most visitors with about 9% of the total visits and Ukraine is the tenth country with 2.74% of visitors, so the Chinese visit will definitely be lower than this number.

Note that this statistic is not for installation or active user of the application and is only for visiting the web site, but since the conversion rate of visitor to installer and active user is often linear ratio, we can guess that the conversion ratio of visitors to active user is also Be the same ratio.

But in the figure below, you can see that Stepn App in China in the last 3 months is usually among the top 100 Apps and has been very popular in this country.

If we want to compare Chinese users with Russian users, we can also look at the statistics of the Telegram group of these countries, and as you can see, the Russians have a much larger presence.

Well, so far we can conclude that Chinese Stepn users are not at least in the top 10, but they are not few.
If one day Stepn decides to cut off his services to Russia, it could certainly face a very big problem.

In terms of data on the chain, the situation has not changed much compared to the previous report I posted and new users are added to the project and the process of Solana entering the project is going well.

In general, last night’s situation was like a fleeting shock to the project, and the sudden sale of the Chinese caused some users to be panic selling, but there were others who were able to buy the fear of sellers and make a good profit today.
Continuation of the process, considering that the number of Chinese users was not very large and the effect of their exit could be filled by new users who enter after a short time and the project will return to its normal path.

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The Chinese storm in Stepn!

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Written by Masoud_Crypto