STEPN announced a number of updates addressing the game's economy and the increased volatility plaguing the popular move-to-earn game’s experience on Binance Smart Chain.
STEPN will institute dynamic mint pricing, among other initiatives after the price of GST on BSC hit $28 amid unprecedented demand as the project hit more than 700,000 active users in May. As the price of STEPN's tokens continues to fluctuate, the team has introduced a new formula to set the minting price.
“Looking back at the development of BSC Realm, the extreme craziness happened after the GST price went higher than $12. At those prices, minting only required 40 GST, and users could breakeven in a terrifyingly short 1 week,” the project said in a June 8 Medium article.
The new formula takes into account the increasing price of GST by requiring more GMT to mint.
The price of GST on BSC has fallen more than 96 percent in the past month. It is $1.06 as of June 9. Meanwhile, the GST price on Solana has fallen more 87 percent in the same time period, dropping to $0.48.
Also related to cross-chain issues, STEPN said energy earned on new chains (or “realms”) will be capped for set time periods.
Moving forward, each new realm introduced will allow a maximum of 3 energy to be gained through other existing realms, the project said. Additionally, each existing realm that a holder owns a sneaker in will provide 1 additional energy in the new realm. The additional energy earned in the new realm will be capped and decline each month (3 in first, 2 in second, 1 in third month) until the fourth month, where no additional energy will be earned.
STEPN said it received more than 1,500 responses from community members regarding solutions for the growing project, which raised $5 million in its latest seed round.
(If you’re interested in playing the move-to-earn game, read Lucky Trader’s handy guide.)
In other issues, the team announced benefits to people who "actually use the app,” increasing the qualities of Mystery Boxes from 5 to 10. STEPN will also rework the Mystery Box system by increasing the cooldown duration of minting from 48 to 72 hours and "slightly increasing" the cost of minting.
Finally, the team has come up with a new plan for synthesizing lower-tier sneakers into a sneaker of a higher quality.
Five pairs of similar quality sneakers can be combined to make a higher quality sneaker, with an associated GST and GMT cost. The new shoes’ attribute values will be increased by 20 percent and the new shoe type will be “probabilistically related” to the pairs of sneakers combined.
Users can also engrave a “short sentence” on the new sneakers.
What's in the Future for STEPN?
STEPN revealed two initiatives it may consider including: making users pay fees on the marketplace when they list and when they change the price and dynamically changing the platform’s in-app fee as the price of GST changes.