STEPN is a move-to-earn fitness app where users equip NFT sneakers, walk or run outdoors, and earn crypto for the distance they cover. GMT, or Green Metaverse Token, is its governance token: a fixed supply of 6 billion coins that lets holders vote on protocol decisions and access the app's higher-tier features. Launched in December 2021 by Find Satoshi Lab, STEPN turned physical activity into on-chain rewards and briefly became one of crypto's defining consumer apps, with GMT climbing to nearly $4 within weeks of its March 2022 token sale.
The app's rise and fall is one of the clearest case studies in tokenized incentives that crypto has produced. Understanding how GMT works, why it collapsed, and what Find Satoshi Lab is building now explains both the promise and the fragility of the move-to-earn model.
How STEPN's Move-to-Earn Model Works
STEPN gamifies exercise through a loop of NFTs, GPS tracking, and token rewards. To start earning, a user buys a Sneaker NFT from the in-app marketplace. The app then uses the phone's GPS to verify real outdoor movement and pays out tokens based on how far and how efficiently the user moves.
Sneakers come in four types tuned to different paces: Walker (1 to 6 km/h), Jogger (4 to 10 km/h), Runner (8 to 20 km/h), and Trainer (any speed). Each carries four core attributes, Efficiency, Luck, Comfort, and Resilience, that determine earning rate, bonus rewards, and how quickly the sneaker wears down. Quality tiers run from Common up through Uncommon, Rare, Epic, and Legendary, with higher tiers earning more per session.
Two constraints keep the economy in check. Energy caps how many minutes a user can earn per day, so a single Common sneaker might allow only five minutes of rewarded movement. Durability degrades with use, requiring token spending to repair. Together these mechanics were designed to throttle token issuance and prevent runaway inflation, though as the 2022 crash showed, they were not enough on their own.
The Dual-Token System: GST and GMT
STEPN runs on two tokens with deliberately different jobs, a structure now common across GameFi projects like Axie Infinity.
Green Satoshi Token (GST) is the uncapped utility token earned by moving. Users spend it on the everyday actions that keep the game running: repairing sneakers, upgrading attributes, and minting new sneakers. Because supply is unlimited, GST is meant to be spent and burned rather than held.
Green Metaverse Token (GMT) is the capped governance token. It enters the picture at higher levels of play, powering premium actions like minting top-quality sneakers, upgrading Level 4 and above gems, redistributing attribute points, and voting in the STEPN decentralized autonomous organization. The 6 billion hard cap makes GMT the scarce, value-accruing asset in the system, which is why it trades on exchanges while GST largely stays in the app.
GMT Tokenomics and Burn Mechanics
GMT's supply is fixed at 6 billion tokens, distributed across several buckets designed to balance player rewards, ecosystem funding, and early backers.
| Allocation | Share | Purpose |
|---|---|---|
| Move & Earn rewards | 30.0% | Paid to players through the app |
| Ecosystem / Treasury | 30.0% | Protocol development and reserves |
| Private sale | 16.3% | Early investors |
| Team | 14.2% | Founding team and contributors |
| Binance Launchpad sale | 7.0% | Public IDO, March 2022 |
| Advisors | 2.5% | Project advisors |
Two deflationary forces act on this supply. The Move & Earn emission rate is designed to halve roughly every three years, slowing the flow of new tokens over time. On top of that, GMT is continuously burned when players spend it on minting and high-level upgrades, permanently removing those tokens from circulation. Find Satoshi Lab has also run large discretionary burns, including a widely publicized program to remove hundreds of millions of tokens tied to the app's revamped economy. Verified supply and burn data are tracked on CoinGecko and the project's own whitepaper.
Boom, Bust, and Where GMT Stands Now
STEPN's timeline is a compressed lesson in reflexive token economics. The app debuted at a Solana hackathon in October 2021, launched that December, and by mid-2022 claimed millions of registered users and hundreds of thousands of daily actives. GMT sold on Binance Launchpad in March 2022 and reached an all-time high near $4 in late April, when demand for sneakers, and therefore for tokens, was compounding on itself.
The reversal was just as fast. A May 2022 decision to offboard mainland China users removed a large share of the base, GST rewards outran real demand, sneaker prices fell, and the earn-to-play flywheel spun in reverse. GMT lost the vast majority of its value over the following year. As of mid-2026 it trades near $0.0074 with a market capitalization around $23 million, a fraction of its peak.
What kept the project alive through the downturn was that Find Satoshi Lab treated STEPN as one product in a wider studio rather than a single bet. GMT settled across multiple chains after starting on Solana, expanding to BNB Chain, Ethereum, and Polygon, which broadened where the token could be held and traded.
The Find Satoshi Lab Ecosystem and STEPN GO
Find Satoshi Lab (FSL) built a product suite around STEPN that gives GMT utility beyond the original app. It includes MOOAR, an NFT marketplace with zero seller fees; Gas Hero, a strategy game; and DOOAR, a decentralized exchange. GMT functions as connective tissue across several of these products.
The most significant recent development is STEPN GO, a redesigned lifestyle app launched in 2024 that leans harder into social features and mainstream brand partnerships. Its headline collaboration paired STEPN GO with Adidas on Genesis Sneaker NFTs minted on Solana in September 2024, aimed at pulling non-crypto fitness users into the ecosystem. FSL has also pushed into payments and stablecoins: GMT Pay lets users convert crypto into prepaid Mastercard spending, while GGUSD is a yield-bearing stablecoin backed by U.S. Treasuries, with Solana support on the roadmap. These moves aim to give GMT recurring demand drivers tied to spending and financial services rather than sneaker speculation alone, which more closely resembles the ecosystem-token approach seen in projects like Gala.
Frequently Asked Questions
What is GMT crypto used for?
GMT is the governance token of STEPN. Holders use it to vote on proposals through the project's DAO and to pay for premium in-app actions such as minting high-quality sneakers, upgrading advanced gems, and redistributing attribute points. It also underpins newer Find Satoshi Lab services like GMT Pay.
What is the difference between GST and GMT?
GST (Green Satoshi Token) is the uncapped utility token earned by moving and spent on routine repairs and upgrades. GMT (Green Metaverse Token) is the capped 6 billion supply governance token used for higher-level features and voting. GST is designed to be spent, while GMT is the scarce asset that accrues value.
Is STEPN still active in 2026?
Yes. STEPN and its successor app STEPN GO remain operational under Find Satoshi Lab, alongside sister products like MOOAR and Gas Hero. Activity and token prices are far below the 2022 peak, but the studio has continued shipping updates, brand partnerships, and new services such as GMT Pay and the GGUSD stablecoin.
How many GMT tokens are there?
GMT has a fixed maximum supply of 6 billion tokens. Emissions from the Move & Earn pool are scheduled to halve roughly every three years, and additional tokens are permanently burned through in-app spending, making the token deflationary over time.
Which blockchains support GMT?
GMT launched on Solana and later expanded to BNB Chain, Ethereum, and Polygon. This multichain presence lets holders store and trade the token across several networks depending on fees and liquidity.
Why GMT Still Matters
STEPN proved that a crypto app could reach mainstream users at scale, and it proved just as vividly how quickly a reward economy can unwind when token issuance outpaces genuine demand. GMT carries both halves of that lesson. The fixed supply, halving emissions, and active burns give it a credible scarcity story, while the app's history is a permanent reminder that scarcity means little without sustained usage.
The forward case for GMT rests on whether Find Satoshi Lab can convert payments, the GGUSD stablecoin, and mainstream partnerships like Adidas into steady, non-speculative token demand. That is a harder and slower path than the 2022 hype cycle, and it is the one the project is now betting on.
For traders who want exposure, LeveX lists GMT on spot markets and offers GMT perpetual futures for leveraged positions. Browse the Crypto in a Minute series for more plain-English breakdowns of the tokens shaping the market.