Thread by @CryptoEdgar_

1/20
Let's take a step back and re-analyse StepN from afar based on what we know.

Should we be worried about #StepN moving into a death spiral or is this just FUD?

I'll lay out what I know and my thoughts. None of this should be taken as financial advice. 🧵👇

2/
#StepN is an investment which has done extremely well during the BTC downtrend. Until recently. We must stay focussed & vigilant.

Investment is a process. A daily uphill battle. Patience is key.

We all want to make money without opening ourselves up to high amounts of risk.

3/
We do so by working hard, finding bargains and claim any edge we can get.
As a result there is no easy money. It requires dedication and effort.
You want to do better than average and outperform others thus you need to think on a different level as well.
Be ahead of the game.

4/
The Team:
Doxed ✅
@Jerry10240 has co-founded "Falafel Games". A gaming company focussed on MMO's for the Middle East.
It did relatively well and acquired acceptable fundings.
According to the @cryptogirl AMA, there should be more startups but I can't find them.

5/
@yawn_rong has co-founded "Crypto SA Lab", a blockchain investment firm (VC) and has experience with multi-brand franchise businesses.
Additionally he's got experience as a managing director of several different businesses (non-crypto related).

6/
This core-tandem has experience with gaming as well as leading a sizeable team of people. The ability to keep the app relatively bug-free and up & running whilst dealing with 800,000 DAU combined with the DDOS attacks shows, to me, they know what they're doing.

7/
Creating a whole new industry cannot be done alone. Other team members also have a significant background such as @shitirastogi, @Mable_Jiang and advisors such as @scott_dunlap (VP at @adidas), @DangerWillRobin and others.
Onboarding the right people is key.

8/
Product ✅
#STEPN drilled into a relatively new market with few competitors. They were among the first in the space with a working product and a solid development team. First mover advantage is crucial. Innovation of the app and #Move2Earn experience should be the main focus.

9/
Documentation: ✅
- The white paper (whitepaper.stepn.com) is extremely detailed with a detailed breakdown of the product.
- User community data (tinyurl.com/stepnstats) confirms team statements

10/
Roadmap:
Below are screenshots of the old roadmap vs the current one. Use them as guidance for the project's development.
Roadmaps are dynamic. Plans and strategies can change but it's important that we know why they've changed 👇
Also take a look at

https://twitter.com/CryptoEdgar_/status/1531627373283663873

11/
Done
* Rental system: Clearly explained why
* Wallet upgrade: Marked as checked, not sure why. Code is ready but not deployed.
* Achievement system: Pushed back due to overload on other areas
* Gem system: Update was much needed
* Multi-chain: Mostly for partnering purposes

12/
Planned
Focus should be on improving the gameplay and addictiveness of the app. Position #STEPN as the leading #move2earn app.
Success of partnerships, an NFT marketplace & multi-chain DEX is highly intertwined with the active user base of #STEPN. Grow & stabilise it first.

13/
Timing:
* #StepN basically launched at the start of the current BTC downtrend. Pretty unfortunate.
* Hype has been controlled by #stepnactivationcode. Wondering if not too many codes are shared now. What's the daily user onboarding rate?
* Bear market is affecting #GST #GMT

14/
Development:
A bear market kills off a lot of project that didn't have much firepower.
The war chest of #STEPN is impressive.
$26M in earnings in Q1 (all went back into #STEPN stepnofficial.medium.com/announcement-s…)
Q2 will yield much higher earnings giving room to long term development.

15/
Tokenomics:
* #GST: Utility token. Uncapped supply. Lots of burn incentives. Caution investing in these. Difficult to grasp current circulating supply.
* #GMT: Governance token. Capped supply which is decreased by burn incentives. Standard/Fair distribution. Low IEO price 👍.

16/
One year lockup for advisors & investors.
My main worry: 9.3% of total supply released to them between 02/2023 and 02/2024 (it's more than what's assigned to move&earn). 558M tokens (4.2x the amount burned so far) and depending on market conditions, could press down the price

17/
Needed improvements
* Control of our funds. Assets on 'Spending' aren't ours. Team mentioned that a current solution for this would break #solana
* Unclarity regarding sneaker supply, #GST supply etc. #web2. API is needed
* Gameplay changes
* Educate new-to-crypto users

18/
Positives:
* Initial #sol sneakers were given out for free
* No high fundraising was done
* People came due to the quality of the app and nature of the product
* #GMT had an IEO price of $0.01
* Active users (passing the threshold) were airdropped a minimum of 2000 #GMT

19/
Conclusion:
A solid project with a solid team and a simple goal. Make people move through earning incentives.
They seem to be a victim of the "I want it now society".
For a lot of users it's their first investment experience causing a lot of fear in the current market.

20/
It's one of the projects that seems to be positioned properly to potentially survive the bear market and be long-term profitable and sustainable

As always: Never invest more than what you can afford to lose.

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