Thread by @CryptoEdgar_

1/25
People have been messaging and tagging me in the last few days. I first needed some time to contemplate the actions of the #STEPN team. I'll share some of my thoughts below. 👇

To clarify. I’m not a team member nor ambassador of the project. I’m just an interested investor.

2/
First of all, I’m sure most of you have read the tweet by @Mable_Jiang by now (

https://twitter.com/Mable_Jiang/status/1532402492994093056

). If you didn’t, have a read.

The first question I've got is: "Who’s the CEO, decision maker & leader at #StepN?"

Every company has a hierarchical structure.

3/
It’s not entirely clear to me why the communication regarding the replacement of @yawn_rong as a spokesman of #StepN was shared through the personal Twitter account of another employee of the company.

A central source of information is needed. Currently, it's everywhere.

4/
Taken from the tweet:
“We recognise that continuous building and delivering is the best course of action -- instead of rushing for unprepared statements.”
Actions speak louder than words. The events in the last few days aren't aligned with the statement above.

5/
It’s possible that deployments fail. Companies often do overnight upgrades which requires intensive testing and potential rollbacks as things don’t work as intended. It’s frustrating, agreed but there’s no need for the constant apologies and compensations.

6/
Remember that the product is less than 6 months old and still in beta. Imo, the team spends too much energy and time in addressing the community for days after each release.
I'd suggest to have some sort of centralised '#StepN health status' page like we have for @solana.

7/
That said, #StepN moved in a matter of months from a handful of employees to a medium sized enterprise. A transformation that takes several years in most companies. It’s completely normal that processes need to be renewed and internal changes have to be made.

8/
People are wondering why not more employees are being recruited. Hiring more staff isn’t going to solve anything if your internal structure is shaky and chaotic. @Stepnofficial seems to be solving the latter before doing the former. We should be patient while they sort it out.

9/
Take a look at the tweet from @shitirastogi (

https://twitter.com/shitirastogi/status/1532755178981670913

). It confirms my above reasoning that @StepN is moving away from its startup phase into a more corporate style approach. For example:
"More value inputs from commercial sources, less from new users."

10/
It's great that each and every one of you feels connected to the product. But in a corporation you're treated as a number. How many entries do you expect that the team will be able to read in a realistic timeframe? Probably few as they'll post a plan in 1-2 days from now.

11/
It's a great way to give the impression that you've contributed to the solution. Corporations aren't necessarily bad as they know how to yield profit and we, as their shareholders, can greatly benefit from it.

12/
One more thing to highlight from the tweet:
“We’d like to share with you some potential points of actions for the next three months”
This strengthens my believe that we shouldn't expect too many solutions in the next weeks or even months. Long term thinking 🧠

13/
The focus should remain on the quality of the final product. If the team succeeds in its intentions, the token and sneaker price will appreciate accordingly.
We’re in macro economic difficult times. But
#StepN has build up a warchest, use it for development and attract talent

14/
Even though I’m happy the community is rallying to support the team we should really wonder how much there is we can suggest without knowing the underlying pain points. Nobody, but the team, knows the current circulating #GST, sneaker & gem supply, DAU, market sales etc.

15/
How can one suggest a solution when it’s unclear where the problem lies. Again I’m calling for a public API because now it feels like we’re throwing darts in the dark. But nonetheless I want to address some of the ideas that I've seen on social media.

16/
KISS
A lot of ideas are completely overcomplicating the way #StepN works. KISS (Keep It Simply Stupid). If the average user no longer understands how the app works they’ll simply walk & selloff #GST instead of digging deeper.

17/
Think outside of the box
Remember the IQ test of the 9 dot problem (artofplay.com/blogs/articles…). The only way to solve the issue is by drawing outside of the predefined box. Not something you think of straight away.

18/
- Min floor price NFT: This is Web 3.0. If I cannot sell my sneaker on StepN, I’ll do so on @MagicEden or @opensea and find buyers for a lower price
- Buyback of GST/NFTs: Not a single project succeeded with buying back an inflationary token, inventors always dump harder

19/
- Minimum GST withdrawal limit: If I'm short in tokens to withdraw, I'll just purchase a few more to reach the limit
- Buy NFTs with GST instead of SOL: How do you expect the team to pay their employees and services? They’d need to sell off the GST and dump on their investors

20/
You get the point. Think outside of the box. And add 'human psychology' to this.
Give someone two candies and take one back, he/she’ll be more upset than someone who only got one candy from the start. Provide people with a choice instead of forcefully taking it away.

21/
I also don't hold the golden grail but I'm convinced about the direction we need to think in.
GST, Gem, Sneaker, ?Minting scrolls? inflation: Provide incentives for people to burn their NFTs to get in-game upgrades. Bring something people really want. Skins aren't that imo.

22/
Ideas such as:
- Burning multiple lower lvl minting scrolls to craft higher lvl scrolls (and perhaps an additional #GST/#GMT cost) by @CryptoD15356053
- Burning multiple low tier lvl sneakers to get a higher tier lvl shoebox
- and more
are in line with my thinking.

23/
Conclusion: It's clear that we're in for a bumpy ride in the short and medium term. I'll be planning my approach once the plan of @Stepnofficial is released. If their approach doesn't follow my way of thinking, I'll be scaling down on my investment. I could be wrong of course

24/
It's perfectly possible that the floor price of the sneakers and the tokens prices moves lower until improvements appear. I don't have a crystal ball. But I know that development takes time. Long term I think we're good (as explained here:

https://twitter.com/CryptoEdgar_/status/1532332162648883202

).

25/
I'll be working with several people such as @Krit_STEPN @bnBeth_solvax @CryptoD15356053 @Mroue_mazen and others to try and propose improvements together. Let's see what the next few days bring.

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