Crypto.Edgar Profile picture
Jun 8 17 tweets 9 min read
1/17
Alright. @Stepnofficial have launched their action plan (stepnofficial.medium.com/stepns-action-…).
My first question, again.
Who's the communicator of this info? Not the official Twitter?
@shitirastogi did share a thread regarding the article:
Let's take a look 👇
2/
"Cross-realm energy bridge"
I think this goes too far. If they want the other realms to succeed and satisfy partners, they'll need users.

My concerns:

One shoe on #SOL and one shoe on #BSC will suffice to have two energy in the new realm. No advantage to hold more.
3/
1. Most users hold their highest amount of sneakers on Solana and will opt for Solana for #GMT earnings (as they're shared). #GST earnings in the newest realm will probably outperform #GST earnings in older realms (such as #BSC). Why would I stay on e.g. #BSC in that case?
4/
2. Most people will need to grind hard.
- Almost no #GST will be sold early on (need for lvl up, repair etc) and thus increase #GST price
- New dynamic minting cost will skyrocket minting cost when #GST price remains high -> Can't mint new shoes
- No new shoes -> High FP
5/
Solution:
I like the idea, (I think) proposed by @jameswerk.
A decent sized airdrop to the active community based on certain requirements (such as the Trailblazer & FOMO events) and genesis shoe holders could offload a lot of these concerns and help to set down a healthy realm
6/
"The (no-exercising) pure mint-and-sell activities"
- Minting scrolls -> Good
- Minting cooldown from 48h to 72h. How does this cancels out pure mint-and-sell? It just delays the inevitable. Short term bandaid.

Solution:
We need to think more about the resources in the game.
7/
In my opinion there's 4:
* #GST
* #GMT
* Energy
* Time
Those four together determine the "Tempo" of the game.

#GST & #GMT are volatile and can be acquired through multiple means (trading, transfers etc.)

Time is constant and energy is determined by time. Energy is fixed.
8/
Minting farms aren't destroyed by focussing on #GST and #GMT but can be when focussing on energy.

1. Minting scrolls are doing exactly this. I like it. But they can be traded for #GMT. Why? They shouldn't be. You destroy the core idea and use case of their inception.
9/
2. Minting cooldown. Don't focus on just time but couple it to the energy aspect as well, the #Move2Earn. When a sneaker is minted, purchased in-app or transferred, put it in cooldown, reduced by energy usage. NOT time.
10/
"Dynamic Minting Costs"
I was a fan when it came out but always advocated "less hard numbers". Make it feel more natural like a person breathing in air. Lungs inflate and deflate gradually, smoothly. Let the numbers follow mathematical functions which are in constant motion.
11/
"Recycling mechanism of sneakers and gems"
Did someone at #STEPN run the numbers?
At time of writing, common FP sneakers are at 5.3 SOL and UC sneakers at 21 SOL
5 common sneakers cost 26.5 SOL (and there's an extra #GST/#GMT cost to be paid). Why would I burn instead of buy?
12/
Timeline on all proposed changes?
- Dynamic Minting cost has already been changed in-app
- What about the energy bridge changes (still 1.5-2 weeks of no changes as said in the 28/05 AMA? )
- What about minting scrolls & recycling mechanisms?
13/
@CM_Gilgamesh already addressed some of these concerns in the Discord (for which many thanks) but it'd be great to get some more detailed insights in the timeline. I'd like to be able to draft some sort of plan.
14/
Conclusion:
Even though I might sound harsh, some issues in the short term might be band-aided but I'm missing a long term vision. A showcase of unique ideas and concepts such as we had earlier on in the project.
It feels like a reactionary response to community criticism.
15/
The information sharing through Medium is great though. Well written and laying out the ideas in a nicely structured way.
Just make sure to communicate changes and updates in-app through a messaging centre or something.
16/
A lot of people I've onboarded are surprised on why minting costs changed, why the cooldowns increased etc. Not everyone uses Twitter, Discord or other third party communication tools.
They won't get the alpha but if you want to onboard retail, make sure you reach them.
17/
As always, these are my personal thoughts and might not reflect what will happen in-app and in the game. Everyone is free to have their own opinion and I hope it can spark some fruitful discussions.

If you liked this thread, please Like♥️ and Share🔁 the FIRST post.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Crypto.Edgar

Crypto.Edgar Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @CryptoEdgar_

Jun 6
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 (). 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.
Read 25 tweets
Jun 2
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.
Read 20 tweets
May 31
1/
FUD
Fear - Uncertainty - Doubt

Three words that occur sooner or later in any project you're invested in.
Understand where you put your money. Educate and free yourself from the herd mentality.

Did #STEPN live up to their promises? Something changed? What happened? 👇🧵
2/
Charlie Munger about investing: "It's not supposed to be easy. Anyone who finds it easy is stupid".

It's hard work. A lot of listening, reading, writing and self-reflection. It's my goal to help you sketch the full picture. But in the end, you pull the trigger.
3/
We're in macro-economically difficult times. For months already.
#STEPN has fought the BTC downtrend hitting ATH week after week since its inception. Until now.
But experience is the best teacher. It's not my first rodeo. During times of FUD we need to verify, not believe
Read 12 tweets
May 28
1/22
Summary #STEPN @Stepnofficial AMA 28/05/2022:
* Last week wrap up
* Third realm
* Mainland China ban
* Next app update
* Energy
* Gems
* Multi-accounting
* Customer support
* Badges
* Strava
* DEX
* Minting scrolls
* #GMT
* Trailblazer & FOMO
* Panda skins
* DAO
2/
Last week
- A hectic and emotional week with a mid-week emergency AMA.
- Team focusses on pushing the product out and regrets it got a bit carried away by the FUD.
- Remember that this project is supported by people meeting up IRL as the live events have shown.
3/
Third realm
- Planned to roll out during phase V. #StepN will transform to more of a platform. This with a retail & business end.
- Incremental rollout.
- Few more #GMT use cases before rolling out the realms. Q3-Q4 this year?
- Maybe more than one realm rolled out this year.
Read 22 tweets
May 27
1/
#STEPN with #AlchemyPay AMA 27/05/2022:

* Mission
* Why?
* How?
* Who are they?
* Why #AlchemyPay?
* Recent achievements
* Situation today
* Future
* #AlchemyPay and #STEPN
* How to onramp
* Off ramp
* #STEPN and its competitors
2/
An AMA done with:
* Jonathan CEO of @AlchemyPay
* Yawn Rong (@yawn_rong) Co-founder of @Stepnofficial
* Barndog (@Barndog_Solana) Ambassador of #STEPN

Not sure if a recording is available. If so, I'll post later on.
3/
Mission
* Drive global adoption of cryptocurrencies.
* Take cryptocurrencies from investment instruments to actual currencies that consumers can easily use in the real world to pay for goods and services.
* Help DeFi penetrate into mainstream.
Read 16 tweets
May 26
1/15
Summary #STEPN @Stepnofficial emergency AMA 26/05/2022:
* Why this AMA?
* Realms plans
* Why would I stay on #Solana?
* #GMT
* Goal of #STEPN
* Future of #STEPN
* Multi-chain DEX
* Extra (API, minting scrolls, badges, ...)
* 👇🧵
2/
Why?
* #StepN realm tweet caused some stir ().
* More details on realms. Check out the AMA with @paulbarron ().
* Phase IV, 3 major updates in the next weeks/months
* Realms will be Phase V
* People worried about #Solana vs #BSC
3/
* Realms are meant to capture a much bigger audience than what #STEPN has got now. Most likely parts of the user bases from the partners will be exchanged/merged with the #STEPN user base.
* Realms will provide opportunities for the late comers to become first adopters.
Read 15 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(