STEPN: it invented move-to-earn, then watched 94% of its users disappear within a year.
We're continuing our P2E Crypto Games series with STEPN, the Solana-based app that pioneered "move-to-earn," rewarding users with crypto for real-world walking, jogging, and running, founded in 2021 by Jerry Huang and Yawn Rong under Australia's Find Satoshi Lab. Real, disclosed genuine strengths: a real, historic peak of over 700,000 monthly active users, named founders with credible prior industry work, and a genuine later-stage brand rehabilitation with partnerships including Adidas, Ubisoft, and the Argentina Football Association. What we don't think should be set aside: a detailed source states directly "no independent smart contract audit is documented in available sources," and a May 2022 China-ban announcement triggered an immediate crash, a confirmed DDoS attack, and a broader collapse that saw both GMT and GST fall over 90% from their highs while monthly active users fell from over 700,000 to under 50,000 within roughly a year. We weighted all of it below.
Our take, up front: STEPN is a Web3 lifestyle app built on Solana that pioneered the "move-to-earn" category, rewarding users with cryptocurrency for real-world walking, jogging, and running while wearing an NFT sneaker, founded in August 2021 by Jerry Huang and Yawn Rong under Find Satoshi Lab, an Australian fintech firm. Real, disclosed named, credible founders: Huang previously founded Falafel Games with over a decade of game development experience, and Rong served as an Algorand ambassador and co-founded Crypto SA. Real, disclosed credible early validation: the project placed 4th in the Solana Ignition Hackathon's Gaming Track in 2021, received Binance Labs investment, and secured a $5 million seed round. Real, disclosed genuinely massive, historically significant peak: STEPN reached over 700,000 monthly active users at its height in 2022, a real, disclosed scale exceeding most other games in this series. What we don't think should be set aside: a detailed 2026 source states directly "no independent smart contract audit is documented in available sources," a real, disclosed gap for a platform that has processed real user funds for years. Real, disclosed severe, well-documented 2022 collapse: in May 2022, STEPN announced it would block gameplay for mainland China users; GMT immediately fell from $1.24 to $0.83 and GST fell over 26% from roughly $2.03 to $1.53, with later reporting describing a 74% drop from GMT's all-time high in the aftermath. Real, disclosed separate, confirmed infrastructure attack: shortly after the ban announcement, STEPN's servers were hit by a reported 25 million DDoS requests, causing real, disclosed downtime, a denial-of-service disruption distinct from a fund-theft exploit. Real, disclosed broader collapse: GMT reached its all-time high of $4.11 in April 2022, and both GMT and GST are reported down over 90% from their respective peaks; monthly active users fell from over 700,000 at peak to just 42,965-46,463 within roughly a year, a decline of roughly 94%. Real, disclosed parallel NFT collapse: sneakers that traded for as much as $1,200 a pair fell to roughly $112 within two months of the crash. Real, disclosed genuine later-stage brand rehabilitation: partnerships with Adidas (a December 2024 co-branded physical shoe and Genesis Sneakers NFT), Snoop Dogg, Ubisoft/Rabbids, and the Argentina Football Association, plus two Guinness World Records achieved by the STEPN community in November 2024. Real, disclosed genuine continued operation: as of 2026, the app and whitepaper are still actively updated, STEPN GO (adding Team Play, Renting, Avatars, and Social Challenges) is live, and Marathon Season 3 launched in August 2026, though official support documentation still explicitly labels the app "beta software whose mechanics can change without notice." Real, disclosed candid third-party framing we found genuinely useful: a detailed 2026 source states directly "it can produce tokens, but that is not the same as producing a profit," once sneaker purchase, marketplace fees, repair, and token volatility are accounted for. We weighted all of it below.
Real, disclosed named founders (Jerry Huang, Yawn Rong) with real, disclosed prior credentials (Falafel Games, Algorand ambassador). Real, disclosed credible early validation: Solana Ignition Hackathon placement, Binance Labs investment. What tempers this significantly: a detailed source states directly "no independent smart contract audit is documented in available sources," a real, disclosed gap for a platform that has processed real user funds for years. Real, disclosed confirmed DDoS attack in 2022 causing service downtime, though this is a denial-of-service disruption rather than a fund-theft exploit.
Pros
- Named founders with real, disclosed prior game-development and crypto credentials
- No confirmed direct fund-theft exploit of STEPN's own contracts found in our research
Cons
- No independent smart contract audit is documented in available sources
- A confirmed 2022 DDoS attack caused real, disclosed service downtime
Real, disclosed dual-token structure mirrors a pattern that has failed repeatedly elsewhere in this series: GST carries unlimited supply while GMT is capped at 6 billion. What tempers this severely: both tokens are reported down over 90% from their 2022 all-time highs (GMT peaked at $4.11 in April 2022), and monthly active users collapsed from over 700,000 at peak to under 50,000 within roughly a year. Real, disclosed severe NFT asset collapse: sneakers that traded for up to $1,200 fell to roughly $112 within two months during the 2022 crash.
Pros
- GMT's capped 6 billion supply structure is disclosed and consistent
Cons
- GMT and GST are both down over 90% from their 2022 all-time highs
- Monthly active users fell roughly 94%, from 700,000+ to under 50,000, within about a year
- Sneaker NFT floor prices collapsed from as high as $1,200 to roughly $112
Real, disclosed named founders with real, disclosed prior industry credentials. Real, disclosed GMT governance utility, allowing holders to vote on game mechanics, tokenomics, and platform development decisions.
Pros
- Named founders with real, disclosed prior credentials in gaming and crypto
- GMT carries a disclosed governance function over real platform decisions
Cons
- Real-world governance participation levels were not independently confirmed in our research
Real, disclosed genuinely pioneering, historically significant concept: STEPN effectively created the "move-to-earn" category, reaching over 700,000 monthly active users at its peak, a real, disclosed scale exceeding most other games in this series. Real, disclosed continued evolution: STEPN GO (adding Team Play, Renting, Avatars, Social Challenges) and ongoing Marathon seasons through 2026. What tempers this: a detailed 2026 source directly and candidly states "it can produce tokens, but that is not the same as producing a profit," once real, disclosed costs are accounted for.
Pros
- Genuinely pioneered an entire category, reaching a real, disclosed peak of 700,000+ MAU
- Continued, real development through 2026 (STEPN GO, Marathon seasons)
Cons
- A detailed source directly cautions that earning tokens is not the same as earning profit
Real, disclosed genuinely accessible core concept: earning tokens through ordinary walking, jogging, or running, tracked via GPS, requires no specialized gaming skill. What tempers this: official STEPN support documentation still explicitly labels the app "beta software whose mechanics can change without notice" years into operation, and realm-specific assets (SOL, BNB, POL) cannot be used interchangeably, a real, disclosed source of confusion for users moving between chains.
Pros
- Earning requires only ordinary physical activity tracked via GPS, no gaming skill
Cons
- Official documentation still labels the app "beta software" years into operation
- Assets are realm-specific and cannot be used interchangeably across chains
Real, disclosed meaningful upfront cost: an NFT sneaker purchase is required before any earning can begin, with real, disclosed additional costs for repair, restoration, leveling, and gems. Real, disclosed marketplace enables sneaker and item trading using GMT.
Pros
- A functioning marketplace lets players trade sneakers and items directly
Cons
- A sneaker purchase is required upfront before any earning can begin
- Ongoing repair, leveling, and gem costs can offset tokens earned through play
Real, disclosed genuinely credible, mainstream brand partnerships in its later years: Adidas, Snoop Dogg, Ubisoft/Rabbids, and the Argentina Football Association, plus two Guinness World Records achieved by the STEPN community in November 2024.
Pros
- Genuinely credible, real, mainstream brand partnerships representing later-stage rehabilitation
Cons
- These partnerships arrived years after the core user base had already collapsed
Access only through the official app store listing, and separate "earning tokens" from "earning money" before buying a sneaker.
Given a detailed source's direct warning that producing tokens is not the same as producing profit once sneaker cost, repairs, and volatility are counted, calculate your real breakeven point before buying an NFT sneaker, rather than assuming early earnings estimates will hold.
It invented an entire category, and then became the clearest cautionary tale about what happens next.
We want to give STEPN real credit for something that's easy to forget once a project has collapsed this hard: it wasn't derivative. Move-to-earn didn't exist as a category before this app made it one, and 700,000 monthly active users in 2022 is a real, disclosed number most crypto projects never come close to touching. What happened next is exactly why we can't score this generously. A single policy announcement wiped out roughly a third of the token's value overnight, a real DDoS attack hit within days, and by the following year the user base had collapsed by roughly 94%, a speed and scale of decline that's genuinely severe even by this series' standards. We also can't ignore that years into operation, nobody has documented an independent audit of the contracts holding real user value. The Adidas and Ubisoft partnerships that came later are real and worth noting, but they're rehabilitation efforts layered on top of a category-defining collapse, not evidence the underlying economics ever got fixed. STEPN deserves genuine credit for being first. It doesn't deserve credit for having figured out how to last.
The scorecard above is deliberately general. Whether STEPN is right for you depends heavily on which of these you already are.
The fitness-minded user who wants a genuine incentive to walk or jog more, treating any tokens earned as a bonus, not income
This is exactly where STEPN's genuinely accessible, real move-to-earn concept delivers value without financial risk.
The prospective sneaker buyer who calculates a real breakeven point before purchasing, accounting for repairs and volatility
Given a detailed source's direct warning that tokens earned aren't the same as profit, this math genuinely matters here.
The reader who treats the absence of a documented independent audit as a real, disclosed gap worth weighing directly
This is a real finding from our research, not proof of wrongdoing, but a real gap in verifiable evidence nonetheless.
Anyone buying an NFT sneaker expecting the 2022-era user base, earning rates, or resale values to return
A real, disclosed ~94% user collapse and a severe NFT floor-price crash occurred and have not meaningfully reversed.
The scorecard covers the headline judgment calls. These four tables cover the specifics we didn't want to bury in prose; the May 2022 China-ban crash timelined precisely, the user collapse tracked over time, GMT and GST's price chronology, and the later brand rehabilitation timeline.
The May 2022 China-ban crash, timelined
| Date | What happened |
|---|---|
| May 26, 2022 | STEPN announces it will block gameplay for mainland China users effective July 15, 2022 |
| Same day | GMT falls from $1.24 to $0.83; GST falls over 26%, from roughly $2.03-2.08 to $1.53 |
| Following days | STEPN's servers are hit by a reported 25 million DDoS requests, causing downtime |
| Following weeks | Later reporting describes a 74% drop from GMT's all-time high in the aftermath |
The China-ban announcement and the DDoS attack were two distinct, real, disclosed events occurring in close succession; we're presenting them separately rather than conflating a policy decision with an infrastructure attack.
The user collapse, tracked over time
| Period | Monthly active users |
|---|---|
| Peak (May 2022) | Over 700,000 |
| January (following year) | 46,463 |
| February (following year) | 42,965 |
This is a decline of roughly 94% in well under a year, one of the fastest, most severe, and most directly-documented user collapses we've found across this entire series.
GMT and GST, from peak to today
| GMT | GST | |
|---|---|---|
| Supply | Capped at 6 billion | Uncapped |
| All-time high | $4.11 (April 2022) | Peaked alongside GMT in the same period |
| Current decline | Down over 90% from peak | Down over 90% from peak |
| Role | Governance | In-game earning/utility |
Both a capped and an uncapped token collapsed by a similar magnitude here, a real, disclosed reminder that a supply cap alone doesn't prevent a severe decline once demand evaporates.
The later brand rehabilitation, timelined
| Date | Partnership or milestone |
|---|---|
| Oct 2024 | Snoop Dogg partnership |
| Nov 2024 | STEPN community achieves two Guinness World Records |
| Dec 2024 | Adidas co-branded physical shoe and Genesis Sneakers NFT collection |
| Jul 2025 | Argentina Football Association partnership |
| Nov 2025 | Ubisoft/Rabbids crossover |
These are real, credible, mainstream partnerships, but they arrive roughly two and a half years after the core collapse, making them a rehabilitation story layered on top of the earlier crash rather than evidence the original economics were ever fixed.
We don't just want to hand you our number; we want to show you how it sits next to what other review desks and comparison sites have published. We're flagging directly that most general coverage credits STEPN's historic significance and later brand partnerships without weighting the undocumented audit or the severity of the 2022-23 user collapse as heavily as our methodology does.
Our score lands meaningfully below the aggregated industry average; most sources we found credit STEPN's historic role in pioneering the category and its genuine later-stage brand rehabilitation, while giving less weight to the undocumented audit status and the roughly 94% user collapse we found central to this review.
| Source | Score | Type |
|---|
Scores compiled by our editorial team from publicly available reviews as of August 2026. "Editorial estimate" means the outlet didn't publish a single numeric score, so we converted their published verdict and sentiment into a comparable 100-point figure. Verify current figures directly with each source before citing them elsewhere.
A detailed source states directly that no independent smart contract audit is documented in available sources, a real, disclosed gap for a platform that has processed real user funds for years.
In May 2022, STEPN announced it would block gameplay for mainland China users. GMT immediately fell from $1.24 to $0.83 and GST fell over 26%. A confirmed DDoS attack followed shortly after, and both tokens ultimately fell over 90% from their respective all-time highs.
Monthly active users fell from over 700,000 at the May 2022 peak to roughly 43,000-46,000 within about a year, a decline of approximately 94%. The app remains active and updated as of 2026, though we found no updated user-count figures to confirm current scale.
A detailed 2026 source states directly that STEPN "can produce tokens, but that is not the same as producing a profit," once sneaker purchase cost, marketplace fees, repair, leveling, and token volatility are all accounted for.
Jerry Huang and Yawn Rong founded STEPN in August 2021 under Find Satoshi Lab, an Australian fintech firm. Huang previously founded Falafel Games, and Rong served as an Algorand ambassador.
GST (Green Satoshi Token) has unlimited supply and is earned through daily movement. GMT (Green Metaverse Token) has a fixed 6 billion supply and serves as the governance token, used to upgrade sneakers and unlock higher-level earning.
Yes. STEPN GO, an expanded version with Team Play, Renting, Avatars, and Social Challenges, is live, and Marathon Season 3 launched in August 2026. Official support documentation still labels the app "beta software" as of 2026.
Adidas (a December 2024 co-branded physical shoe and Genesis Sneakers NFT), Snoop Dogg, Ubisoft/Rabbids, and the Argentina Football Association, plus two Guinness World Records achieved by the STEPN community in November 2024.
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