Step App
Crypto Overview
Project Overview
Step App is a move-to-earn fitness application built on the Avalanche blockchain that aims to gamify physical activity by rewarding users with cryptocurrency tokens for completing fitness activities. The platform uses NFTs in the form of 'SNEAKs' which users must purchase to participate in the earning mechanism.
Intended Utility
The FITFI token serves multiple purposes within the Step App ecosystem: governance rights for protocol decisions, staking rewards, and in-app currency for purchasing NFTs and other digital assets. The token is meant to create a sustainable fitness economy where physical activity is incentivized.
Actual Utility Assessment
The platform has shown moderate adoption since its launch, with a functioning mobile application and active user base. However, on-chain data suggests that a significant portion of token activity is related to trading rather than ecosystem utility. The development team maintains regular updates and improvements to the platform, indicating ongoing commitment to the project's stated goals.
Token Distribution Analysis
The token distribution shows that 15% was allocated to the team and advisors, with a 12-month vesting period. 25% was allocated to the ecosystem and rewards pool, while 20% went to private sale participants. The remaining 40% is distributed across public sale, liquidity provision, and treasury.
Revenue Model
The platform generates revenue through NFT sales, marketplace fees, and premium subscriptions, which aligns with Islamic finance principles as it involves actual exchange of value and services. The staking mechanism, while providing rewards, functions as a protocol security measure rather than traditional interest-bearing arrangements.
Crypto Impact
To assign a comfort level investing in Step App from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Step App.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
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Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
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