STEPN Decentralized Wallet and Marketplace Upgrade Plan

Dear Stepners,

You, our users, have made STEPN a force to reckon with, in a short span of five months; and we are not just going to sit and bask in the glory.

A Zen proverb goes “Man stands in his own shadow and wonders why it’s dark.” We at STEPN believe in thinking ahead, ferociously working on our goals and building a world-class product that our community will continue to love.

In that spirit, we are delighted to share with you our thinking and plans for a) Merge Spending account with Wallet and b) NFT Marketplace Upgrade.

Now, we have always maintained that a big part of our mission is to connect non-crypto users to Web3. We realize that to set up these millions of users for success in our app, it is necessary to overcome the hurdle of dual accounts amongst other things.

So we are putting our money where our mouth is, and adjusting our work plan to prioritize wallet merge and marketplace upgrades before the rental system.

We have spent the whole of last week reassessing the work we need and the steps we are going to take. Here is a breakdown of what will happen in the next 12–24 weeks.

STAGE 1

  • 4–8 weeks (1st Mar — 1st April/May)
  • Unification. We will remove the Spending Account.

STAGE 2

  • 4–8 weeks (1st April — 1st May/June)
  • Multi-chain Wallet. We will add an additional chain for token trade/stake/unstake.

STAGE 3

  • 4–8 weeks (1st May — 1st June/July)
  • Multi-chain Decentralized NFT marketplace. We will create a Marketplace with trading history.

Between 1st March and 14th March, we will start rolling out STAGE 1. We would like to invite all our users to transfer their SOLs from their Spending Accounts to their In-app Wallets. If you have not transferred your SOLs by the cutoff date, we will force return your SOLs to your In-app Wallet address.

We strongly recommend our Quiz/Airdrop/Twitter Space/Discord AMA NFT winners to create a In-app Wallet in the app and back up their seed phrases. Please note, if you do not already have a In-app Wallet while we are pushing to Stage 2, you might lose your SOL/GST/NFT. In that case, you need to contact us to retrieve your assets. To use any of your external wallet addresses (i.e. Phantom wallet), please import your seed phrases before the cut off date.

From 14th March, we will return everyone’s SOLs, and make SOL transfer unavailable from the Spending Account. We will make separate STEPN official accounts to hold the 2% Marketplace trading fee, 4% Royalty Fee (STEPN) and Royalty Fee (joint design/exclusive 3rd-party design), 6% minting tax and 8% rental tax (when the rental is available).

The 2% trading fee and 4% Royalty Fee (STEPN) will be used to maintain the team operations.

Until we remove the Spending Account, the users still need to stake their funds in the Spending Account to purchase NFTs, but we strongly suggest users to hold their assets in their In-app Wallet.

After we remove the Spending Account, you will receive and spend SOLs from your In-app Wallet to participate in Marketplace NFT trading.

As always, feel free to reach out to us for any questions in discord. We will continuously update the progress and keep you posted here and in discord. With your love and support, STEPN is taking big steps in realizing its mission of nudging millions to a healthier lifestyle while connecting them to Web3.

STEPN team

P.S. You do not need to move your GST or NFT from the Spending Account.

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STEPN Official

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STEPN is a Web3 lifestyle app with Social and Game elements.