Binance announces the subscription of the “STEPN” project and its digital currency “GMT”
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Answer Binance announces the subscription of the “STEPN” project and its digital currency “GMT”
announced Binance today announced a new subscription for the 28th project in terms of ranking the projects subscribed on the Binance IPO platform.
The new project is called “STEPN” and its digital currency is called “GMT”.
As for the subscription of this project, it will be like its predecessors and will follow the usual Binance method for subscriptions, which is based on maintaining the BNB balance throughout the subscription period.
The subscription will start tomorrow, March 02, 2022.
Binance will record the balances of users holding the digital currency BNB for a period of 7 days, starting from 00:00 at night, March 2, UTC, until March 9, 2022.Read:Report: Huobi platform intends to float its shares on the Hong Kong Stock Exchange through a reverse takeover
The final amount of BNB per user will be determined as an average of 7 days, using the calculation of the daily average of the BNB balance held in the wallet for the stated period.
Details of the digital currency “GMT” subscription:
- Digital currency name: GMT.
- Subscription target: raise $4.2 million.
- Maximum allowed per user: $15,000 (1.5 million .) GMT).
- Total coin supply: 6 billion GMT.
- Total cryptocurrency for subscription on Binance: 420,000,000 GMT (7% of the total coin supply).
- Public Selling Price: 1 GMT at $0.01 while the price in BNB will be determined prior to subscription.
An overview of the STEPN project:
STEPN is a health and fitness app in which users equipped with NFT sneakers can move outdoors to earn GMT digital tokens.
The NFT sneaker can be upgraded and comes in different types, recipes, and intakes.
STEPN has a dual system of digital tokens, the first token for the application is GST and the token for governance is GMT, users participate in the GMT to participate in the governance.Read:US government ends auction of more than $40 million in Bitcoin
The project aims to inspire millions of people to a healthier lifestyle, connect them to Web 3.0 and combat climate change.
STEPN offers various in-app game features such as sneaker leveling, shoe making, surprise boxes, NFT customization, and social interactions.
STEPN uses token rewards to motivate users to exercise daily and improve their fitness level.
GMT subscription schedule:
The subscription begins, as we mentioned above, on March 2, 2022 and continues until March 9, 2022.
During this period, BNB balances are calculated in the users’ wallets and the calculation is made for a period of 7 days.
Starts on March 9, 2022 at 06:00 AM UTC to 09:00 AM.
At this time, the subscription will be open to all eligible users for a period of 3 hours, which we will note about in The Arab Bitcoin Channel on Telegram.Read:This is why a decentralized finance project lost $500 million
Users must also sign a coin purchase agreement.
Please note that once you commit and enter the subscription period, your BNB will be locked and you will not be able to redeem or access any other functions such as transfers, withdrawals or trading until the final distribution is made.
Final Distribution Period:
The final distribution of the written digital currency will be on March 9 at 10:00 am (UTC).
As the currency allocation will be finally calculated to the subscribers’ wallet, the corresponding BNB will be debited.
Once debited, both your GMT and BNB coins will be transferred to your instant wallet.
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