Author: H. Forest Ventures,"CryptoOcean"
There is no doubt that Stepn has become the hottest application in the cryptocurrency market in the first quarter of 2022, and the number of Twitter followers has exceeded the 200,000 mark a few days ago. As the leader of Move to Earn, the design of Stepn's game mechanism has many similarities with Axie, such as the dual-token mechanism, reproduction system, and energy system; but unfortunately, Axie, as the leader of Gamefi in 2021, has fallen into the new The embarrassing situation of insufficient users and hyperinflation.
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1. Selection of Observation Dimensions
Recently, the number of Stepn Twitter followers has exceeded the 200,000 mark. We might as well start from this point; take the same level of attention received by Axie and Stepn Twitter as the starting point, and look at the data of Axie in the same period:
Stepn: On April 8, 2022, the number of followers on Twitter exceeded 200,000 (as of press date, April 22, 2022, the number of followers is about 300,000)
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2. Data comparison of each dimension
We take the number of Twitter followers reaching 20W as a time node:secondary title
2.1 Comparison of circulating market value
Axie: On July 15, 2021, Axie's circulation market value reached 1.4 billion US dollars (at that time, the total circulation was 6.2 billion US dollars). The price of the token is 23 knives, the hard cap of Axie on the Binance launchpad is about 3 million US dollars, the price of IEO is 0.1u, and the yield of IEO is 23000%.
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2.2 Daily activity comparison
Axie daily data：
Axie’s DAU has grown rapidly since May, from 100,000 in May to 195,000 in October, an increase of nearly 20 times. From the rapid growth stage to the peak, it took about 5-6 months.
Stepn daily data：
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2.3 Comparison of Agreement Revenue
Axie: According to Tokenterminal data, Axie's protocol revenue on July 15, 2021 is 8.2 million. However, it should be noted that Axie’s protocol income consists of two parts: 4.25% NFT market transaction fee + reproduction fee.And Stepn does not charge reproduction fees, so we need to calculate the Axie protocol income based on the NFT market turnover.
From the NFT transaction history data in the figure below, it can be seen that Axie’s NFT market turnover on July 15, 2021 was 30.6m, and the handling fee=4.25%*30.6m = 1.3m.
Stepn: On April 8, 2022, Stepn's single-day agreement income is about 103w US dollars (but its agreement is charged according to 6% of the market transaction volume)
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2.4 Comparison of NFT market transaction volume
Stepn : The official stated that in the first quarter of 2022, the profit of 198,635.62 SOL (approximately US$26,815,807.35) will be earned through the in-app NFT market transaction royalties (4%) and handling fees (2%). ).
Axie: Cryptoslam data revealed
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2.5 Data comparison on the chain
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On July 15, 2021, the number of SLP holding addresses is 28.5w
The growth rate of SLP addresses has been above 4% for several consecutive days. The growth rate of the currency holding addresses of both is in the stage of rapid growth.
Note: CurrentlyStepn uses an invitation code mechanism, and users can only generate an invitation code every 50 minutes of exercise.
2.6 Comparison of User Distribution
Ranking of Stepn downloads in the App store in various countries (fitness category):
According to third-party data, on March 26, 2022, Stepn's App store rankings in Canada, Germany, Australia, the United Kingdom, the Netherlands and other countries were all outside the top 100.
On April 17, 2022, Stepn's App Store downloads in various countries have entered the list of Top 50, or even Top 10, among which Japan ranks the highest, reaching 5th; France ranks 9th. Of course, due to policy and other reasons, a considerable part of the downloads may actually come from Chinese users, but it can also reflect the popularity of Stepn in developed countries to a certain extent.
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Japan's per capita GDP in the past three years is about 40,000 usd, which is nearly 10 times that of the Philippines
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3. Summary
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