With the crypto market tumbling, what's the break-even point of new user buying into @Stepnofficial now?

Somewhat surprisingly, it's about the same as before; you break even in a bit more than a month.

Let's explore why in this thread 👇🧵 
#STEPN

2/
When you run with #STEPN, you get paid in $GST.

Looking at the $GST price chart might spook you, because the value of $GST has fallen by half in the past week.

3/
But it's important to put this into perspective. #STEPN sneakers are purchased with $SOL, and $SOL has also crashed together with everything else in the market.

What if we try charting $GST against $SOL? This is what we see.

So $GST has actually *appreciated* against $SOL!

4/
Let's try putting some numbers in.

* Floor #STEPN sneaker price: 11.5 $SOL (~$750)
* Daily income: 6.43 $GST (~22.56)
* Break-even: 750 / 22.56 = 33.24

So if you buy the cheapest sneaker today and run every day, you'll earn back to initial investment in 34 days.

5/
Of course, this calculation is under the assumption that $GST price remains stable. If $GST keeps dropping, the break-even will take longer. On the other hand if $GST goes up, the break-even will be shorter.

So keep this in mind before you pull the trigger!

You can read the unrolled version of this thread here: https://typefully.com/0xKraussian/HqUNSGO

STEPN Break-Even Calculation (2022-05-10)

With recent updates, upgrading & minting #STEPN virtual sneakers are now more troublesome because while you earn $GST for running, you need $GMT to do these.

So you'll typically want to convert some $GST into $GMT, but when's a good time?

Let's find out using @tradingview 👇🧵

2/
@tradingview has long been a staple tool for TradFi traders, but cryptocurrency support has vastly improved over the past few years and now most popular coins are supported.
Head over to https://www.tradingview.com/gopro/?share_your_love=kraussian and sign up for a free account, if don't have one.

3/
Now comes the fun part.
Click on "Chart" at the top to go to the charting screen. Then click on the ticker symbol at the top left to search.
Normally you would search for a particular symbol such as "SOLUSD".
Instead, type "BINANCE:GMTUSD/BITTREX:GSTUSD" and boom!

4/
So @tradingview allows you to enter a formula to chart a "composite quote" like this.
Now you can see how $GMT is faring against $GST, and decide whether it's the right time to exchange or if you'd want to hold off a bit.

END/
Looking at the current charts, GMT/GST is at its lowest point in a month so feels like a good time to exchange some.
Of course, you might argue GMT/GST shows a strong downtrend & may drop further.
But at least now you can make an informed decision!

You can read the unrolled version of this thread here: https://typefully.com/0xKraussian/4G5T5MB

Best time to swap $GST for $GMT

@PlayImpostors is an NFT collection I'm bullish about.

Originally introduced to it by @milesdeutscher, and it looked promising when I researched more into it. (Thanks, Miles!)

Here's why you still might not be too late to buy in.
https://dune.com/0xkraussian/Imposters-NFT-Dashboard

2/
@PlayImpostors is co-founded by @elliotrades, who is famous in the space and has a track record of successful launches.
And the roadmap looks exciting!
They're currently at Week #4, and have just launched the UFO NFTs with a floor price of 0.3Ξ & climbing.

3/
On top of that, your @PlayImpostors aliens earn free $BLOOD by staking.
I've missed initial mint and bought off OpenSea, but still yielding >50% in a few short weeks:
* Alien NFT: +0.5Ξ
* UFO NFT: +0.3Ξ (claim for 1,800 $BLOOD)
* $BLOOD: 2,750 (~$385)

4/
In another 2 weeks the Pets NFT will be launched (also claimable using $BLOOD if you own a @PlayImpostors alien) and soon after that, Land!
Yes, this might be a far cry from the $$$ worth of #BAYC airdrops, but this might be comparable if you consider the low price of entry.

5/
You can still buy @PlayImpostors aliens NFT on OpenSea here: https://opensea.io/collection/impostors-genesis-aliens
But BEWARE! Some of these aliens have been dumped after their UFO have been claimed.
You can check whether the alien you're eyeing still has claimable UFOs here: https://impostors.gg/check-eligibility

END/
You can read the unrolled version of this thread here: https://typefully.com/0xKraussian/VLmiPCd

Impostors Genesis NFT

Rising $AVAX gas fees have been painfully cutting into #Crabada profits, but just how bad are they now?

I've analyzed the average gas fees of #Crabada actions over the past 2 weeks to find out.
👇🧵 

/2
There are 3 main actions for Miners:
* Start Mining: Average 0.015 $AVAX
* Reinforce: Average 0.013 $AVAX
* Close Mine: Average 0.009 $AVAX

Each time you mine, you'll need need Start & Close but typically also 2x Reinforce to aim for Miner's Revenge.

/3
So the average cost of mining once will be:
Start + (2 x Reinforce) + Close = 0.015 + (2 x 0.013) + 0.009 = 0.05 $AVAX

The EV(Expected Value) of a good mining team such as CCP (Craboid x2 + Prime) is ~220 $TUS per mine (converting $CRA to $TUS for easy comparison).

/4
Plugging in current market prices of:
$AVAX/USD: $69.82
$TUS/USD: $0.03

The EV per mine is (220 x $0.03) - (0.05 x $69.82) = $6.6 - $3.49 = $3.11

So on average, 53% of mining revenue is being lost to gas fees...

/5
Making matters worse, many players are swapping their $TUS earnings to $AVAX to ensure enough balance in their wallet to pay for gas fees, and this is further driving down the price of $TUS.

We're all holding our breath and eagerly waiting for @swimmer_network launch on 5/9

Crabada Gas Fees Analysis (2022-04-25)

First Steps with #STEPN

1. You NEED ~12 $SOL (~US$1.2K) to start. So many people think they can start for free. You can’t

2. Buy your first virtual sneaker with >5 Efficiency & >5 Resilience stats, even if they cost $50-100 more. They make a big difference

3. Don’t overestimate your fitness. You can’t run 8-20km/h every day unless you’ve already been running like that for months. Get a Jogger or Walker instead

4. Realize that #STEPN rewards are paid in $GST, which is volatile. There’s a good chance you’ll never earn capital back

5. Above all else, enjoy the journey of getting fit. You’ll burn out in no time if you feel the daily exercise is a grind which you suffer through for money

Happy #STEPN!

You can read the unrolled version of this thread here: https://typefully.com/0xKraussian/wTEfGpT

First Steps with #STEPN

Is #STEPN a Ponzi?

https://coinmarketcap.com/cryptown/articles/26001

Came across a provocative article, which got me thinking about P2E games and DeFi projects in general. One can put up a convincing argument that in essence, they all are Ponzi schemes.

Here are some of my thoughts on this topic 🧵 

2/8

When the value of the rewards from a project (or game) relies on continuous influx of new users, the economics become Ponzi-like.

For such projects, value plummets as user influx drops as there isn't anything sustaining it anymore.

We've seen this happen to many projects.

3/8

Especially when a token is inflationary (e.g. $GST, $SLP, $ATLAS), there is tremendous sell pressure for users who want to "cash out" their earnings.

To combat this, projects devise ways for users to sink their hard-earned tokens into, instead of selling them.

4/8

Projects typically offer even more rewards of the same token if you lock/burn your tokens.

#STEPN does this by enticing users to spend their $GST in multiple ways, e.g. to upgrade their virtual sneakers, so that they can increase the amount of $GST they can earn in future.

5/8

But once majority of uses have fully upgraded their shoes and influx of new users slow, the demand for $GST will drop.

Then the reward rate might be reduced, causing old users to leave. Leavers will sell their $GST and others will follow as price drops further & further.

6/8

This is the typical “💀death spiral” for most crypto games & DeFi projects, even those that used to be hugely popular once.

How to prevent it? Now, that will be the billion 💵 question.

Theoretically there has to be higher burn/buy pressure than sell pressure. But how?

7/8

New projects need meme-inducingly high levels of rewards to gain widespread recognition and user adoption.

High rewards are not sustainable without continuous new users, but they can’t be reduced for fear of existing users leaving for better rewards elsewhere.

8/8

So, is #STEPN a Ponzi?

I’m loving #STEPN especially how it’s getting me to 🏃🏻‍♂️ regularly.

The biggest struggle they face will be sustaining user growth, which gets harder as the entry barrier (price of 👟) keeps increasing.

I hope they overcome it, but can’t imagine how.

You can read the unrolled version of this thread here: https://typefully.com/0xKraussian/scFhMll

Is #STEPN a Ponzi?

If you're bullish on @Stepnofficial and believe $GST will continue to go up (it's up 36% in past 30 days), one degen play is to farm GST-USDC leveraged 3x at @Francium_Defi.

If $GST stays constant, you gain 22% in a month (or 1,892% in a year).

If it pumps 50%? You double.

Of course, with high returns come high risk.

If $GST falls -45% to $2.52 (it's currently $4.62), your position gets liquidated and you lose 60% of your invested capital.

Not financial advice, and you'll need to ask yourself if you can afford to lose 60% before using this strat.