Conversation with Web3 Unicorn STEPN: True “decentralization” is difficult to achieve in the early days

A closer look at the difficulties of a Web3 startup.

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Author | Wei Shijie Xue Xiaoyan

Halfway through 2022, STEPN’s story about the most popular game application in Web3 is divided into two parts.

The first half is the kind of story that people are keen to tell: it grew into a unicorn in 5 months, approached one million DAU, and its market value exceeded $1 billion. It was favored by star capital such as Sequoia and Binance.

The second half is the kind of story that people are more keen to tell: the star company has gone downhill – on May 27, the team issued an “announcement on checking accounts in mainland China” . ‘ rumors abounded. The market panic continued to ferment, and the governance token GMT once fell by about 40%.

Conversation with Web3 Unicorn STEPN: True "decentralization" is difficult to achieve in the early days

The STEPN team released the “Announcement on Investigating Accounts in Mainland China” on Twitter

In the market, the voice of bad STEPN seems to announce that it is about to come to an end. In the eyes of many early players, what really came to an end was the big drama where the project side cleared the “speculators” ——

Beginning in April, big-money players entered aggressively, pushing up shoe prices all the way. Most of them are big studios, shoe dealers and mine owners in the currency circle. Binance’s gray shoes were once as high as 40bnb (about 15,600 US dollars at the time). The skyrocketing shoe price brought a strong FOMO (fear of missing out) sentiment in the currency circle, and many speculators came to hear it. Investors once claimed that STEPN could “return to capital in four days.”

“STEPN believes that this will pose a huge threat to ordinary players and even the project itself, and has taken a series of measures to suppress them.” Shaq, a veteran player, told Geek Park.

On April 28th, when the Sol chain was high, STEPN released 3 times the production activity to increase the supply of shoes, and at the same time replaced the cost of shoe production from 200$GST to 200$GMT – which directly led to the collapse of GST and the surge of GMT , “Because interest groups had to stock up on GST raw shoes and suffered the first wave of losses, they began to buy GMT in large quantities.” Unexpectedly, STEPN changed the production cost to 100$GST+100$GMT the next day, and speculators suffered again huge loss. Several interviewees who witnessed the whole process stated a speculation, “After this, speculators may turn to short.”

On the one hand, the project side’s intervention was questioned as “too much power and too much intervention, which deviates from the spiritual core of decentralization and community autonomy advocated by Web3”. On the other hand, STEPN has encountered a large number of navy speech attacks, accusations of “criminal help” , and 25 million DDoS (Distributed Denial of Service) malicious attacks – which caused network congestion and led to AI recognizes some real users as bots (robots), and cannot get token income after running. And this further hurts user confidence.

Facing unprecedented doubts, STEPN co-founder Jerry accepted an exclusive interview with Geek Park in June. What is the password and industry contribution of this product? Is “decentralized” community autonomy really practical? Can STEPN break through “Ponzi”?

Below is the full text of the conversation:

‘We will struggle’

Geek Park: You mentioned in your long article released on June 1 that “it is a matter of the survival of the entire product”. It is rumored that you have been charged with the crime of aiding trust? Because as an overseas App, it cannot collect GPS data in mainland China.

Jerry: Yes, one thing to clarify is that we are not approached by regulators, mainly self-censorship. Some traditional Web2 product platforms and large companies are also facing the same situation as us, and we hope to provide services under the premise of compliance. We will close some local markets until we can fully comply with local rules.

Geek Park: How did you feel when you wrote that long article?

Jerry: I am also of Chinese background. I was born and raised in mainland China. The products we make cannot be played by Chinese people. Of course, I will be unhappy and my heart will be very heavy.

Geek Park: What is the actual impact of this round of turmoil?

Jerry: It hurts in everything from our user engagement to word of mouth reputation. But in the long run, we have to do it.

Geek Park: After checking accounts in mainland China, what impact will it have on the total number of users?

Jerry: Users in mainland China account for a small percentage of the total number of users.

After the announcement, we analyzed and speculated that some of these users have a large investment amount. The selling of these users will also cause an avalanche-style chain reaction in the market, including prices and sentiments. Coupled with the recent decline in the overall environment, we have not performed very well recently.

Geek Park: Since the announcement of the inventory, there has been a wave of short-selling voices in the market?

Jerry: We have noticed.

Shorting is a market action. In fact, this behavior has been around since the beginning and has always been.

This is certainly not what we want to see. Because once short selling is involved, everyone opens a short order, hoping that it will fall, and will deliberately make some remarks, which is the inevitable result of market behavior. But there’s nothing we can do, and we see a lot of popular projects that have the same problem.

Geek Park: On April 28th, in order to combat the manipulation of currency prices by large-capital users, you launched a three-fold shoe production campaign, increasing the supply of shoes, and at the same time changing the cost of producing shoes from 200 GST to 200 GMT – this It is equivalent to changing the rules of the game, which directly leads to the plummet of GST and the surge of GMT. Is this the beginning of a head-to-head confrontation between you and the speculators?

Jerry: Right . We have also been criticized for “interfering too much”. I don’t think it makes sense to do some so-called price manipulation , and we don’t actually do these things. We’re just trying to combat the market manipulation of STEPN by some purely speculative money players.

In fact, in the face of the economic situation (there will be struggles), we need to judge whether the team should intervene, or let it develop naturally – free development may bring us very large benefits in the short term, because we charge fees , the more prosperous the market, the more we earn, but in the long run this is indeed not conducive to ecological development.

Conversation with Web3 Unicorn STEPN: True "decentralization" is difficult to achieve in the early days

STEPN’s shoe type

Geek Park: What do you think of the resulting criticism of STEPN’s decision-making mechanism as “not enough Web3, not enough decentralization”?

Jerry: Each user’s position is different, even conflicting, it is difficult to form a vote through a single position in the early stage, and it is difficult to cast an effective decision.

At the early stage, we still need to plan and plan for future development. When the product is stable, we hope that one day it can be returned to the community and let them do it completely, but it may be too early.

This is not only our learning process, but we actually need to grow with the community. Every user in Web3 is a participant and an owner. We need to grow together to build a community and products.

Geek Park: Is there a better reference around the world?

Jerry: Not really. Most of the projects are DAO decentralized, but they do not have an economic scale like ours, and there may even be no App or product.

(Because of the intervention) the rules we made at the beginning were not perfect, but we were relatively limited by the rules. Later, we also gave some promises, try to make rules instead of rude intervention.

Geek Park: How to define the difference between “rules” and “rough intervention”?

Jerry: The “rules” are published in advance, and we will try our best to consolidate them into the white paper. Everyone will have clear expectations, under what circumstances, what kind of mechanism will be triggered.

Temporary “intervention” is that we directly intervene without prior notice, or without giving enough advance notice.

In the long-term for the good of the project , I cannot completely deny it (there will be regulatory intervention in the future). However, we will try our best to give a certain amount of notice time, so that everyone has enough psychological expectations.

Geek Park: When did you start noticing the entry of large-capital users?

Jerry: A period of time after the BSC chain (Binance Smart Chain) went live. Since the price on the S chain rose too fast before, we were too aggressive in regulation – this led us to be questioned by the community (too much intervention), so that we did not dare to regulate on the B chain later, Let it grow for a while, (so) a lot of money flowed in.

Aggressive at first, then overly conservative.

Conversation with Web3 Unicorn STEPN: True "decentralization" is difficult to achieve in the early days

GST trend on S chain

Conversation with Web3 Unicorn STEPN: True "decentralization" is difficult to achieve in the early days

GST trend on the B chain

Geek Park: It’s actually not easy to handle this. What kind of attitude should the project party use to communicate with users in the community?

Jerry: In the very early days, I basically spent at least an hour a day chatting with people on Discord, and the community felt that we were close to them.

The rapid development of early projects must have helped us, but the more we go back, the more difficult it is to talk about it. So we will now continue to pay attention to and collect attitudes and feedback from the community – actively adopt and quickly update and improve the product for helpful ideas. But for some emotional abuse, try not to be influenced by them.

Passion should be used in product development and project development, but not in opposition to the community.

Geek Park: So you do have some irrational emotions?

Jerry: (When) some behaviors are misunderstood, for example, we directly tamper with the white paper to get additional benefits – these are false allegations. As long as you read our original text a little carefully, you will find that we have not changed anything, because Yawn and I are both immigrant generations and have some not-so-high-quality English grammar. We hope to modify the expression to be more elegant, But there is someone in the middle with the rhythm.

Of course, the price action at the time could have been a bit worse than we expected, so there was a bit of a hurry. In fact, it is quite normal, because they are all human. Calm down soon.

Geek Park: No wonder Mable (CRO, Chief Revenue Officer) said he would give the team a copy of the Diamond Sutra. Have you started reading it?

Jerry: I don’t need (laughs).

“Chinese Light”:

Three months to make a year of development

Geek Park: You said that STEPN actually ignited the Web3 dream of a group of young people. What kind of dream?

Jerry: The earliest starting point is that Yawn and I have always believed that the entire blockchain circle is still too small. 80% of the people in the currency circle are just speculating on coins. They don’t even use the past centralized wallets, and they haven’t traded on DEX. . In fact, this behavior is no different from stock trading, and it is not a user of Web3.

We hope to have such a product, in two or three years, to attract DAUs that may exceed 10 million or more. To be honest, it can quickly accumulate a large number of users through the product. On top of this, more interesting things should be able to be made.

Geek Park: Where did the inspiration for STEPN come from?

Jerry: At that time  , Axie (Axie Infinity, a GameFi game) was on the rise, and it had a big impact on me. At that time, a wave of worldviews was refreshed, saying that blockchain can be played like this and can be combined with economics. Combining DeFi with games is GameFi.

But the financial part of GameFi is so strong that a lot of people (just) go for gold. I also downloaded Axie and thought it was not fun. We found that the process of GameFi is paradoxical – if the game is fun enough, it doesn’t need GameFi at all, but if the game is not fun, what is the meaning of GameFi? It becomes money making money.

Yawn and I were wondering if we could bring this spirit over, but it’s not a game behind it, it might be a sport. If it is exercise, it suddenly becomes meaningful. Because exercise brings happiness.

Conversation with Web3 Unicorn STEPN: True "decentralization" is difficult to achieve in the early days

Geek Park: I heard that you and Yawn (Lianchuang) decided the idea in one night?

Jerry: Yawn and I used to be neighbors and chat a lot. The street where we live is 3 minutes to the left and there are a bunch of pubs, as well as to the right. We often go out, order a glass of wine and start drinking.

At that time, Axie was very popular. We looked for an analysis video of Axie made by a Filipino brother . There was a lot of data in it. We exchanged the value behind the data while watching. Found it to be really cool. This process took about two hours.

Then we closed the video and began to refine the core value of Axie – its dual-token economic model. That night, we came to the unanimous conclusion that we hope to make a sports product that allows users (with incentives to make money) to participate in sports.

Conversation with Web3 Unicorn STEPN: True "decentralization" is difficult to achieve in the early days

Chain Tour Axie | Image source: Axie official website

Geek Park: What is the charm of Web3 that a STEPN user can perceive?

Jerry: First, you will learn to create wallets before you know it, and then buy tokens and NFTs – in order to provide a more natural experience, this is what we pursue in product design, hoping that users can enter Web3 without perception.

Second, Web3  can make you more motivated to do a lot of things. With us, a lot of users have stuck with it from day one. This is the internal driving force generated by the whole set of token economics of Web3, so that users can stick to it, which is very important.

Geek Park: Is this the motivation brought by the so-called move to earn?

Jerry: Right . We found that users were very excited after using the product early (and found out that running can make money), and they were very excited for two weeks and three weeks. After three weeks his excitement waned, but his habit had grown.

We added a lot of random elements to make the product a lot of fun. A large number of users will share the game experience on twitter, such as opening a good treasure chest. We’re always trending on twitter, maybe two or three times a week.

Geek Park: How did the crash of Axie inspire you?

Jerry: The biggest point is that they don’t intervene at all, and development is really slow. We also have monthly updates at our slowest.

Geek Park: So from the beginning, it was decided to keep frequent updates?

Jerry: Right . Because making games requires freshness. And the values ​​in the early games definitely need to be tuned.

Geek Park: How do you understand when you started doing STEPN? You describe that you want to grab the tail of the bull market.

Jerry: We hope to launch the product before the currency circle plummets, so we find partners day and night, build teams, and cooperate in development. I share a case of how I found our core designer, who studied architectural design at Yale University.

I was so anxious one night that what we were doing was so ugly, I was talking to different people on LinkedIn to find a great designer, and 80% didn’t reply, 20% called me a liar.

Later, I could only go to my junior brother, who at least had a sense of trust in the same school. After the chat, I was very excited, and said that we would make a video, and we chatted from three or four to five or six, and it was dawn. After I told him about the product, I went to bed, and when I woke up, he replaced all our core pages, just one day.

This is how our teams are set up, and I do everything I can every day to find people who can work together on a product.

Geek Park: So the emphasis on speed is because you don’t know when the bull market will end completely, so the sooner the better, right?

Jerry: Yes, that’s what I thought at the time, and time is efficiency, and efficiency is the future.

Geek Park: You can choose to polish the product well and push it step by step. Are you reluctant to give up the dividends of this bull market?

Jerry: The bull and bear market views are mainly Yawn’s, and he thinks a lot about it. Personally, I advocate efficiency first.

In fact, the most important thing is the confidence of the entrepreneurial team. Confidence comes from how quickly this product can be made, how well it is made, how much users like it, whether we can improve it in time with user feedback, and whether the number of users can increase. These all trigger the confidence of the team tremendously.

Geek Park: All in one go?

Jerry: Right .

Geek Park: In the early days of social media, you were called “the light of Chinese people”. What do you think of this praise?

Jerry: In the early days, there were indeed very few original projects. Chinese entrepreneurs often focused on the Chinese field, and relatively few went to the global stage.

At present, we also see a large number of overseas Chinese (joining Web3 to start a business), and there are more and more such teams.

The genes of the Chinese are not the same. Everyone is eager to succeed and to work hard. We do things too. Many Western (entrepreneurs) commented that we may have done more than a year of development in three months, and there should be.

Geek Park: Because you worked too hard, some people commented that you are the emperor of liver and the king of scrolls.

Jerry: Yes, I was a little sleepy just now, because we were working together yesterday, I should have slept at 6 am, 4 hours of sleep, too little sleep. We will have a bunch of announcements next, and our new server will be launched. We have completed all the arrangements and plans in the middle, and we are still relatively confident about the future.

Geek Park: How is it different from a working machine?

Jerry: The difference is whether you have passion for doing it, whether you are forced to do it or do it yourself. I feel very happy doing things, and enjoy the things themselves. (It) makes me feel like I’m still young and able to toss.

“Bigger Dreams”

Geek Park: What was your life like before you started STEPN?

Jerry: I started working as a game company in 2006 until 2013 – I immigrated to Australia. I was idle for the next 8 years.

For example, I would drive 20,000 kilometers around Australia by myself , survived in the wild for two months, and had no mobile phone signal. The whole process depended on hunting or fishing to catch shrimp. I would go camping with our kids and spend a few days in the wild. In the intervening years, my life has been relatively idle, I didn’t want to do anything, and I really didn’t have any financial pressure.

Geek Park: Do you knock on Yawn’s door with a bottle of red wine because your life is relatively idle?

Jerry: I had just moved and happened to be a neighbor with Yawn. In fact, I took the wine to visit all our neighbors. Looking for him entirely because of his license plate.

Geek Park: Crypto is written on his car.

Jerry: Right . I’m thinking that there are people in Australia who speculate on coins. It’s so rare, it’s as rare as pandas in China.

Geek Park: Haven’t you never traded coins?

Jerry: I have never speculated on coins, but I studied computer and paid attention to the blockchain industry, especially in 2017 when (Bitcoin) skyrocketed. At that time, a lot of ICOs were already paying close attention. Young people who came out of China to start a business cannot be far away from this circle, and everyone pays attention.

Geek Park: Why have you never been admitted?

Jerry: Because the ICOs in the early years were really all kinds of negative news, mainly cutting leeks. At that time, there were really no good applications that were really available and visible.

Geek Park: Actually X to earn is not new. Compared with such products from Web2, what is the biggest difference in essence and value of STEPN?

Jerry: From a macro perspective, our biggest contribution is to bring new users to the entire blockchain. Helping the entire ecology to form explosive growth one day in the future will form (like) the outbreak of the Internet industry that year. Just like the outbreak of the mobile Internet industry, it may depend on the construction of 3G and 4G, and the sales of smartphones – in fact, we are doing such a thing.

Geek Park: What is the relationship between Chain Games and Web3?

Jerry: Chain Games is just a branch of Web3. What I understand about Web3 is actually very simple, it is to return assets and power to users, and at the same time need to have a real core function, not a pure money game. If you can do both, it should be a good Web3 application.

Geek Park: Games need to have a strong insight into user psychology and human nature. In your past experience in game entrepreneurship, is there anything that can be reused in STEPN?

Jerry: Two core points, one is human nature. Why do people finally pay and why do they consume?

The second is the numerical system. We have to put a price on happiness. Behind the happiness is the feedback from the numerical system. It will determine whether the game revenue is good or not, whether the user will continue to spend money, and whether he will spend more money after spending this money.

In Web3, this value will be fed back to the token revenue and consumption, and even the legal currency, so it is very important.

Geek Park: What is the specific embodiment in STEPN?

Jerry: Like twin probability. When a user mint shoes, two shoe boxes may be opened at once. This design is out of consideration for human nature.

The size of the probability is controlled by the numerical system. If the probability is too large, it will cause flooding, and if it is too small, it will be completely boring. It becomes very important to let him realize it in a reasonable space.

Geek Park: The earliest GST was funded by yourself. Where did the principal come from? What is the approximate amount?

Jerry: The development of the early projects was made by Yawn and myself, and the amount of money was not too big. We achieved financial freedom long ago by selling our previous startups. I also joked with Yawn that we could do without financing.

Later, Yawn said that we still need some resources for financing and financing, which I think makes sense.

Geek Park: What specific resources did you hope investors would bring?

Jerry: Two aspects, one is that the brand is big enough to make users feel strong, such as Sequoia Capital. The second is to give us some basic guidance and industry guidance.

Geek Park: Your pitch deck has been changed more than 40 times. What are the main changes?

Jerry: It was probably all funded by then. Changing the pitch deck is something we organize every day, what form the product should take , who our users are, how to promote it, and how to communicate with the market . This is not written for others to see, but for us to see.

Geek Park: I heard that investors didn’t trust you at that time. On the one hand, they felt that you were too niche to do it, and the technical barriers were too high.

Jerry: We thought it was silly at the time.

Investors feel that they have to run for currency speculation, and there are very few people in this group. First of all, we are pulling people from Web2 to Web3, and it has nothing to do with whether they speculate or not. We don’t even need him to know crypto before. Secondly, a very important point I made at the time was that after the product was launched, the people who benefited the most and felt the most might not have liked running at all, did not like sports , or even went out.

I judge we have this influence and they will be willing to come in and play. But investors don’t believe it at all, saying that such a complex GameFi product, how can people who don’t understand crypto come to play. I think ease of use is important, but not the most important. The most important thing is whether he wants to use it – initiative is important.

Geek Park: Why do you judge that you have this influence?

Jerry: Our products are easy to use, fun, and the community has always been great. The earliest we participated in the Solana hackathon and won the fourth place. At that time, we attracted 10,000 or 20,000 users to our Discord, ranging from 0 to 10,000 or 20,000. But most of the 10,000 or 20,000 people came to pick up the wool, and 90% of them were filtered. In the end, it was enough for the true fans of about 3,000 people. Next, we are very close to the community and mingle with the community.

We did not sell NFTs, but gave them all to the community. We do a lot of original Discord activities, such as answering quizzes, to get users involved. It has also done a lot of user sharing, encouraging users to write articles and shoot YouTube. There was a wave of rapid growth in the early months, and the entire user base was promoted in this way, and we did not spend any money to promote it.

Geek Park: Is there any change between the current STEPN and the product direction you originally envisaged?

Jerry: Nothing has changed. The only difference is that the dream may be bigger now.

Geek Park: How to understand bigger dreams?

Jerry: Maybe we just wanted to be a product at the time, but now we find that it is entirely possible for us to build an ecosystem to incubate more interesting products.

Geek Park: What gave you such confidence?

Jerry: Everyone has to have a little dream, or they are like salted fish.

Geek Park: In the field of blockchain, many people like to mention the word “faith”. But in this conversation, you haven’t said those two words yet. Do you have faith?

Jerry: My personal belief is to make meaningful products. The word “faith” will only be talked about if there is a lot of speculation, but I don’t. I believe in pragmatism.

“I don’t think we are Ponzi”

Geek Park: Most of the outside world is questioning your economic model, thinking that you may have entered a death spiral, and there are some Ponzi allegations.

Jerry: First of all, I think this is an economic framework that conforms to Web3, which is a widely used economic model (in Web3).

The core point for us to judge whether it is good or bad is whether the product has value. We are very valuable, because we really help a large number of users to learn and enter Web3, because normally, from Web2 to Web3, users may not be able to spend a lot of money, and he does not have the will.

Geek Park: Do you already have formed thoughts and plans for how to break through Ponzi?

Jerry: We don’t feel like we’re a Ponzi, it’s just a pull-in scheme that introduces token economics. I think the main focus should not be on how do we break through Ponzi, but on how we can continue to provide better services.

When the number of users is large enough and the base is large enough, in fact, we can complete our historical mission – that is to convert as many Web3 users as possible, so that he can feel the help and product of the product itself in the process. its own value.

Geek Park: Will it crash if one day I can’t pull a new one?

Jerry: We actually never rely on growth-incentive structures to sustain expansion, and on the other hand, we are constantly looking for new revenue streams.

Geek Park: But sensitive user players may worry about losing money and suffering economic losses.

Jerry: For any crypto-related project, users may have to do some research on their own before participating. Because it is a free economy.

Geek Park: What will you do next to maintain the stability of this economy?

Jerry: There were several big problems in the early days. For example, the setting of the energy bridge may not be very reasonable, which led to a large number of users who may be able to over-produce GST by matching shoes on different chains. We are addressing these issues one after another, including the introduction of five-in-one shoes in our update to address the oversupply of shoes.

In the future, we will continue to solve the problems left over from history. In fact, we have already discovered these problems, but to solve them, firstly, we need to develop and spend time, and secondly, we need to give the community a better communication.

Geek Park: Some skeptical voices will say that because GST is issued indefinitely, although there are some forms of burning (consumption), burning has no way to truly control the entire market.

Jerry: It all depends on where we are at the time. In the first five months of our launch of the S chain, the consumption has always exceeded the output, the token supply has been shrinking, and the price has been rising. Later, because of the bear market, everyone’s enthusiasm dropped. At the same time, we did inventory-related things, which led to a significant drop in participation, and burning dropped.

Geek Park: What is the effect of the current regulation?

Jerry: At present, we can see that the entire economic ecology on the B chain has obviously developed for the better. It is true that the S chain has been improving a bit slowly due to the long time , but we are still trying our best to optimize it from a macro perspective and make it more positive and healthy. At the same time we will also launch a new third server.

Conversation with Web3 Unicorn STEPN: True "decentralization" is difficult to achieve in the early days

STEPN App interface and function description

Geek Park: There is a saying in the outside world that a large proportion of STEPN users come for gold.

Jerry: This question is complicated. Looking at the starting point, it is true that a considerable number of users came because of gold. But he used it and formed a habit, and it didn’t matter whether he made money or not, because after a real sense of participation, users themselves will form a lot of psychological changes.

Not long after it was launched, someone did research in our community and said that if you run for a year, you may not be able to pay back your money, and you may never be able to pay back your money. Would you still use it? The answer at that time was that 60% would continue to use it, less than 30% chose unknown and uncertain, and only 10% would say no.

Geek Park: Many people think that users who come to play STEPN are here to make money. To earn is the purpose. Once they can’t make money, there is no need to play this app.

Jerry: Not so. In the early days, it was not necessarily because of earn, including myself, I have never found a product that can be made like this before, and let me run offline through a small NFT. Maybe even a girlfriend can’t do this, or my mom can’t do it – it’s a change in attitude, and the impact will be bigger than it makes me money.

In the future, we hope that users will move and earn instead of move to earn. After the traditional fitness card is completed, it is consumption, but here, people who have exercise habits can not only exercise, but also gain benefits . These benefits may come from those who do not use the card. This may not be possible in traditional management, but it may be possible in our case.

Geek Park: Which area has the most users according to the background GPS data? Most active?

Jerry: America, Japan, France, European countries, and the rest of the English-speaking regions combined.

Geek Park: Why?

Jerry: I don’t know, it’s also a natural development, a savage growth.

France is because a few big Vs in the community helped us promote it. As for Japan, I think the reasons are very complicated. The first is that Japan uses Twitter very frequently. We use Twitter as the main battlefield, and we did well in that time period, which caused a lot of chain reactions on Twitter. There are also well-known Japanese cartoonists who help us draw cartoons. It may also have something to do with Japanese living habits. They like to walk, and no one drives.

Geek Park: How did you catch up on this lesson on token economics?

Jerry: Very simple, the core is one point – control the output and consumption of (tokens). Then through the mathematical modeling of the numerical system, an economic model that simulates output and consumption is designed.

We worked behind closed doors throughout the whole process, with few references to too many products. Although we have always admired Axie, the real time spent on token economics should not exceed three hours , and I have roughly read some articles.

Geek Park: Any thoughts on the direction of commercialization?

Jerry: We have two commercialization routes in the future.

The first is to cooperate with different brands through different new servers to help those brands achieve Web3 user interaction . We first give them the user base. This is a commercial cooperation at the brand level.

The second big commercialization is actually the ecology I mentioned, which is a bigger dream. We will make our own decentralized exchange DEX and NFT marketplace relatively independent and turn it into a big ecology , incubating more Good application or reapplication.

Geek Park: Why did you decide to be an exchange, and how will you give back to the ecology?

Jerry: Because users use it every day, these transactions are now placed on third-party exchanges, and the (generated) handling fee may be as high as millions of dollars per day – we can use our own trading platform , and then use These fees are fed back to the ecology. This is what we want to do, and it is meaningful in the long run.

Our DEX has been live for a while. It is currently the largest DEX on solana.

Geek Park: In the future, will you make some plans and actions in the SocialFi field?

Jerry: Based on the product itself, we will do some light social networking , such as leaderboard, to display your friends’ movements.

Secondly, we may do a Web3 social App alone, which must not be done on STEPN , but may be done independently. Doing social networking has always been my dream. Although I have not done it before, I have more thoughts on social networking.

Geek Park: Sounds like there won’t be too much social attributes on STEPN?

Jerry: Yes, an app is one (attribute), we hope that the app should be sharp enough and pure enough. It is not a good thing if the function is too complicated.


“Nothing to warn about,

Everyone makes mistakes”

Geek Park: Everyone is talking about the demonstration effect of STEPN and the warning it brings. What do you think of this?

Jerry: We rarely see ourselves that way.

Geek Park: Have you ever heard such a voice?

Jerry: Yes, I don’t think there ‘s anything to warn you about, people make mistakes.

Geek Park: There are voices saying that you are interfering too much and not enough Web3. What do you think of this statement?

Jerry: This is our early point of view, and we still think so – early in the process of exploring the model, we should actively participate, intervene, and tune it so that it becomes stable and robust, and can develop for a long time. This has to be done.

There is no saint in the world, and no one can make a perfect product as soon as they come up. On the other hand, some Web2 games also operate for a long time. The domestic “Fantasy Westward Journey” has been done for 20 years. They have upgrades every month, and there are activities and new things coming out.

As a GameFi product, we have to optimize it. This was also confirmed in the price interaction between the S chain and the B chain at that time.

Geek Park: There is a lot of talk about DAOs right now, but this brings up a real question: Will there be an inevitable need for centralized decision-making and a period of experimentation before true decentralization?

Jerry: I believe so. Because users have their own positions, users who buy shoes, users who don’t buy shoes, users who buy a lot of shoes, users who make money from sports, users who make money from mint, institutional users, etc., it is difficult to pass an early stage . A single position to form a vote, and many user positions are conflicting, it is difficult to cast an effective decision, I think it is difficult to do.

Geek Park: There are imitation disks of STEPN on the market. What do you think of them?

Jerry: I don’t watch them.

Geek Park: Not paying attention at all?

Jerry: I think the first distinction is whether they are learning and improving, or copying. These are two concepts.

In fact, we have also learned Axie, but we will have our own thinking, independent development and ideas. It’s good to learn and improve like this. Mutual promotion, healthy competition is good for the industry.

But if it is a simple copy, I think it is boring, they are all soulless. I don’t watch it at all and don’t waste my time. I haven’t seen any projects to learn and improve. I hope there will be in the future. I’m really lonely.

Geek Park: You officially announced that you have more than 800,000 daily active users, but according to Dune Analytics, this number is only close to 90,000. What is your response to this?

Jerry: It’s very simple. Our data is the active users of the App in Google’s background statistics, and the data on Dune is the data on the chain. Not everyone of our users mines, sells, and sells every day. Most users are very simple. Maybe today The earned GST is used to upgrade, and it is not on the chain.

We have no way to put all user behaviors on the chain , otherwise it will be stuck. Eighty or ninety percent of our current user behaviors are behaviors within the app, that is, he earns and uses it up, and only when he wants to make a transaction, will a transfer occur on the chain. So both figures are correct.

Geek Park: Maybe because some of the previous speeches in the community were relatively straightforward, some players once thought you were a little arrogant. How do you digest this kind of voice?

Jerry: All right. I’m sure I’m not arrogant, I’m pretty good at talking, and Yawn is okay. He just ran into some malicious users, of course, now he won’t do it anymore, he’s all learned.

Geek Park: Learning to talk to the public more professionally?

Jerry: Yes, effective communication.

Geek Park: Thinking of being more PR in the next AMA?

Jerry: I thought about it, but it didn’t work because it was too temporary. In the past, we never prepared AMAs, nor did we have manuscripts, and we did not prepare topics in advance.

It turned out that it was okay to do it in the early days, but the further you go, the more and more people see it as a money-making machine, and every word you say may influence some people to make money. If there is a discrepancy between what they say and the reality, they will come to scold. We have also deeply reflected, and now it has been changed to a monthly press conference.

Geek Park: There are rumors that you are recruiting PR quickly a while ago?

Jerry: That shouldn’t be sent by us. We didn’t recruit.

Geek Park: Do you have any advice for Chinese who want to start a business in the Web3 field?

Jerry: My suggestion is to be more courageous, bring out the entrepreneurial spirit, and don’t be afraid of making mistakes.

Yawn and I are not native speakers of English. In the early days, we often posted some tweets with grammatical errors. We were often told by investors that we humbly accepted them, but we never thought of asking others to post them. Because only we know what we’re going to say.

A lot of company and team tweets are official, with little actual content, and don’t resonate with users. We feel that even if there are grammatical problems, it is not so smooth to read, but if it resonates, it is a good tweet. I think it’s an attitude. In addition to hard work, the Chinese team should have this attitude to face the world.

Geek Park: Is there anything in particular you want to say to users?

Jerry: I still hope that if everyone comes to use our products, (can) use them in a relatively normal way, and they can be happy in it. That’s fine, we’ll all be happy.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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