Step Update #4
Some exciting new developments recently here at Step, lots to discuss lets get straight into it!
STEP Transaction Executor Emissions Model Only
Step has no future plans to offer any long term STEP emission LP farms and instead we will be switching entirely to the ‘Transaction Executor’ model we outlined in our tokenomics doc. This means STEP is only given as a reward to people who are fee payers on the AMM during a defined time period. This better aligns the growth of Step with the market and ensures new STEP only enters circulation after a productive (fee paying) activity has been done.
We estimate this model will result in at -98% less emissions than the original emissions model and also better aligns rewards to market cycles and incentivises usage of the Step AMM which with this mechanic in play will be the optimal location for LPs and Swappers. This is not implemented yet but is in development and we will announce when its ready.
There is also one big twist to how this will work, something never been done before in DeFi, but that will have to wait for another day when we are further along :)
Token Burn
In light of the adjusted token model above, Step has resolved to do a token burn.
- 50% of Team tokens yet to be emitted will be burned (75 000 000 STEP)
- 50% of Community Pool Emissions will be burned (232 398 073 STEP)
- 50% of Treasury will be burned (57 495 135) STEP
- 50% of Airdrop Supply will be burned (5 000 000 STEP)
- The total burned amount will be approximately 369 893 208 STEP
- This will bring Total Supply down to: 630 106 792 STEP
The burn ensures that given the current vesting periods for founder tokens and the slow issuance of new supply doesnt result in a situation where a small number of people end up with an overwhelming amount of supply, this would negatively impact the investability of STEP and therefore this burn better aligns with the tokenholders.
Burn tx (https://explorer.solana.com/tx/4wDgM7x7serkhjZevLpT9McFV6JfTxCrAdKvEHzmiWPFa2C84UBrWC4dVJg9fA8mugpDgbAGPrSaeypCjpqw66sX) for the Community, Treasury and Airdrop pools. Founder tokens not minted yet according to vesting but will mint 50% less.
New Integrations and Hiring
We continue to push out more integrations with new projects throughout the week often on our Wednesday deployment day. Sunny, Saber, Solfarm and Orca double dips will all be coming in a few days.
We are looking to hire at least 3 Senior React Developers at Step, we have an awesome team of 9 and very competitive package available for those who want to join one of the fastest growing projects on Solana. Please do drop us a DM on Twitter or Discord if interested!
Upcoming Feature Release
As some of you may know from discord chatter, Staked Step is coming very soon (xSTEP). We hoped to have it out last week but actually we are looking to drop another big feature shortly after which integrates xSTEP so therefore it seems more likely staking STEP will go out later this week or next week.
Staked Step is implemented in the same way xSUSHI is, another first on Solana. This will mean the token itself will be yield accruing and become portable to other platforms or to be used as collateral etc. This opens up whole new areas to take advantage of the STEP token either by leveraged staking via lending platforms or 0 risk STEP denominated loans. More to follow on that front soon.
All the best and keep Stepping up! See you in Lisbon soon….
Step Team
