#Arbitrum #NFT #mint #utility #DEX

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In the monthly town-hall of StepN, that is currently being held (at 11 am UTC) as time of writing this, a developer spoke about recent updates. A surprise amongst others was that they have hand-reviewed the minting costs of shoes, and come up new ways to calculate costs (*details below) for a fairer approach. And they just updated the white paper seconds ago to reflect the new way, that will be effective tomorrow.

On the other updates, what was mentioned so far:

– Rainbow Plus sneakers will be released once the economy is in perfect shape of timing. So far it seems more stable and we are nearing towards the release.

– New punch of Badges are coming, and there will be a poll on Twitter (some badges are tradable in the marketplace). 

– They are competing a process to track down most of the progress people have made within the app, and once it's finished, people will receive according new badges to reflect their achievements.

Other clarifications heard in the town-hall so far:

– GMT is never minted out of thin air when bridging between blockchains for purpose of stability. In other words, the total supply of GMT does not ever increase.

Minting rights will plausibly be renounced in the future and a new kind of way to bridge GMT between the chains will be implemented.

– Integration with Apple continues. Next in the line will be music integration within the StepN-app, so people don't have to leave the app to listen to music.

– They are looking for multiple partnerships with StepN and Mooar, although some collaborations have taken a long time to seal, such as the previous highly successful shoe-raffle during May 2023.

Mooar & StepN-related updates:

– New versatile ways to #mint #NFTs are coming to #Mooar, the #NFT-marketplace and #launchpad .

– New trading features, including pro-trader's approach, are coming to Mooar.

– A new GNT engine is in the makings that updates the current version 3.

– There is an upcoming project that begins with G and ends with O, with a set launch date, that was kept unrevealed.

– GST and other tokenomics of the economy are consistently under scrutiny to find a better balance, for example, in the case of the next bull cycle when there will be a possible influx of new users and Stepners.

*New shoe-minting costs from StepN-whitepaper:

Dynamic Minting Costs

Minting cost = GST (A) + [Base GMT (B) + Additional GMT ([A+B]*x)]

As of 15th June 2023, the additional GMT Cost is affected by the GST to GMT ratio "k", where k = GST / GMT

1.If k < 1, x = 0%;

2.If 1 < k < 2, x = 100%;

3.If 2 < k < 5, x = 200%;

4.If 5 < k < 10, x = 300%;

5.If 10 < k < 20, x = 500%;

6.If 20 < k < 50, x = 800%;

7.If 50 < k < 100, x = 1300%;

8.If k > 100, x = 2100%.

NOTE: Shoe-Minting cost will update daily on UTC 14:00. In extreme circumstances, we might adjust the Shoe-Minting cost multiple times a day.

For further details, please read StepN's white paper. The cover imagine of this article is an NFT from Mooar-marketplace. Follow for more utility showcases around the Web3-adoption and crypto space.