In the “X to Earn” narrative, StepN single-handedly popularized the Move-to-Earn sector. By embedding token incentives into everyday scenarios, StepN attracted Web2 users seamlessly into the Web3 world through gamification. This approach achieved phenomenal success, with millions of daily active users and a monthly platform revenue of $100 million.

However, this success was short-lived. Due to factors such as the collapse of its economic model and increased regulatory pressure, StepN ultimately fell into a death spiral. Despite its decline, StepN opened the industry’s imagination for similar consumer crypto narratives, inspiring a wave of similar products. At the end of October, a fitness app project called Moonwalk announced a $3.4 million investment from Hack VC, Binance Labs, and other institutions, sparking significant market interest.

This article offers an in-depth exploration of Moonwalk’s development, distinctive features, and user guide. It also presents a comparative analysis with StepN to enhance readers’ understanding and facilitate their engagement with the platform.

What is Moonwalk?

Moonwalk is a Solana-based fitness accountability app that promotes healthier lifestyles by connecting physical activity with financial rewards.

Source: Moonwalk

In Moonwalk, users can join or create teams, set daily step goals, and stake cryptocurrencies such as USDC, SOL, or BONK. Users can fully redeem their staked cryptocurrency if they achieve their set goals. Failure to meet the goal results in the partial forfeiture of staked assets.

The standalone Moonwalk app is still under development, but iOS, Android, and FitBit users can already participate in activities by downloading a designated fitness tracker. According to the team, once the mobile app is launched, users can purchase in-game credits via Apple Pay or credit card. Moonwalk aims to attract a broader audience of non-crypto users by simplifying the complexities of using cryptocurrency.

Team Background and Funding

Founded in 2023, Moonwalk is a small team with extensive experience in crypto projects. Co-founder KW previously founded the NFT project Quekz and the venture capital firm Shoe On Ventures. The other co-founder, Nom, is a core contributor to BONK and a co-founder of MonkeDAO.

At the end of October this year, Moonwalk completed a $3.4 million funding round led by Hack VC. Other investors included Binance Labs, CMS Holdings, Flowdesk, Reciprocal Ventures, Monke Ventures, as well as angel investors such as Santiago R. Santos, Kyle Samani (Multicoin Capital), Anil Lulla (Delphi Digital), Raj Gokal (Solana Labs), and Austin Federa (Solana Foundation).

Moonwalk plans to use the funds to speed up the development of its iOS and Android apps. The platform also aims to broaden its scope beyond step count challenges, incorporating other health-focused activities. By leveraging its rewards system, Moonwalk hopes to drive growth and appeal to a wider audience in the mass market.

How Can Users Participate in Moonwalk?

To participate in Moonwalk, users must create an account, join a competition group of their choice, and earn rewards or forfeit part of their staked cryptocurrency based on their step completion results.

Here’s a detailed guide on how to get started:

1) Create an Account

Moonwalk supports login via Google accounts or wallet registration. If a user opts for a Google account, the platform automatically creates a TipLink wallet. For wallet logins, Moonwalk currently supports OKX, Phantom, and Solflare wallets.

Source: Moonwalk

2) Complete Personal Account Setup

After logging in, follow the prompts to complete your personal account information, including: invitation code (optional now, previously mandatory), user name, profile picture, step tracking provider. Currently, the designated step-tracking providers are as follows:

• iOS users: Moonboots Sync (highly recommended by the platform; users should securely store the connection code and avoid sharing it with others).
• Android users: Google Fit.
• Fitbit users: Fitbit App.

It is important to download the appropriate step-tracking application based on your needs, maintain consistency in your account credentials, and grant the necessary step-tracking access permissions. Note that Google Fit is the only app requiring manual opening to sync step data. Users should be aware of this and ensure their step count is regularly updated.

3) Choose and Join a Competition

Once setup is complete, users can refresh the website homepage to view available competition groups. Users can create their own groups, becoming the group leader, and set parameters like the competition duration, daily step goals, and cryptocurrency staking threshold. Participants can then join based on their preferences.

Source: Moonwalk

The platform displays a daily step count cap of 30,000. Step counts from all group members are ranked daily, so it’s essential to keep step-tracking apps updated.

Regarding prize distribution in competition groups, if users ultimately achieve their goals, their staked cryptocurrency will be fully returned, and the total prize pool will be proportionally distributed among all successful participants. If users fail to meet their goals, a portion of their deposit will be forfeited and shared among participants who reached their targets.

For example, if a user stakes 10 USDC for a 5-day competition and misses the target on 1 day, they can redeem 8 USDC, while 2 USDC is forfeited to the prize pool shared by successful participants.

4) 1 Point = $1

Moonwalk incorporates a points system. In addition to staking USDC or other cryptocurrencies to join competitions, users can use points as an alternative.

Points are non-redeemable and non-transferable. The platform plans to introduce fiat deposit options such as credit cards and PayPal. One point is equivalent to $1. Users earn points by completing daily step goals.

5) XP Leaderboard

Users can accumulate XP (experience points) by completing various tasks, such as joining competitions, creating competitions, or inviting other users. XP determines leaderboard rankings and rewards.

Moonwalk vs StepN

Based on its current product design, Moonwalk takes a straightforward approach: users stake cryptocurrency to motivate themselves to achieve set step goals.

Users who successfully meet their goals can earn cryptocurrency from other participants. Those who fail face penalties, forfeiting a portion of their staked cryptocurrency. However, if no one in the group meets the goal on a given day, Moonwalk fully refunds all staked cryptocurrency to participants—a testament to its commitment to fair incentives. Notably, the platform doesn’t charge fees or profit from these competitions.

Moonwalk’s reward system introduces an element of risk, akin to a wager, but users retain full control over their potential losses. By harnessing financial incentives, the platform effectively promotes healthier lifestyles while smoothly integrating blockchain technology into daily routines in a user-friendly way.

In addition, Moonwalk plans to support fiat deposits in the future, lowering the entry barrier to attract more non-crypto users. This will enable users to seamlessly experience cryptocurrency rewards, fostering large-scale adoption of blockchain technology.

However, Moonwalk is still in its very early stages. The product’s features are limited, its technical architecture lacks innovation, and its community building remains modest. The official X platform (formerly Twitter) has around 26,000 followers, and the Discord community has fewer than 3,000 members. According to the team, after the mobile app launch, Moonwalk will expand step challenges to other health-focused activities, potentially providing more diverse options and injecting vitality into its ecosystem.

Moonwalk’s economic system remains undisclosed, but the XP leaderboard suggests a potential role in future user incentives. Currently, users are encouraged to actively join group competitions, engage with the community, and contribute to its growth. Moonwalk is also recruiting project ambassadors—interested users can apply via a submission form.

As a representative of the Move to Earn narrative, StepN’s explosive popularity resulted from a combination of factors:

• Addressing Core User Needs

StepN capitalized on the “Move to Earn” concept, using fitness as an entry point and leveraging real-world rewards to quickly establish an initial user base.

• Continuous Product Updates

As its user base grew, StepN regularly updated and expanded its features. This included introducing, upgrading, and combining various types of virtual sneakers, as well as adding social features to enhance user experience and engagement.

• Innovative Economic Mechanisms

StepN adopted a dual-token tokenomic model. During its early stages, this model benefited from significant external traffic and capital inflows, creating a positive cycle that drove explosive growth in token value.

• Efficient Team Execution

The team maintained active interaction with the community and demonstrated the ability to rapidly develop and launch products.

• Strong Backing

StepN secured seed, public, and strategic funding rounds. Support from institutions such as Folius Ventures, Peak XV Partners, Zee Prime Capital, Alliance DAO, and Binance Labs gave it significant advantages in terms of funding and exposure.

Despite its eventual decline—driven by diminishing user interest, market FOMO fatigue, and inadequate new capital inflows to maintain token values—StepN imparted crucial insights for both the market and future project teams.

As a similar product, Moonwalk will need to either forge an entirely innovative approach or focus heavily on improving product features, roadmap planning, community building, and, most importantly, its economic model. Moonwalk’s current support for fiat purchases of game points to broaden its user base is a promising step in the right direction. However, significant effort is required to replicate StepN’s past success.

Conclusion

Moonwalk merges gamified fitness with decentralized technology, offering users a smooth experience and tangible real-world rewards. Its user-friendly, accessible approach could introduce blockchain technology to a wider, non-crypto audience.

Moonwalk is in its infancy. The team has revealed minimal information about its product roadmap, ecosystem development, or economic model. The project’s future growth potential and practical effectiveness have yet to be determined.