 What in the world are rainbow sneakers? Whoa, that's a full rainbow. Honestly, at first I thought he was saying rambo sneakers, then I thought he was saying rumbo sneakers, then rainbow sneakers. Over the weekend, Steppen teased a big new announcement to make Steppen great again. Here we go again. After a lot of speculation on whether this big new announcement was going to be about a big partnership or some sort of in-game mechanics, we finally got the announcement and heard it on Monday morning. Rainbow sneakers. If you're wondering what the hell are rainbow sneakers and how they're going to help Steppen going forward. In theory at least. Then you have come to the right place. I will be breaking down what this entire new system is, how it will work and the pros and cons of these rainbow sneakers. Also, make sure to watch this video till the end for a chance to win 100 GST, a.k.a. a cup of coffee. Thanks, Jan! What's going on, guys? I am Jay and welcome to Bitcoin Daily. The goal of the channel as always is to empower you guys with the knowledge and resources to help you make the best decisions possible. So if at any time during this video you're like, hmm, that guy has a point. Make sure to smash that like button and subscribe to the channel. Let's go ahead and jump in to today's video. So, Monday morning, basically, Steppen held this Twitter space called Steppen Make Steppen Great Again, which was only 30 minutes long. Soon after, they released this medium article, basically talking about the same things that they were talking about in the spaces, which I feel like was kind of backwards. If anything, the spaces brought more confusion than anything else. And I think this announcement would have been better off just being probably this article. So in this video, we're going to focus on the article, not on what was spoken about in the spaces. Although they were basically the same thing, the spaces was way more confusing. If you do want to still hear the spaces, then I did record it and it is up on my YouTube channel, so you can check it out right here. So the article is called Steppen launches GMT earning plans. They start off by saying that the community is their priority and that they're taking active measures to better align their development with users' interests. It goes on to say that the lower users should be rewarded as they stay with the project for the long term. They said that they want to continue offering users new types of gameplay they could enjoy and other features that could better connect. And to achieve these goals, we believe a pivotal step to take is opening up the GMT earning. Whoa, whoa, whoa, don't get too excited yet. There's still no date on it. They go on to say that GMT earning will benefit GST earnings. And with either side doing well can provide benefit to the other side. They said that it will create a virtuous cycle because of all kinds of external possibilities of Steppen as a super app being reflected by GMT, their continuous effort to drive more utilities to GMT, and the additional demand for other in-game assets. So that was an interesting setup for what was to come next. So the rules for GMT earning. First of all, there's no hard-coded earnings cap for GMT, rather similar to how hash rates in a blockchain network work. The GMT earning power is changing dynamically every five minutes based on the amount of live GMT earners at the moment. The GMT earning is logarithmically diminishing every day and will have after three years. Any user will need at least three energies in any realm to be eligible for GMT earning. So now we know in order to earn GMT, we have to have three energy. This has all been in the white paper from before. So really nothing new so far. Now, the GMT earning sneakers. This is where things took a twist. There will be four pools, classic pool, designed for all existing sneakers, Rainbow Pool, Rainbow Plus Pool, and Shaden Fraud Pool. I have no idea how to say that word, but that pool. So yes, they are launching a new series of Rainbow sneakers. So this all gets broken down into generations. Generation zero is basically the classic sneakers. Any sneaker that you have that reaches level 30 can be used for GMT mining. Then generation one will be Rainbow. Generation two will be Rainbow Plus. Generation three will be Rainbow Infinite. All rainbow series sneakers are trainers. So that means that you can move between one to 20 kilometers and earn the same amount of GMT. Now, these new rainbow sneakers will have no efficiency, luck, comfort, or resilience. All the sneakers will have 100% health points and the health points will not be restorable. Once the health point of the Rainbow series sneaker is depleted, the sneaker will no longer be usable. HP diminishing rate is proportional to energy consumption. All rainbow series sneakers share an equal HP diminishing rate. Next, there will be four slots for rainbow gems on each rainbow series sneaker. The gems can be burned if users want to take them off. And last, the rainbow sneaker does not have minting function, level up, nor repair in their effort to make the game simpler instead of more complex. In their effort to make the game simpler instead of more complex. The rainbow gems upgrading three gems of the same category will have a chance to mint a rainbow gem of the same level. So basically, if you get three level one gems and upgrade it to a level two gem, you have a chance that it will be a rainbow gem at level two, if I'm understanding this correctly. The rainbow gems can be applied directly onto rainbow series sneakers to enhance the GMT earning. Users can remove the rainbow gems from the rainbow series sneakers by burning. The rainbow gems cannot be used for further upgrade. Rainbow gems cannot be traded on the open marketplace. The timeline for releasing each level of rainbow gems will be announced at later dates. Doing gems upgrade before the corresponding announcement will not get rainbow gems of that level. How to get rainbow series sneakers. This is a fun part guys. Five in one sneaker enhancement can get you rainbow series sneakers. Enhancing five common sneakers into one used to have a chance to get double enhancement to a rare sneaker, now they will also be a chance to get a rainbow sneaker. Enhancing five common sneakers into one same thing. Now there's a chance that you also get a rainbow plus sneaker. How to get rainbow infinite sneaker is to be determined. Wouldn't be surprised if that would be something with maybe Genesis holders. Rainbow rainbow plus and rainbow infinite sneakers cannot be used for five in one sneaker enhancement. So what does this all mean? Basically the only way that you can get rainbow sneakers is by enhancements. You have to basically burn five of your sneakers whether it's common or uncommon in order to get a rainbow or rainbow plus sneaker. Oh and by the way it's also not guaranteed that you will get a rainbow or rainbow plus sneaker. It is a chance the same way you have a chance to get a double upgrade on your sneaker. So you can very well do five, ten enhancements and not get a rainbow sneaker the same way people were doing it when they were trying to get the double upgrade on the enhancement. GMT earning pools. So there will be a classic pool, rainbow pool, rainbow plus pool and shod and fraud pool. Okay so Google's telling me that that word is pronounced shod and froida. All classic sneakers are eligible for 20% of the GMT earning that day. The higher a sneaker's comfort is the higher is GMT earning efficacy. Rainbow pool will be earned by the rainbow sneakers. Allegable for 30% of the GMT earning that day. Rainbow plus pool will be earned by the rainbow plus sneakers. Allegable for 50% of the GMT earning that day. Shod and froida will be earned by the rainbow infinite sneakers. Roles to be declared at a later date. So basically if you have a classic sneaker that you've leveled up to level 30, which is a GMT earner, you can earn up to 20% of the GMT earning that day. By getting a rainbow sneaker, that just gives you 10% more. So just from looking at these numbers, I don't think it even makes sense to go from classics if you already have a GMT earner and taking the risk of burning five sneakers for a rainbow sneaker, just for such a small bump in their earnings. Because not only are you taking a risk by burning five sneakers and likely won't get that rainbow sneaker, but even when you do, you're only earning 10% more and you can't sell the sneaker. Number two, you just burned five sneakers. And number three, eventually this sneaker will die because it has a lifespan and you will have to buy a new sneaker. So will it be worth it to take this gamble and burning five sneakers to maybe get a rainbow sneaker just for a 10% more? I don't know and we won't know until all these earnings come out and we can actually run the math and the numbers behind it. So next, they talk about the timeline for each poll and when it will be released. So the sequence of the launch in order will be as below. First is going to be the classic poll launch, which will make 20% of the daily GMT. After that, they will release the rainbow poll launch, then the rainbow plus poll launch, and then of course the rainbow infinite. After that, they're going to release the lower level rainbow gems minting, then the higher level rainbow gems minting, and of course this will all be announced at a later date. So basically an announcement of a future announcement to make an announcement for another announcement. First, they need to set up more additional use cases for GMT in the upcoming app update. They ended by basically saying that GMT earning is a small step in their roadmap, but hopefully it can be a giant leap for the step in community. And of course that they hope that you're as excited as they are. My favorite part though has to be this right here where it says with you, for you, buy you. That's probably the cringiest thing that I have ever read in any of their articles. All right, so now let's get logical here and think of the pros and cons of these rainbow sneakers. So first off, let's start with the pros. The 501 enhancements could definitely benefit the floor prices of sneakers, because you're going to have to be buying common sneakers and basically burning them at a shot to get one of these rainbow sneakers. However, this could bring down the value of the uncommon sneakers, or maybe people won't even do the common ones and just go straight to the uncommon sneakers. So that could take the price up. I don't know, we're going to have to wait and see. Either way, it is a scenario and it is possible that this could help the overall floor prices for commons and uncommon sneakers. Pro number two is that you will be able to burn gems, possibly also rising up the floor prices with gems. As people get more and more rainbow sneakers, they will probably also want to have rainbow gems. So in order to do so, they'll have to burn the gems that they have for the possibility of getting those rainbow gems. Number three is it helps realms one and two more than it helps the eight realms. So as we know, GMT earnings going to be the same regardless of the realm that you're in. So because of that, it's most beneficial to do this on the Solana or the Binance realm versus on the eight realm because the eight realm is just way more expensive. So this could definitely help bring more users back into Solana and Binance, potentially bringing in more cash flow into these realms and bringing up the overall prices on everything. Number four, GMT earnings soon. So with this announcement, they're kind of poking at possibly releasing GMT earnings sooner than what I personally believe because from the previous AMAs when I've heard them talk, it sounded like they were waiting on inflation numbers and on the next interest rate hike in order to decide whether or not and when to release GMT earnings. I still believe this because they said that they still need to release additional GMT burning mechanisms which is in their next app update, which we don't know yet. That will probably be announced in the town hall, which is in about a week or so. So the next app update could probably be as soon as that they would announce it and be like, it's going live at the end of this town hall. That will have the additional GMT use cases preparing for that GMT release. I still think that GMT release will probably be either at the end of September or after September. Another positive here is that with GMT earnings coming out, it will possibly positively affect the GST price. I spoke about this one before, GST is an inflationary token. The more people earning GST, the more inflation means that the more value it loses. This can pretty much be seen on the price chart here of GST. Now, if less people are earning GST, that means less GST is being printed, which means that it can keep GST at a stable price and possibly even raise its value. And the last pro here is more ways for people that have the funds to spend more money and bring more money into the economy. In theory, bringing more money into the economy should overall help prices up in those realms. Now, some of the cons are number one, there's still no date on the release of GMT earnings. We've been hearing about GMT earnings for months and months and months now, and there's still no date in sight. So unless there's a release date, I don't believe it. I'm not holding my breath for that. I am not just going to sit here and trust the team. So that's still a big con for me when they're announcing anything that has to do with GMT because it's just not relevant right now. The second con is that the enhancement feature only again benefits the bigger players. The core community is probably not going to be doing this. I believe that 90% of players are probably between one to three sneakers. Even if they're at nine sneakers, they're not going to be burning five sneakers and lose all that energy. So the question becomes, do we have enough big players that are going to be doing this and playing in this stepping casino where it can positively affect the prices overall on everything and sustain it long term? Because maybe they'll come in for a week, maybe two weeks, do a few enhancements once those players run out, who's going to continue doing these enhancements? Especially if it's a flop, then definitely nobody will be doing these enhancements. Only new users will be coming in to try to do these enhancements if this is successful. And based on the history of stepping right now, I can tell you most people will be sitting back and waiting to see what happens. They will not just be aping into these rainbow sneakers. The next con of course is that you have to burn five sneakers for a chance to get one sneaker that has a lifespan and will eventually die and not earn you any more money. And when doing it with five commons, you're only getting a boost of 10% more than if you just leveled up a GMT earner to level 30. And again, until everything's released, we don't know the numbers. So we don't know for sure. We need to know the numbers to be able to do the math behind this, but it might be more valuable to keep the five sneakers, have more energy, plus having level 30 GMT earner earn that 20%. And at the end of it, be able to sell all five sneakers whenever you want and get some money out of that. Right now, if you burn those five sneakers, you're getting this rainbow sneaker, you're gonna earn for a small amount of time and then you will no longer be earning anything. You're out whatever that extra energy was that those extra five sneakers gave you. I don't know. These numbers in its current state don't make sense to me, at least not for the commons. Next on the cons list is that this entire system completely over complicates GMT earning for the average user in their effort to make the game simpler instead of more complex. Guys, let's be real. This makes the game incredibly more complex. Now you have to burn five sneakers for a chance to get a GMT earner and you have to do it again if you miss for another chance to get a GMT earner. You have all these different polls to earn 20%, 30%, 50% plus a random infinite sneaker. The sneakers now have a lifespan and they die. Rainbow colored gems. I don't see the simplicity in this. The plan behind the success of these rainbow sneakers is for people to basically put more money into the ecosystem. Now in order for that to continue to work, of course, this has to be able to be sustained over a long period of time. If not, then we're just back at square one the same way that you saw the five in one enhancements for the ape realm. In the beginning it helped a little bit and then everything fell back down. If you're anything like me, you're probably not putting any more money or investing any more money into this. And I definitely believe that the 90% of the people that have already been burned by this project and this team probably are not going to invest more money into this. This project no longer even considers itself as an investment app. It's a lifestyle app yet all they do is ask for more and more investments into the project. So let's give away 100 GST aka a cup of coffee to one of you lucky SOBs who commented on my stepping HP system video. And the winner is Philson with the comment the most retarded update cheaper to just buy new shoes than restore. Philson sent me a DM on Twitter Bitcoin X daily and I will send you your 100 GST. If you guys want a shot at winning a cup of coffee aka 100 GST drop your comments with your thoughts on this new mechanic in the comments below and then on our next step in video I will choose a winner. Don't forget to smash that like button guys. Smash that subscribe. I will see you guys on the next one. As always peace and love.