Summary
Move2earn is a genre of game that allows gamers to earn cryptocurrencies or tokens while exercising. Since not everyone enjoys exercising, Move2earn games create an incentive to push people to embrace a healthy lifestyle. 2022 has seen the launch of many Move2Earn projects, which have attracted a lot of attention from the cryptocurrency industry. The data concludes that the prices for virtual sneakers are growing every month, and various Move2Earn projects have also experienced significant growth. One of the most recent exchanges to hop onto this trend is YoBit, which has launched its own virtual sneaker project called YoStep.
About YoBit Exchange
YoBit is one of the oldest online cryptocurrency exchanges in the market, having been founded back in 2014. It was founded and developed by a group of cryptocurrency enthusiasts and European developers as a platform that allows users to buy and sell a range of cryptocurrency pairs in the easiest way possible. As of now, it is one of the top ten cryptocurrency exchanges in terms of users, liquidity, and daily trading volume.
The Essence and Advantages of YoStep
YoStep is a newly introduced platform for virtual sneakers on YoBit. If a user purchases it, they get rewarded daily in YOSTEP tokens. Users have to perform some simple daily actions on the exchange to get rewards. This includes playing the YOSTEP coin dice game daily for at least 10 times.
Right now, YoStep does not require any running, walking, or performance of any kind. It only allows buying sneakers and repairing them using the YO token. Currently, YoStep can best be described as a real “don’t move to earn” model, which provides passive income. One of the biggest advantages of the YoStep virtual platform is that it has a low entry threshold. The project is accessible to beginners as the minimum cost of sneakers is only 10 USDT.
Rules of YoStep
Some of the rules of YoStep include the following.
- Users will get rewards for sneakers twice a day.
- The temporary purchase limit for one user is 20 sneakers. However, the limit extends to 40 sneakers if one is a Yo token holder.
- As there are a limited number of sneakers up for grabs, refills occur in small quantities on an hourly basis from 12 to 22.
- The funds from sneaker purchases go to the buying fund which is used for referrals and buying YO tokens (80%+10%+10%).
- 20% of the funds from the buying fund are spent on the DeFi pool YoStep/USDT immediately after purchase and 2% of the funds are allocated for 30 days in the YoStep/USDT daily fund.
- Users need to play the Dice game at least 10 times to get successful payments.
- The sneakers can need repairs once a month, for which YO tokens can be used at 5% of the cost.
- For owners who have referrals, they receive 10% of the cost of the sneakers.
- Users can upgrade their sneakers with YOSTEP, which is not available at the moment.
YoStep Guide
For users to begin using YoStep, they first need to register on the YoBit.net platform. To register, one must go to the official website of the exchange where the registration tab appears in the top right corner.
Step 1: After clicking on “Registration”, the questionnaire field where the user will be asked to enter some personal information. Users need to fill out simple information such as a unique login, email address, and password and agree to the terms and conditions.
Step 2: After confirming the information, the user is sent a link to his/her registered email.
Following the link will redirect users to the official website, after which a confirmation email will be sent, along with a recommendation to enable 2-FA authorization.
Step 3: Users need to configure 2FA authentication by downloading Google Authenticator. After the utility is installed and the QR code is scanned, it can be used with Yobit.net.
How to deposit funds at YoBit?
Before trading at the exchange, users have to replenish their wallets by depositing some funds. By clicking on the “balances” tab, a page will appear with special addresses corresponding to each coin, each with its own address. YoBit allows deposits in USD, USDT, BTC, and a selection of other cryptocurrencies.
Step 1: For example, if the user chooses USD to fund his/her account, the first thing to do is to find the coin in the address list. One can enter the coin ticket to quickly retrieve the USD dollar from the list of available currencies as shown below.
Step 2: When the requested currency has been found, users have to click on the “Enter” menu. A form will appear asking the user to select the method of funding. After the user determines the amount and confirms the input, coins will be automatically credited to the wallet balance.
Using YoStep
The YoStep interface at YoBit is designed to be as user-friendly as possible. By visiting https://yobit.biz/en/yostep/, you will be presented with the screen below.
- As seen above, users can easily check out how many YoStep tokens they have earned. YoStep tokens can be earned by taking steps (eventually).
- Users will use the available sneakers corresponding to a particular level – from level 1 to level 10. Users have to buy higher level sneakers if they hope to increase their daily income.
- The sneakers are divided into levels. As seen above, the first pair of sneakers (level 1) costs 10 USDT and provides a yield of only $0.11 per day. Comparatively, the level 10 sneakers cost 50000 USDT and provide a daily yield of $817.42. The higher the level of speakers, the better ROI a user gets,
How to play the Yobit Dice game?
The Yobit Dice game is a simple dice game that allows users to bet on a higher or lower number as they are generated. There are two options to start playing – Roll < 48 and Roll> 52.
- For instance, if the user gets 39 and he/she has chosen Roll<48 , the user will win. Consequently, if the number 53 gets generated and the user has chosen Roll>52, the user will win again.
- The minimum bid is any amount in BTC, even 0.001 BTC.
- The maximum number of dice plays allowed for a user per day is 200.
YoStep economy
It is common knowledge in the cryptocurrency world that crypto exchanges tend to attract and retain users with lucrative shares to make money on them in the long-run. They take advantage of the fact that an active crypto-user, normally trades regularly for several years. This tendency has been seen in the past in crypto exchanges such as Binance, which has given away billions of dollars to users via highly profitable launchpads.
Many in the crypto-community have wondered how YoBit is able to provide such high ROI through YoStep. To know how, we have to dive into how the economics of the YoStep project works.
- YoStep withdraws a portion of the tokens through the Dice game. The project also allocates 80% of the value of the sneakers to liquidity pools, which are used to redeem and support assets from the market.
- YoBit maintains a reserve fund, which is similar to StepN’s treasury. The reserve fund is used to support the payment of additional rewards sent to all YoStep participants. Because of this economic model, YoBit’s virtual sneaker economy is expected to be sustainable in the long run.
Through the YoStep project, YoBit aims to attract more traders to the exchange. It is doing this by spending its own funds on rewards for active users , which will help keep them on the exchange longer and encourage them to participate in trading, farming, and other new events.
Similar to Binance’s launchpads, YoBit is also paying high-yields from YoStep sneakers to users who are attracted to them due to their high ROI. YoBit hopes that this strategy will help users become attached to the platform and use it for years to come.
Conclusion
YoBit offers an extensive selection of more than 500 cryptocurrencies and 8,750 cryptocurrency pairs, with several new projects being added frequently. YoBit also offers some salient features, such as YoPony games, YoBit DeFi, Dice, and RoboTrade. They also frequently conduct different airdrops, IEOs, staking programs, and giveaways for users to earn money. It provides a no-frills, no spills approach with a large cryptocurrency offering and a global client base, so that both novice and experienced traders will find what they are looking for.
