1/ The $STEP emissions curve is deliberately designed to incentivise early growth, which kickstarts mid term growth and powers long term growth. What do I mean ? Lets discuss

2/ $STEPs tokenomics is very similar to other yield aggregators whereby there is a shorter total emissions period (2yrs) with the bulk of emissions banked at the start of the curve then exponentially less as time goes on.

3/ This is due to a few realities Rewarding early users the most is preferable.

You need the start strong at the beginning to capture attention and get eyes on your product. This leads to more users using your ancillary products (swaps/farms/bridges etc).

4/ This creates strong brand loyalty as often early backers make the most and become ambassadors for the project continually keeping the project on everyone's radar and generating new content. APYs are high at the start due to high token price*high emissions = $ terms high APY.

5/ The high APYs create urgency which increases TVL, which then increases product revenues (as that TVL does stuff with your product which incurs a fee). This enables sustainable expansion of team and product suite, these revenues then create a cushion for medium term growth.

6/ Next phase is as emissions wind down the affect on APRs drops too and you might see short term profit taking. But the idea is that by this stage you have accrued enough revenues and TVL is massive enough to dampen this affect as now your revenues flow to buybacks.

7/ This then ensures a smoother transition to a more sustainable price as TVL decreases via profit taking yet with dampened violent movements in price due to the buybacks. This is the medium term of the cycle. Here is about building on the user traction and deploying new..

8/ value accruing (fee generating) products. In Steps case this is swap aggregation, autocompounding (which uses swaps),yield farm aggregation, delegated vaults and bridges. These products may take time to see an uptick but if theyre useful itll come and now theres new revenues.

9/ These new revenues now set the stage for your long term growth. You now have a dampened token price from early phases, but way more value accrual than back then. Investors notice this and decide this is the time to get back in

10/ Emissions are low but who cares when APRs come from revenue now. This is not only fundamentally a better and more sustainable system but it also better aligns incentives. No longer are you subsidising your growth by paying people. Now you make real money.

11/ The long term phase now is in full swing, you have no new emissions, no big FDVs and limited token supply remaining is a new narrative to draw on. This brings more eyes on your product and thereby increases revenues once more and set you up for sustainable long term growth.

12/ We think this is the optimal path for Step. As the most successful launch on Solana so far we are certainly off to a great start for the early phase. We are now focused on continuing to build out the platform and add the value accrual mechanisms.We currently have just swaps

13/ However the simple Serum referral fee we make on serum swaps will soon be replaced with something better. The autocompounding is another value add which Step will be capturing and we intend to have day 1 support for new IDO farms on Step, giving us a cut of apes harvesting..

14/ whatever new farm pops up. Overall its been a great start and we are excited to keep moving forward onto the next stages! Thanks for your support!