The Step App has finalized the migration of the FITFI staking program to its native Step Network. The move-to-earn project said the process went without a hitch, adding that FITFI staking was once again available to users.
The Step Network is a subnetwork of the Avalanche chain. It is designed to power the Step App move-to-earn platform at amazing speeds and low transaction costs.
FITFI Migration: How it all began
On October 1, Step App announced that it would begin migrating all FITFI tokens from the Avalanche C-Chain to its native Step Network subnet. The migration was seen as a necessary step as the move-to-earn application prepares to launch in the coming weeks.
The Step App team decided to shut down all of the FITFI staking pools to make sure everything went smoothly. Seven days later, it was clear that everything had gone successfully. But what is FITFI?
Well, for now, it’s the main governance token of Step App. This coin is also already in circulation. According to data from CoinMarketCap.com, 410 million FITFI tokens are in circulation.
The total supply planned by the Step App Foundation is 5 billion. So there is only about 10% in circulation right now. Step App also has a second utility token called KCAL.
Why is the FITFI migration important?
As we reported here, the official launch of Step App is scheduled for December 1. Over the next 60 days, the team will release a series of updates and information to help promote and market the launch.
One of the key elements of the move-to-earn project is to ensure that its native Step network is up and running by then. In fact, according to the project’s white paper, the Step Network is supposed to be the foundation for everything.
In addition to the Step application, the network will also power the NFT marketplace, the StepEX decentralized exchange and other related applications the team may want to add to the ecosystem.
Since FITFI is the primary governance token for this project, it makes sense that all aspects of it are based on the Step network.
The fact that the migration was completed successfully and without a hitch suggests that the Step Network is ready for action ahead of the December 1 launch.
Is there anything users need to do?
For Step App users who were already in the staking program, there is nothing to do at this time. There is no need to change portfolios or confirm anything. The staking program and associated returns will continue as before the migration.
However, lootbox winners will now have to claim their lootboxes in the future. This will be done on the native Step Network. The claiming of lootboxes is expected to start on October 12. All lootboxes that existed before the FITFI migration have also been migrated to the Mainnet. This is also the case for lottery tickets.
So how will users claim their lootboxes? Well, on the staking page of the Step app, a new claim button has been introduced into the user interface.
Just click on this button and follow the instructions. Only lootboxes issued before the FITFI migration can be claimed.
