What Is Sweat Economy (SWEAT)?
“Sweat Economy is the natural evolution of Sweatcoin. Global, open, and fair, SWEAT is a next generation cryptocurrency that will bring the next billion people into Web 3.0, and make movement part of global GDP.”
Sweat Economy is a highly popular mobile fitness app that was first launched in 2016. With over 110 million users worldwide, the app sets out to motivate healthier living by rewarding users for daily physical activity.
Users are rewarded with an in-app currency — Sweatcoin, a non-crypto virtual token which functions as a monetary incentive to reward users for their physical activity. Users can now convert to SWEAT — the crypto token — to claim real world prizes and experiences. At the time of writing in September 2022, Sweatcoin is ranked first for the most downloaded health and fitness app in 58 countries.
Sweat Economy is the newly-launched web3 initiative of. Within the Sweat Economy app, a crypto token, SWEAT and cryptocurrency wallet, Sweat Wallet are launched. Over 13 million wallets were created in four months since the launch. Further, It has raised $13 million in investor funding and is planning to hold a public token sale and strong hold offering on the DAO Maker launchpad.
|Circulating Supply||2.05B SWEAT|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Staking & rewards club
Receive an attractive yield on your SWEAT
Users with higher stakes have access to better rewards, along with optimized app experiences, including lower transaction fees, premium services, and increased daily SWEAT minting limits.
Buy SWEAT with a debit/credit card. Other cryptocurrencies added to the app soon after!
NFTs & games
A fun, casual game where users go head to head to earn SWEAT!
How they generate revenue
User engagement (B2B)
businesses pay to access vast network of users
Transaction fees (B2C)
on Sweat Wallet App features, including fiat on-ramp, off-ramp, crypto-crypto exchange, NFT purchases and more, will be enormous.
How revenue returns to the token
Buy and burn
Sweat Foundation will commit a % of its revenue to buying and burning the token on the secondary market, or to buying and distributing it as staking yield
Investment in rewards
Sweat Foundation is using revenue to fund rewards people really want, such as stable coins, gift cards, and event tickets
Including product development, community growth, partnerships.
Buy and burn
The Sweat Foundation will allocate a portion of revenue to buy and burn SWEAT on the secondary market, or to buy SWEAT and distribute it as staking yield. More details to be released soon.
Users stake SWEAT in the Sweat Wallet app to earn an attractive % yield and access rewards. Rewards will be tiered: users stake higher amounts of SWEAT to receive better rewards.
NFTs & Games
They are building a casual, dynamic NFT game in the Sweat Wallet app. This will arrive shortly after TGE. Users stake SWEAT when playing the game. The winner of the head-to-head claims the SWEAT, with the Sweat Foundation taking and burning a fee. As such, the game is net-deflationary.
The primary goal of the game is enjoyment!
Staking SWEAT unlocks features in the wallet. For example, higher stakers of SWEAT could access premium features, lower transaction fees, and increased daily minting limits. This aspect will become increasingly valuable as features of the Sweat Wallet app increase.
SWEAT is a new cryptocurrency you mint with your movement. Holding SWEAT has many benefits: it can be staked for yield and amazing rewards, applied to NFTs, and grant access to improved features in the Sweat Wallet App.
Supply of SWEAT
SWEAT is minted solely by movement. They have introduced several mechanisms to decrease the rate of inflation of the token, and to constrict the circulating supply.
The big burn
They have committed to burn 4.5BN sweatcoins. Because SWEAT will match sweat coins at the Token Generation Event, this significantly reduces the total supply of SWEAT at launch (from 25.5BN to 21BN).
Now Phase 01
- Token Generation Event (TGE)
- Sweat Wallet App
- SWEAT staking (Grow)
- MVP: Rewards for staking SWEAT
Sep – Dec 2022 – Phase 02
- SWEAT NFTs
- Fiat on-ramp: buy SWEAT and crypto with fiat
- Adding further rewards for staking
- Inactivity fee
2023 – Phase 03
- SWEAT DAO: governance and on-chain voting
- NFT marketplace
- Exchange crypto for crypto (DEX integration)
- Crypto Marketplace curated offers
2024 – Phase 04
- Support the creation of an entire economy of movement
- Movement data analytics
- New movement Validators e.g. cycling, swimming etc.