What is Sweat Economy (SWEAT)?
SWEAT is the native crypto token of Sweat Economy, a crypto platform focused on promoting health and fitness. Sweatcoin is a well-known smartphone fitness app that was initially released in 2016. The program, with millions of users globally, aims to inspire better living by paying users for regular physical exercise. Sweatcoin is one of the first to employ the move-to-earn (M2E) style activity, which is comparable to play-to-earn games that allow users to receive rewards in the form of currency for playing. The only difference is that users earn for being physically active, instead of playing a game.
Users first get rewarded with Sweatcoin, an in-app coin. It is a non-crypto virtual asset that serves as a financial motive for users in exchange for their regular exercise. However, users can exchange Sweatcoins for SWEAT in order to redeem real-world rewards and experiences.
Sweat Economy is Sweatcoin's Web3 initiative released in September 2022. The SWEAT token and the Sweat Wallet were released with the app. Sweat Economy is also working on a net-deflationary NFT game for the Sweat Wallet app to make exercise fun.
The Sweat Wallet and SWEAT coin are based on the NEAR protocol, a pioneering PoS platform that is carbon-neutral. However, project developers plan to release a bridge that will allow users to transfer SWEAT to ERC-20 and EVM-compliant networks.
In addition to the trading volume, total supply, and circulation, you can view the current Sweat Economy price changes on the charts above.
Use Cases of SWEAT Tokens
The main utility of SWEAT is staking to receive incentives and gain access to additional app features. Users have to lock up their tokens in staking jars for a certain period of time. The more SWEAT tokens one locks up, the bigger the benefits. These benefits include priority access to NFT drops, cheaper transaction costs, and a higher daily SWEAT minting cap. The rewards also include vouchers and discounts for premium brands like Nike and Amazon, tickets to events and sports competitions, or a chance to purchase stablecoins like USDT.
Besides, when users lock up their tokens in these jars, they can grow their holdings by earning a certain percentage of locked SWEAT. The size of their earnings depends on the amount of time they lock up the tokens. Overall, users can earn up to 23% per year.
SWEAT's value and usability will continue to grow as additional capabilities will be introduced to the app.
Make sure to check the Sweat Economy price chart above. It features the recent movement in the SWEAT price.
Who Founded Sweat Economy?
Oleg Fomenko, Henry Child, Anton Derlyatka, and Egor Khmelev founded the Sweat Economy crypto project.
Before starting this platform, Oleg Fomenko gained a lot of experience working in top companies like Coca-Cola, Visa, and so on. Besides, he started a smartphone music streaming service called Bloom.
In addition to holding senior executive positions at Reebok, Kearny, and Pepsi, Anton Derlyatka worked at a venture capital company that focuses on fitness technology prior to co-founding Sweatcoin.
Before moving into tech and cryptocurrencies, Henry Child started out in traditional finance and worked at a hedge fund. Besides, he formerly held positions at Bitfinex, Tether, and Deliveroo HQ.
Egor Khmelev is a programmer and a computer scientist. He oversaw a number of Moscow-based Internet companies before joining the Sweatcoin team.
Tokenomics of SWEAT
SWEAT supply is built on a Buy-and-Burn release model. During the TGE, the project issued 21 billion SWEAT coins and burnt 4.8 billion SWEAT to limit the overall quantity of Sweatcoins.
New SWEAT tokens are minted simply by walking. However, the Sweat Economy crypto platform will raise the minting complexity for SWEAT over time in order to constrain the circulating supply and stabilize the SWEAT price. For instance, after the launch, users were able to earn 1 SWEAT for 1,000 steps. However, in 2023, this reward was lowered to 0.33 SWEAT.
In terms of distribution, the biggest share (27.71%) was allotted to the SWEAT Foundation Treasury, followed closely by the lockdrop (25%). Sweatcoin was granted a 22% share of the total SWEAT coin supply, while platform members and advisors got 10.92%. Another 7.02% was dedicated to the ecosystem, while the remaining tokens were reserved for different investment rounds and a possible public exit.
