Sweatcoin Economy: Tokenomics, Features, and More | Notum
Oct 06, 20224 min read
Are you ready to sweat a bit to get some crypto rewards? If yes, step into the article and get your chance to earn more crypto for living an active life!
Move-to-earn apps are popular among crypto enthusiasts, and that's because they offer money for your sweat. One of the undoubtful leaders is Sweatcoin. Thus, we want to dive into its economy to learn more about effective ways.
About Sweatcoin (SWEAT)
Oleg Fomenko, Anton Deryatka, and Egor Khmelev decided to build a 'Sweat Economy,' where customers are motivated to be more active by getting rewards for their efforts with sweatcoins ($SWEAT). It is available on a smartphone (Android or iOS) and Apple Watch with over 90 million total users.
Sweatcoins are native to the Sweatcoin app's tokens. So, if you want to pay for your coffee with some SWEATs, that's kind of impossible. You can only exchange them for products and services within the app.
Users can now trade their SWEAT cryptos on most major exchanges and are compatible with the Near (nep-141) and Ethereum (ERC-20) protocols.
How Does Sweatcoin Stand Out?
Sweatcoin is not the only move-to-earn app, so let's highlight some of its prominent features.
Daily 2x Boost
There is a Daily Boost challenge users can participate in. The following challenge allows users to choose the 20-minute intervals of the day when they are the most active to make more moves. In this period, users get a doubled number of moves.
Sweatcoin Economy offers users three rewards modes:
- A user receives gift boxes for watching promotional videos. Each gift box has a random reward from 0-1,000 SWEAT tokens.
- A user gets rewards for walking 1,000 steps. Every 1,000 steps equals 0.95 SWEAT. Bear in mind, Sweatcoin's maximum steps number is 10,000, so users can earn 9.6 tokens max.
Shop and Bid
The utility of SWEAT is expended thanks to several collaborations with various brands:
- Shop – You can pay SWEAT points for vouchers like PayPal, Netflix, Adidas, Amazon, and more. Besides, you can pay back for a trip abroad.
- Bid –You can use the rewards in random Sweatcoin item auctions.
- Donations –You can also donate the rewards to such campaigns as Sweatcoin for Good, which supports charity activities like restoring water wells in Africa and creating a sustainable future for water bodies. They take place weekly and allow you to make a difference by helping people, animals, and the planet.
It's the second phase of tokenomics this year, and it's mostly focused on the Sweat Wallet App utility.
The Sweat Wallet App
The app will be an entry point into Web3, so it will not be just a place to manage SWEAT for earning tokens by moving and staking.
The following stage makes the app an entirely new thing for interacting with Web3. That includes:
- SWEAT NFTs;
- Fiat on-ramp — allows you to easily buy SWEAT and other cryptocurrencies with your credit or debit card.
The Sweat community will be able to get SWEAT NFTs! The NFTs will be a crucial thing to unlock your SWEAT experience.
There The NFTs were designed to reward movements and to make the whole process of Move to Earn even more enjoyable and fun.
These NFTs will portray your overall attitude and participation in physical activity — they will evolve, upgrade, decay, and be subject to level up all the mechanisms.
This is the ability for users to deposit traditional currencies, such as USD, EUR, and alike, right in the app. In addition, Sweatcoin will work with leading payment processors to provide users with an opportunity to easily buy SWEAT tokens using their card, bank account, etc.
The on-ramp feature opens the door to buy, sell, exchange, and use other DeFi functions.
How Many Sweatcoin Crypto Tokens Will Be in Circulation?
The price mechanism includes a number of users using the generating crypto program. Currently, about 250,000 Sweatcoin app users are ready to participate. The average Sweatcoin user walks about 317,500 steps, which gains them around 300 Sweatcoins. Besides, according to the Sweat Economy Litepaper, the value of goods and services purchased on the Sweatcoin app's marketplace in March 2022 hit $24,559.310.
The second feature is staking. That means that users agree to lock up or deposit their SWEAT to receive some interest. By staking, the number of SWEAT on the market decreases, so SWEAT in circulation decreases. The more you stake, the higher rewards you get.
The Sweat Foundation will be something like a SWEAT's bank for purchasing or burning SWEAT and using the SWEAT reserves to pay staking interest owed to users. One of the founders, Oleg Fomenko, explained that taking tokens from circulation will prevent inflationary behavior and preserves value.
Follow the project on Discord, Twitter, and Telegram for more details and updates.
Sweatcoin looks like a strong player in the M2E market. There are many similar apps, such as STEPN, Step App, Genopets, Step, and others, and all have their own pros and cons. That's up to you to choose the one you want to use for earning some passive income, that's why it's 100% must DYOR before jumping in.
The app surely motivates people to stay fit, and it also stimulates community development through charity programs. Since it uses the cost-effective and carbon-neutral NEAR blockchain, Sweatcoin has great potential to bring the M2E economic model to the masses.