It all started with an app that counts your steps: the Sweatcoin app. This app has been around for many years and in many countries. You could earn Sweatcoins by walking (or running, if you’re really sporty). On September 13th, Sweatcoin finally launched their long anticipated token: SWEAT.
What is SWEAT and why is this walk-to-earn app so popular?
The SWEAT token
With 110 million users worldwide, there were many SWEAT to be distributed at the launch, or Token Generation Event (TGE). Every existing Sweatcoin at that point was matched with an equal amount of SWEAT tokens if you had the Sweat Wallet App installed. To limit inflation of SWEAT, there are multiple mechanisms at play:
- The first 10% was unlocked at the TGE, the other 90% will be unlocked over the coming 24 months.
- The total supply will be reduced from 25.5 billion to 21 billion with a burn.
- Minting new SWEAT will become more difficult over time. Pre-release, you could receive 1 Sweatcoin for every 1000 steps, up to 10.000 steps a day. After the TGE you will only receive SWEAT for the first 5000 steps a day. In addition to that, the amount of SWEAT you will receive for every 1000 steps will be reduced over time.
How to earn SWEAT
So, you are ready to dust off your walking shoes and start with walk-to-earn. You first have to download both the Sweatcoin app and the Sweat Wallet app. Make sure you keep the Sweatcoin app running in the background at all times so it can track your daily steps. There is a 20-minute boost available, in which they will double your Sweatcoins earned per 1.000 steps.
Besides SWEAT, you also earn Sweatcoins, which is not a crypto, but the in-app currency for Sweatcoin itself. You can exchange Sweatcoins for gift vouchers or free products on their marketplace. It is important to be aware of the different names and services since it may cause some confusion:
- The entity behind the cryptocurrency is called Sweat Economy
- The token is called SWEAT
- Sweatcoin is the app you use to walk-to-earn
- Sweatcoin is also the in-app currency for buying things at the marketplace
- Sweat Wallet is the app where you receive your freshly minted SWEAT
The roadmap for SWEAT
SWEAT is built on the NEAR Protocol, which is a low cost blockchain. At the launch day, many exchanges and brokers immediately listed SWEAT as a tradeable asset.
But it doesn’t stop at trading, because the Sweat Economy team has planned 4 phases which all offer new utilities.
- In the first phase, SWEAT staking will be enabled. Meaning you can earn more SWEAT just by holding SWEAT. It will be locked staking (for either 3, 6 or 12 months).
- In the second phase, SWEAT will release its own NFT collection, and introduce an inactivity fee.
- For the third fase, a DAO will be set up for governance.
- And lastly (but this is planned for 2024 so don’t hold your breath just yet) more movements will be added for earning SWEAT, like cycling and swimming.
Sort of a new STEPN, yet not at all
The big plus of SWEAT, is that anyone can earn it, for free. You do not have to buy NFT sneakers like with STEPN, another walk-to-earn crypto. This makes it very accessible to literally anyone with a smartphone that has a built-in gyroscope (which almost every modern smartphone has).
STEPN has more different modes, and more of a gamification to it. That’s why STEPN users may find their app more fun. Sweatcoin on the other hand is really only about walking.
Get in on the action
Walking is good for your health, both physical and mental. Since there is no cost to starting, it is very accessible. And walking around the house, also counts towards your step total. So you can put your phone in your pocket and do a little happy dance while making dinner and get paid to do so.
A possible downside of SWEAT, is that millions of Sweatcoin users accumulated such a huge amount of SWEAT at the launch, that there may be some instances of a dump whenever a new portion gets unlocked. So, just like with any crypto, you should expect volatility.
You can also get in on the action without walking-to-earn. You can also trade the SWEAT token and buy it with fiat if you think this project is worth investing in. It certainly has an interesting roadmap ahead of them and their 110 million user-base is almost unmatched.