Aug 30, 2022 at 12:54At the beginning of 2022, the Sweat Economy team launched Sweatcoin, a mobile app for earning SWEAT coins for steps taken in real life. In August, it raised $13 million in investments. Funding also includes the private sale of tokens to accelerate the company’s transition to Web3. Investors included Electric Capital, OKX Blockdream Ventures and Goodwater Capital.
Even though the coins won’t launch until September 13 (as revealed on August 29), the app already has over 100 million users (by the way, the project has existed since 2015). Sweatcoin is one of the most downloaded health and fitness apps of 2022, and more than 60 countries have it as number one.
And finally, the creators have confirmed the speculation: yes, the sweatcoins earned in the app will be converted to SWEAT 1 to 1.
We’re busy preparing to launch SWEAT on September 13th. Are you busy earning it? 💧
We will match your sweatcoins 1:1 at TGE! 🔥
— Sweat Еconomy 💧 (@SweatEconomy) August 29, 2022
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If your balance is 1,000 sweatcoins at launch, the app will give out 1,000 SWEAT tokens. Then the first 5,000 daily steps will be converted into SWEAT, and everything else will turn into sweatcoins.
The app gives 0.95 sweatcoin for every 1,000 steps (it deducts a 5% commission for each sweatcoin earned). By 2023, 1,000 steps will be 0.33 SWEAT. And in 2032, 1,000 steps will convert to only 0.02 SWEAT.
You can already exchange sweatcoins for various merchandise, discounts, and certificates in the app. Coins can also be donated to various charities or used to bid on expensive items.
Interestingly, you don’t need to buy any additional features or digital items to use the app and receive sweatcoins. However, it is possible to purchase a premium account, which will count for twice as many steps as you complete.
As soon as SWEAT cryptocurrency appears, you’ll be able to:
- Exchange tokens for U.S. dollars or stablecoins.
- Buy NFTs on the SWEAT network by investing in other digital assets.
- Leave SWEAT in liquidity pools and receive a steady income from the coins.
Once SWEAT is launched as a cryptocurrency, those who have already accumulated the tokens will be able to transfer them into cryptocurrency and start using all the new features of Sweat Economy.
The enigma of listing
Listing on an exchange is one of the most important steps for a cryptocurrency before it hits the open market. The company shows that it is not a fraudulent scheme (and we have seen quite a few such startups) and improves its reputation. The value of the company’s cryptocurrency is also growing.
When a cryptocurrency is listed, it is added to the list of exchange-traded assets, and then you can open buy or sell deals with it and deposit and withdraw funds through external wallets. In mid-August, the Sweat Economy team launched the mobile app Sweat Wallet.
Many people wonder what the starting price of sweatcoin will be when it is listed. Optimists are counting on $1, although realists suggest a cost of $0.02 to $0.05.
The bottom line
Sweatcoin and Sweat Wallet encourage people to lead more active lifestyles, walk around and benefit financially from them. It doesn’t require you to buy something in the app constantly. How profitable the upcoming cryptocurrency will be will show September 13. And there’s every chance that years from now, your steps will start to turn into real money.
— Sweat Еconomy 💧 (@SweatEconomy) August 10, 2022
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