Was it worth the wait? What happens to SWEAT after its launch, and what’s the Sweatcoin price now

The long-awaited Sweatcoin cryptocurrency called SWEAT was finally launched on September 13. For example, active users (like me) were delighted until they realized there was a catch after all (no way! *sarcasm*).

After mere mortals received the tokens in their wallets, it turned out that the amount was several times lower than what was expected. And that’s because only the most attentive have actually read that the transfer of coins obtained by physical activity (and also by watching ads and participating in challenges) into SWEAT tokens will occur gradually over two years — two years, Carl!

10% of airdrop is unlocked and 90% unlocks linearly over 24 months 💧⚡️

— Sweat Еconomy 💧 (@SweatEconomy) September 13, 2022

That is, out of the 504.52 SWEAT (starting May 2022, plus 300 tokens transferred to charity) I had earned through hard calluses on my heels, only 50.68 was available to me. And since I didn’t know what to do with such a “huge” amount, I simply deposited it.

The Sweat wallet’s deposit is called Jar, and the highest 12% rate is offered only if the cryptocurrency will be there for one year. What else is there to do? You can’t exchange or transfer to a different wallet directly from your Sweat wallet yet (only send to other users or receive from them via username).

So, in theory, after 12 months, I will have +5.84 SWEAT. You can keep in the deposit an amount not less than 5 SWEAT.

SweatCoin price (SWEAT) — so far, so good. But what is the future?

The cryptocurrency started September 13 trading at about $0.07. Then it went down to $0.04. In the morning of September 14, it began to grow again and reached $0.07 at the time of writing this article (according to CoinGecko). Given the experts’ preliminary forecasts, the token trades at a pretty good price (from $0.02 to $1 was assumed).

Thus, $1,000 equals approximately 14300 SWEAT at the current exchange rate. To collect interest for a year in the Jar by 1 thousand dollars, you must deposit 119200 SWEAT. I could be wrong, but no normal person could walk 119200000 steps in a year. Correct me if I’m wrong. So, to earn something, you will have to invest real money (fiat).

And the total supply is about 1 billion out of 21 billion. By comparison, bitcoins are only 21 million (even less).

In addition, the creators promised that every year it would become more and more difficult to mint cryptocurrency by walking. For example, until recently, to mine 1 SWEAT, it was necessary to walk 1 thousand steps. As of September 14, that’s already 1,000.03 steps. That is, it is impossible to earn any substantial amount just by walking, even if you are Usain Bolt. So crypto will have to be bought (with the hope that in a year, the project will not collapse or it will not depreciate like LUNA).

From token launch today, SWEAT will become more difficult to mint with time 📈💧

Inspired by @Bitcoin halving, but SWEAT minting difficulty increases day by day⏱️

Now: 1K steps = 1 SWEAT
1 year: 1K steps = 0.33 SWEAT
2 years: 1K steps = 0.19 SWEAT
5 years: 1K steps = 0.06 SWEAT pic.twitter.com/BBOgPZxN3O

— Sweat Еconomy 💧 (@SweatEconomy) September 13, 2022

Just numbers

• 25.8 billion SWEAT was minted at the start instead of the projected 21 billion due to the delayed launch. Therefore, 4.8 billion existing sweatcoins were burned. They are taken from inactive user accounts. An added benefit is that this reduces the minted SWEAT by 18% at launch.
• The initial version of the Sweat Wallet launched on OS Android on July 30, 2022. 13 million wallets have already been created.
• Sweat Wallet is the #1 finance app in 25 countries and a Top 5 in finance in 52 countries.
• SWEAT (NEP-141) is now selling and buying on several exchanges (KUCOIN, BYBIT, OKX, BITFINEX & FTX).
• Sweatcoin (SWEAT) broke the public sale record on DAOMaker. The entire startup portion of the cryptocurrency, $1 million worth, was sold out in 15 minutes.
• Sweatcoin Economy’s Web2 and Web3 apps have 110 million users worldwide.
• The company raised $13 million in its first round of funding on August 1, 2022.
• Sweatcoin is the most downloaded iOS app in 66 countries. Especially in the UK, US, Germany, Poland, France, Italy, etc.
• In the future, judging by the wallet application, we will see the appearance of NFTs and metaverse items (oh, again…).
• In a year, 1,000 steps will equal about 0.33 SWEAT in two years — 0.19 SWEAT and ten years — 0.02 SWEAT.

It looks like (especially the last point) an app designed to motivate an active lifestyle does exactly the opposite. Already earned coins are not available all at once. Only a fraction of them are available. This means that to play big, you have to buy it. Plus, over time, the benefit of the steps taken will be less and less. So what was the point? Guess how “happy” other users are to realize all these nuances.