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!
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.
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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.
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).
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.
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