SWEAT Price

What Is Sweatcoin — Sweat Economy (SWEAT)?

A web3 version of the Sweatcoin App, Sweat Economy (SWEAT) is a next generation move-to-earn (M2E) cryptocurrency project that leverages web3 technology to incentivize and reward people for moving.

A decentralized application (DApp) built on the Near Protocol blockchain, Sweat Economy is free to use and doesn’t require any initial capital to get started.

SWEAT tokens were first introduced during the Token Generation Event (TGE) on September 13, 2022, in which Sweatcoin token holders could convert their sweatcoins to SWEAT while still retaining their sweatcoins.

After the TGE, all SWEAT tokens are minted through moving and can be staked to earn rewards, participate in NFT games and benefit from features on the Sweat Wallet App.

Sweatcoin Price (SWEAT)

The Sweatcoin app already has over 100 million users, and when Sweat Economy held its highly-anticipated TGE, the SWEAT price skyrocketed from $0.00700581 to $0.091476 within a day.

On September 15, SWEAT’s price started correcting with a slight decline to $0.058, and has been trading sideways ever since.

That said, SWEAT is still fresh off the mint and it will be a token to watch in the coming months as Sweat Economy hits key milestones in its feature-packed four-phase road map.

What Is SWEAT Used For?

SWEAT is a utility-enabled token that can be used for staking to earn rewards, and for access to more features on the app. The more SWEAT tokens that one stakes, the better the rewards, along with access to premium features such as priority access to NFT drops, lower transaction fees and an increased limit on daily SWEAT minting.

Additionally, Sweat Economy is building a net-deflationary NFT game on the Sweat Wallet app to help people have fun while staying healthy. Users will need to stake SWEAT tokens to play and earn more SWEAT, with the transaction fees burned by the Sweat Foundation.

The value and utility of SWEAT will continue increasing as more features are added to the app.

SWEAT Tokenomics

SWEAT supply is based on a Buy and Burn release design. To reduce the total supply of sweatcoins, which launched at 25.8 million, the project minted 21 billion SWEAT tokens and burned 4.8 billion SWEAT during the TGE.

Ten percent of the total supply was unlocked at the TGE, while the remaining 90% will be linearly released over 24 months.

To constrict the circulating supply, Sweat Economy has designed the minting difficulty for SWEAT to increase over time. For example, at launch, 1,000 steps minted 1 SWEAT, but in 2023, the same number of steps will mint 0.33 SWEAT.

The SWEAT Foundation Treasury has the highest allocation, 27.71% of the total supply, followed by 25% allocated to lockdrop. Another 22% is for Sweatcoin Ltd, while 10.92% is for the team and advisors.

A further 7.02% of the remaining tokens goes to the ecosystem, while the rest is for the private and seed round and public sale.

Who Is the Founder of Sweatcoin/Sweat Economy?

The three visionaries behind the Sweat Economy project are also the co-founders of Sweatcoin: Oleg Fomenko, Anton Derlyatka and Egor Khmelev.

Read more: What Is Sweatcoin (SWEAT): Turn Steps Into Sweatcoin Crypto With Move-to-Earn

How to Store SWEAT

You can choose to hold and stake SWEAT tokens on the Sweat Wallet app. Also, SWEAT is an ERC-20 token built on Near Protocol. Hence, it can be stored in Ethereum-compatible wallets, such as Trust Wallet and MetaMask.

Where to Buy Sweatcoin — Sweat Economy (SWEAT)

You can buy SWEAT from any top crypto exchange, including Bybit. On Bybit, you can trade SWEAT as a spot pair (SWEAT/USDT), and as a USDC perpetual (SWEAT-PERP) in the derivatives market.