What Is Sweat Economy (SWEAT)?
Sweat Economy is a highly popular mobile fitness app that was first launched in 2016. With over 110 million users worldwide, the app sets out to motivate healthier living by rewarding users for daily physical activity.
Users are rewarded with an in-app currency — Sweatcoin, a non-crypto virtual token which functions as a monetary incentive to reward users for their physical activity. Users can now convert Sweatcoin to SWEAT — the crypto token — to claim real world prizes and experiences. At the time of writing in September 2022, Sweatcoin is ranked first for the most downloaded health and fitness app in 58 countries.
Sweat Economy is the newly-launched web3 initiative of Sweatcoin. Within the Sweat Economy app, a crypto token, SWEAT and cryptocurrency wallet, Sweat Wallet are launched. Over 13 million wallets were created in four months since the launch. Further, Sweatcoin has raised $13 million in investor funding and is planning to hold a public token sale and strong hold offering on the DAO Maker launchpad.
Sweat Economy Storage Key Points
| Coin Basic | Information |
|---|---|
| Coin Name | Sweat Economy |
| Short Name | SWEAT |
| Total Supply | 4,294,967,296 |
| Circulating Supply | 2.05B SWEAT |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Sweat Economy
“Sweat Economy is the natural evolution of Sweatcoin. Global, open, and fair, SWEAT is a next generation cryptocurrency that will bring the next billion people into Web 3.0, and make movement part of global GDP.”
How they generate revenue
User engagement (B2B)
businesses pay to access vast network of users
Transaction fees (B2C)
on Sweat Wallet App features, including fiat on-ramp, off-ramp, crypto-crypto exchange, NFT purchases and more, will be enormous.
How revenue returns to the token
Buy and burn
Sweat Foundation will commit a % of its revenue to buying and burning the token on the secondary market, or to buying and distributing it as staking yield
Investment in rewards
Sweat Foundation is using revenue to fund rewards people really want, such as stablecoins, gift cards, and event tickets
Ecosystem development
Including product development, community growth, partnerships.
Buy and burn
The Sweat Foundation will allocate a portion of revenue to buy and burn SWEAT on the secondary market, or to buy SWEAT and distribute it as staking yield. More details to be released soon.
Rewards
Users stake SWEAT in the Sweat Wallet app to earn an attractive % yield and access rewards. Rewards will be tiered: users stake higher amounts of SWEAT to receive better rewards.
NFTs & Games
They are building a casual, dynamic NFT game in the Sweat Wallet app. This will arrive shortly after TGE. Users stake SWEAT when playing the game. The winner of the head-to-head claims the SWEAT, with the Sweat Foundation taking and burning a fee. As such, the game is net-deflationary.
The primary goal of the game is enjoyment!
Platform token
Staking SWEAT unlocks features in the wallet. For example, higher stakers of SWEAT could access premium features, lower transaction fees, and increased daily minting limits. This aspect will become increasingly valuable as features of the Sweat Wallet app increase.
The token
SWEAT is a new cryptocurrency you mint with your movement. Holding SWEAT has many benefits: it can be staked for yield and amazing rewards, applied to NFTs, and grant access to improved features in the Sweat Wallet App.
Supply of SWEAT
SWEAT is minted solely by movement. They have introduced several mechanisms to decrease the rate of inflation of the token, and to constrict the circulating supply.
The big burn
They have committed to burn 4.5BN sweatcoins. Because SWEAT will match sweatcoins at the Token Generation Event, this significantly reduces the total supply of SWEAT at launch (from 25.5BN to 21BN).
Who Are the Founders of Sweat Economy (SWEAT)?
Oleg Fomenko is the co-founder of Sweat Economy. Fomenko is a Russian-born, London-based entrepreneur with experience at Coca Cola, Visa, PepsiCo and the Boston Consulting Group. Fomenko is also the founder and CEO of Bloom.fm, a mobile music streaming service that amassed over 1.2 million users by offering a deal of £1 per month for unlimited streaming. Shortly after Bloom.fm shut down, he began working on Sweat Economy.
Co-founder Anton Derlyatka holds an MBA from the London Business School and has also completed Executive Programs at Stanford Business School and US Berkeley. Prior to Sweat Economy, Derlyatka worked at a VC firm that specializes in fitness tech and held senior management roles at Reebok, Kearny and Pepsi.
Egor Khmelev is the CTO and co-founder of Sweat Economy. Khmelev is a developer and graduate of the Computer Science program at the University of London. Prior to Sweatcoin, Khmelev led several tech startups in Moscow.
Henry Child is the CCO of Sweat Economy. He began in traditional finance and worked at a hedge fund before transitioning into tech and crypto. He previously worked at the Deliveroo HQ and also held roles at Bitfinex and Tether.
The Token Generation Event
The Sweat Foundation will make an offer for every Sweatcoin user to
opt-in to claim 1 SWEAT for every sweatcoin in their wallet, without
burning their sweatcoins. The TGE will occur in Q3 2022. At TGE, the
Sweat Foundation will mint enough SWEAT to match the sweatcoins of
users who have opted-in.
Minting difficulty
Each SWEAT will be more difficult to mint than the last. This preserves token utility, and controls the rate of token release.
Features
Staking & rewards club
Receive an attractive yield on your SWEAT. Users with higher stakes have access to better rewards, along with optimized app experiences, including lower transaction fees, premium services, and increased daily SWEAT minting limits.
Fiat on-ramp
Buy SWEAT with a debit/credit card. Other cryptocurrencies added to the app soon after!
NFTs & games
A fun, casual game where users go head to head to earn SWEAT!
Roadmap
Phase 01
- Token Generation Event (TGE)
- Sweat Wallet App
- SWEAT staking (Grow)
- MVP: Rewards for staking SWEAT
Sep – Dec 2022 Phase 02
- SWEAT NFTs
- Fiat on-ramp: buy SWEAT and crypto with fiat
- Adding further rewards for staking
- Inactivity fee
2023 Phase 03
- SWEAT DAO: governance and on-chain voting
- NFT marketplace
- Exchange crypto for crypto (DEX integration)
- Crypto Marketplace curated offers
2024 Phase 04
- Support the creation of an entire economy of movement
- Movement data analytics
- New movement Validators e.g. cycling, swimming etc.
