- SWEAT is a new cryptocurrency introduced by the move-to-earn platform Sweatcoin.
- Users can mint the token by simply banking their steps on the app every day.
- Best part is, it costs little to nothing to start earning SWEAT.
On September 13th, Sweatcoin, the highly popular mobile fitness app, launched SWEAT – a new cryptocurrency that can be minted with movement. With that, the Web2 app began its pivot into Web3, allowing users to generate crypto by walking.
As move-to-earn (M2E) projects gain in popularity, more and more people seek to get the most out of their workouts. Sweatcoin, in particular, offers a cheaper alternative to doing just that.
For that reason, let’s take a look at SWEAT and how you can earn them for free in Sweatcoin.
What is SWEAT?
Sweat Economy, or SWEAT, is a move-to-earn cryptocurrency created by Sweatcoin on NEAR Protocol’s blockchain network. As you walk, you will be able to mint SWEAT.
Best part is, it’s free to get started with Sweatcoin. Users do not need to buy any NFTs or invest in anything to start earning SWEAT.
What can you do with SWEAT tokens?
The M2E token is more than just a reward token on the Sweatcoin app.
According to its website, holders can stake SWEAT in the Sweat Wallet app to gain up to a 12% yield per annum. Stakers can even access tiered rewards, including vouchers and discounts for sports brands, tickets to sporting events, stablecoins, NFTs, and more.
On top of that, Sweatcoin is building a SWEAT-based game, which will allow users to play with their tokens. The winner of the head-to-head claims the SWEAT, with the Sweat Foundation taking and burning a fee.
By staking this token, you could also access premium in-app features, lower transaction fees, and higher daily minting limits.
SWEAT Tokenomics
SWEAT has an unlimited supply. On that matter, the company has implemented a few mechanics to reduce its inflation rate. One of them is by increasing the minting difficulty of SWEAT with each passing month.
For now, a user can earn 1 SWEAT for every 1,000 steps. However, these earnings will reduce significantly with time.
As shown in the infographic below, 1,000 steps will only generate about 0.33 SWEAT in 2023. By 2032, the number goes all the way down to