Blockchain has a wide range of use cases, and the development of Sweat Economy (SWEAT) crypto token and ecosystem proves this to be true. So far, Sweat Economy’s landmark Sweatcoin app has gathered millions of users from across various countries.
What is Sweat Economy?
Sweat Economy, formerly known as Sweat Coin, has undergone a rebranding to align with its vision and remarkable growth. The project's native token, SWEAT, derives its name from its core objective and mission. Sweat Economy aims to combat carbon footprint on a global scale and incentivize users who share this common goal.
The Sweat Economy team
The Sweat Economy team comprises accomplished professionals who bring diverse expertise to the project. Co-founder Leg Fomenko, hailing from Russia, has a wealth of experience working at renowned companies such as Coca-Cola and Visa. Another co-founder, Anton Derlyatka, holds an MBA from the London Business School and has further enhanced his knowledge through Executive Programs at Stanford Business School and UC Berkeley.
Egor Khmelev, also a co-founder, is the CTO of Sweat Economy. With a background in development and a degree in Computer Science from the University of London, Khmelev has led successful tech startups in Moscow before joining Sweat Economy. Henry Child, the CCO of Sweat Economy, started his career in traditional finance, working at a hedge fund, before transitioning into the tech and crypto industry. He has held positions at crypto companies Bitfinex and Tether and has also worked at Deliveroo HQ.
How does Sweat Economy work?
Sweat Economy operates within the Web3 paradigm, with its flagship application, Sweatcoin, being launched in 2016 and later integrated into the Web3 ecosystem. The app incentivizes users to engage in physical fitness activities by rewarding them with points for each step they take or jog they complete.
After a few years of app development, the Sweat Economy team collectively decided to introduce the conversion of in-app rewards into their native cryptocurrency. This integration with Web3 technology contributed to an increased user base, with Sweat Economy experiencing its highest volume of users in 2022.
SWEAT tokenomics
The SWEAT token currently has a circulating supply of 4,808,026,671 tokens out of a total supply of 22,527,508,507 tokens.
SWEAT use cases
SWEAT serves as a reward for users of the Sweat Economy app, incentivizing physical activity and providing crypto rewards. The current value of SWEAT determines the value of the reward.
Additionally, as an Ethereum-based token, SWEAT can be used for staking and is supported by staking protocols like OKX Earn. Furthermore, SWEAT functions as a governance token, granting holders the ability to make decisions that benefit the ecosystem.
How is SWEAT different from STEPN?
SWEAT and STEPN (GMT) were launched in 2022, but Sweat Economy has been active since 2016, building its ecosystem off-chain before transitioning to an on-chain model. While SWEAT focuses on incentivizing physical activity and reducing carbon footprint, STEPN is a prominent move-to-earn project in the crypto industry.
The future of Sweat Economy
Sweat Economy has exciting plans for the future, including the launch of a Web3 game that will complement its expanding ecosystem. The game will undergo thorough beta testing before being released on the mainnet. Users can compete and earn SWEAT tokens by completing tasks with both real and virtual step competitions. In-game non-fungible tokens (NFTs) will enhance the virtual step competition, adding another layer of engagement and rewards for participants.
