Originally published on Sweat Economy Medium page.
We created SWEAT to reward movement. Whether you’re walking the kids to school, strolling to the shops, or through the park on your lunch break. We want to celebrate every day movement. And encourage more of it.
The simple fact is: your movement has value.
Governments offer cycle-to-work schemes, insurers offer discounts to active customers, employers pay for gym memberships, and brands encourage your physical activity.
In this, we can see the foundations of an economy of movement. But, as with any economy, we require a way to represent and exchange value.
That is the purpose of SWEAT. A new cryptocurrency to power a new economy. A way to return the value of movement to you; and, through our products, work, and partnerships, to bring new incentives to movement.
Below, we will cover token fundamentals, supply, and phase one of the tokenomics plan. Together, this is how SWEAT can help to achieve our mission of making the world move more.
What we have learned so far…
The Sweatcoin marketplace is a lively economy and represents a new way to incentivize and monetize user movement and engagement. In the last nine months, users have exchanged their sweatcoins for $187M worth of goods and services:
- Q3 2021 — $60M
- Q4 2021 — $57M
- Q1 2022 — $70M
But this is just the beginning. We believe that a cryptocurrency can open up further possibilities. SWEAT breaks free of single apps, limited geographies, and single marketplaces.
- At launch, SWEAT will be built on NEAR — after TGE it will be compatible with ERC-20 and NEP-141
- SWEAT is minted solely by verified movement
- Each SWEAT will require more steps to mint than the last (like Bitcoin’s halving)
- There is an ever decreasing rate of inflation of SWEAT
- After TGE, only a user’s first 5,000 steps will mint SWEAT — anything above will create sweatcoins
- For now, the movement that mints SWEAT is steps — running and walking
- In time, other forms of movement will mint SWEAT — Movement Validators, such as FitBit or Apple Watch, can stake large sums of SWEAT to offer their users Move to Earn, and receive a 5% fee of the SWEAT they mint for their contribution
- The Sweat DAO: we will decentralize power to the DAO, which will be governed by veSWEAT. This is of vital importance — as revenue generated goes to the DAO, SWEAT holders will be able to vote on key treasury decisions
- The Sweat Wallet App: a place to manage your SWEAT. Future features, such as staking, will be available through the app.
- There is an infinite supply of SWEAT to incentivise movement forever
- However, there is an ever decreasing rate of inflation — each SWEAT will be harder to mint than the last
→ before TGE 1 SWEAT=1,000 steps → by 2024 1 SWEAT=2,400 steps
- The minting difficulty will increase faster in the first three to five years, helping to motivate more movement sooner and drive adoption
Tokenomics: phase 1
The following features will offer our community an attractive reward for accumulating and HODLing SWEAT . It is important to remember that Sweat Economy has a long term vision: to establish a new, open economy of movement.
This is simply the first step.
- Users will be able to stake their SWEAT to receive an attractive % return
Tiered SWEAT minting limits
- There will be different SWEAT minting limits depending on a user’s tier — users who stake/accumulate more SWEAT will have higher minting limits
On-chain and off-chain rewards
- SWEAT hodlers and stakers will be given rewards in proportion to the amount of SWEAT they hodl/stake
- Rewards will continually be improved to bring more value to our users!
Next up, in a blog post, we will speak about the next phase of our tokenomics, including exciting information on: dynamic NFTs, crypto-crypto exchanges, a fiat on-ramp, and more.
Until then, start earning crypto for your steps by following this link. To learn more about Sweat Economy, visit our website. For the latest news, make sure to follow us on Twitter, Discord, Telegram, and Reddit.