ETH rewards Sweat

The Sweat Economy M2E app has announced new Ethereum rewards for Sweat Wallet users. The ETH rewards are part of SWEAT token staking incentives and will begin running today.

ETH rewards come just a week after the move-to-earn app also announced Bitcoin rewards. The goal here is to encourage more and more Sweat Wallet users to stake their SWEAT tokens.

ETH Rewards: How to Get Involved

Getting your hands on the ETH rewards in the Sweat Wallet doesn’t take too much. First, just stake your SWEAT token in the Growth Jars.

Also, each jar must at least have 125 SWEAT tokens staked. Users must also opt-in for the reward program to qualify.

For now, Sweat Economy is offering 1 ETH token. According to CoinMarketCap.com, the current market price of ETH is around $1554. The ETH will also be divided between 10 lucky winners. This means that each user will get 0.1 ETH or roughly around $150.

Sweat Economy
Sweat Economy is also offering BTC rewards in addition to ETH. Image Source: Sweateconomy.com

All rewards will be delivered to the Sweat Wallet. The rewards program will also run for a few days before winners are officially announced on Twitter.

Bitcoin Rewards on Sweat

The ETH rewards are exciting, no doubt. But this is not the first time the Sweat team is offering crypto rewards as part of its SWEAT staking incentives regime. As noted above, the M2E app also announced last week that it would offer 1 BTC.

Like the ETH reward, the BTC should be divided between 10 users. Based on data from CoinMarketCap.com, a single BTC is right now valued at $20,000.

BTC rewards
Sweat Staking incentives are designed to get more people to stake their coins. Image Source: Sweat on Twitter

It is also likely that the ETH and BTC rewards won’t be the last. The Sweat team will likely maintain BTC and ETH rewards in the longer term. But instead of just offering one ETH or BTC, the move-to-earn project could increase the quantity significantly.

SWEAT Staking: Rewards and Incentives

Staking is one of the most integral parts of the Sweat Wallet. The Sweat team has always maintained that, ultimately, the goal is to transform the Sweat wallet from just an M2E app to a more integrated DeFi application.

To this effect, the project has been pushing more and more SWEAT users to stake their coins. In fact, the ETH and BTC rewards account for just a small fraction of the reward package available for stakers.

Sweat rewards
Sweat Economy has so far issued tens of thousands of rewards including over 10,000 NFTs. Image Source: Sweat on Twitter

For instance, ten lucky users have already won tickets to the 2022 FIFA World Cup. Some have won signed Cristiano Ronaldo and Leonel Messi jerseys, while thousands of gift cards have also been issued.

The Sweat team has also unleashed a flurry of NFT rewards. So far, over 10,000 NFTs have been issued. There have also been a few cash rewards for stakers as well.

Over 12,000 USDT coins have been given out already. We expect more to come in the near term to supplement the crypto rewards.

How Are These Sweat Staking Incentives Working So Far?

SWEAT was launched about two months ago. At the time, SWEAT coins were distributed to nearly 15 million wallets.

Ever since staking has really progressed quite well. According to the most recent update by Sweat Economy, over 140 million SWEAT tokens have already been staked.

Also, over 1 million growth jars have been created in the Sweat wallet to stake. This means that there are a million people who are already staking.

Now, this is not a big percentage, especially considering that over 15 million people own sweat wallets. This is why it makes sense that the sweat team is trying to add more and more incentives for staking.

Besides, the Sweat Economy is still a relatively new project. After the excitement of the September launch, staking will now stabilize, and growth will be relatively steadier.

By the end of the year, more coins may already be in growth jars, waiting to earn the 12% APR offered by the Sweat Economy project.

Inside Sweat Economy’s Growth Plan

Sweat Economy is a move-to-earn project that is looking to challenge the likes of STEPN and others. The platform simply offers crypto rewards for movement. But to maintain the project’s overall sustainability, the team is expanding beyond the web3 fitness space.

Sweat wants to be an integrated ecosystem. It will have DeFi, P2E Gaming, NFTs, and the M2E aspect. This approach has so far yielded some decent results. As of now, Sweat is averaging around 3.5 million active monthly users. This is the highest of any M2E project.

M2E
The Sweat Economy project has averaged 3.5 million active monthly users. Image Source: Sweat on Twitter

The project has also rolled out several new features designed to fully expand the DeFi utilities within the Sweat Wallet.

With 15 million users and counting, the wallet is now one of the most popular DAPPs in the world. Also, once P2E gaming and NFTs launch, it will be much easier for Sweat to appeal to a broader audience away from the M2E space.

This will help accelerate growth, keeping Sweat at the very top of the web three adoption movement.

Any investment/financial opinions expressed by Play to Earn Diary are not recommendations. Our content is for educational purposes only. If you plan to invest in any game or cryptocurrency then please do your own research and only spend what you can afford to lose.

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Nyambura
Nyambura
Nyambura is a seasoned crypto journalist and investor with over 10 years of experience in this space. Her interests are P2E gaming, metaverse, NFTs, and general blockchain games. She has published content on many P2E and crypto sites over the years.

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