Picture2 19

Over the last few weeks, Sweat Economy has recorded quite a number of successes, with its fame spreading across over 115 countries. Thanks to its amazing projects, the platform has proven that it owns a seat among the best move-to-earn projects in the world.

Projects to the platform’s records include the Qatar 2022 FIFA World Cup packages, token generation event (TGE), exclusive partnership deals, and the liquidity farming project on the SWEAT-NEAR pool.

Today, the Sweat Economy has hit a huge landmark – a total of 65 million SWEAT tokens have been staked in the SWEAT Wallet. The announcement signifies the platform’s satisfaction with how things are going. While it seems like a merry announcement, in the real sense, it is a step ahead for the company and its community of users.

The Landmark: 20 Million Stakes in 1 Week!!!

Recently, Sweat Economy launched the Staking Rewards program in collaboration with NEAR protocol and the popular DeFi platform, Ref Finance.

The launch was well accepted by users who went to function as liquidity providers. With the program coming to a close, it is important for Sweat Economy to let its users know how well things are.

From the Staking Rewards program, the platform has revealed that over 65 million stakes are currently on the SWEAT Wallet app. The most intriguing part is that over 20 million stakes were recorded in just one week. Considering the short span of the program, the feat is a massive one.

Before this huge achievement, the Sweat Economy has been making positive improvements. One is its increasing popularity. As of now, the SWEAT Wallet app has claimed the top spot as the No. 1 finance app in 51 countries. Also, it is among the top 5 finance apps across 115 countries. Not only that, but it also is the most downloaded application across 8 countries

Happenings Before the Landmark

Prior to the recent announcement, Sweat Economy has been doing great exploits in the Web3 space, especially with its Staking Rewards program.

Just yesterday, it announced that to mark the end of its Staking Rewards program, it will give away 6,000 Amazon Gift Cards to its loyal members. This way, more users were able to join and stake. Staking on the SWEAT Wallet was the only requirement to become eligible for the giveaway.

Also, Sweat Economy announced its intention to enable fiat currency payment options to purchase SWEAT tokens. While it is uncertain when the plan will be implemented, it is a welcome idea. This way, users will be able to purchase SWEAT tokens by paying with their debit or credit cards.

The SWEAT token is Sweat Economy’s native currency. With it, users earn rewards when they perform activities on the platform. Image Source: Sweat Economy Medium

Similarly, the platform launched a reward program to commemorate the 2022 FIFA World Cup scheduled for Qatar. Following the program, winners were selected with mouth-watering prizes.

Prizes involved include a fully-funded trip to Qatar to view the World Cup events, all-expense paid 5-star hotel accommodation, as well as free match tickets to watch live World Cup matches. Here, users were also required to stake their SWEAT tokens on the SWEAT Wallet app to qualify.

With more focus on satisfying users with rewards, the Sweat Economy team came up with the idea of buying and burning SWEAT tokens. In this plan, users get 50% profit for buying and burning the tokens. It is geared towards increasing the value of the SWEAT token while reducing the availability of the tokens in the ecosystem.

Move to earn
The future of the Sweat Economy cannot be determined at the moment. But with its current performance, the Sweat Economy is expected to be well-grounded in the coming years. Image Source: Play to Earn Diary

Additionally, Sweat Economy offered its users a 400% annual percentage yield (APY) on their stakes. The users – who are expected to stake their SWEAT tokens – were promised 12% APY by Sweat Economy. However, positive changes happened and now, users get 400% APY as their return on investment (ROI).

How Will This Landmark Affect Sweat Economy’s Future?

Although it is unclear what the future holds for Sweat Economy, a brighter future is anticipated. For a project that achieved 65 million stakes on a newly launched app, remaining at the top of its game is practically possible.

Also, there are projects undergoing testing and running, which are promised to give users more engaging experiences

Coupled with an exceptional team of developers running Sweat Economy, it has also partnered with quite some functional protocols. If all goes well, these partnerships will improve Sweat Economy’s services. 

Furthermore, the landmark signifies the interest of many users in the project. With this, more users will join the platform. Another point to consider is that Sweat Economy makes its utilization easy and user-oriented. This is because of its transition from Web2 to Web3

On Sweatcoin platform, users earn Sweatcoins for running, jogging, or walking. With the switch to Web3, stats show that most users joined the Web3 version of Sweatcoin without extra help. This proves how interactive the platform is. Currently, there are over 120 million users on the platform.

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.

This site contains affiliate links. We may receive a commission for transactions made through these links.

Related posts