The official Sweat Economy Twitter account have announced an update regarding SWEAT staking: that through the Sweat Wallet, over two million Growth Jars have been made on-chain!
What are Growth Jars in Sweat Economy?
Sweat wallet Growth Jars provide the opportunity to generate yield by storing SWEAT for a while.
A Growth Jar is very simple to make. Simply select “Create jar” from the “Grow” section of the app. Users must first decide on a timeframe and then the quantity they want to put in the jar.
Keep in mind that jars won’t open or give you your yield until the end of their shelf life.
Users then examine the legal information before opening the jar. The jar will be in pending status while the opening process takes a few minutes to finish.
By creating a jar, users are donating their tokens to the Sweat Foundation. The team rewards them with the same number of tokens plus a yield at the conclusion of the time period. They are not constrained by a smart contract. The team’s t&cs covers this in great detail.
Learn more about Sweat Economy’s DAO and roadmap plans with Nyambura at Play to Earn Diary.
How do the Sweat Economy team generate the yield on SWEAT?
There are many internal and external revenue streams for Sweat Foundation. This will be used in part by the team to produce the yield for Growth Jars.
What are the risks of Growth Jars in Sweat Economy?
Users should be aware that there is some risk involved when opening a growth jar, according to the Sweat Economy team. They will make every effort to safeguard your SWEAT from these risks, but they are unable to guarantee total protection.
Users consent to the following risks when creating a jar.
Risk 1: Variations in price
The value of cryptocurrencies varies greatly every day. Your SWEAT will lose value when converted into other cryptocurrencies or fiat money (like US dollars or Bitcoin). The cost might increase or decrFuture prices cannot be predicted or guaranteed.rices.
Risk 2: Economic
They could lose their ability to repay your SWEAT principle or% interest due to bankruptcy or some other circumstance.
Risk 3: Hacking
Someone with bad intentions might steal a user’s SWEAT. The SWEAT wallet or their systems, for instance, could be accessed by a malicious actor. Up until the end of the staking period, a user’s SWEAT will be locked with the team. Although unlikely, SWEAT kept in growth jars could still be compromised. It’s possible that they won’t be able to return all of the money in this case.
Risk 4: Legal
If doing so becomes prohibited, they won’t be able to repay the SWEAT principle or interest. This might take place for various reasons, such as when users commit fraud or finance illegal activities, etc. Sweat Foundation is not a bank, so users must please understand that as well. SWEAT or other assets owned by the user are neither insured nor covered by any compensation plan. Their Sweat Wallet isn’t a bank account or anything comparable.
What does Sweat Economy say about Grow Rewards?
In the official Sweat Economy terms and conditions, the team states that:
- The 3.5 million active monthly users who lock their SWEAT in their SWEAT Wallet will be able to earn rewards on their SWEAT, according to The Sweat Foundation Ltd.
- After it has been locked, User SWEAT will be transferred to growth jars for the duration of the locking period. Customers won’t be able to access their SWEAT while it’s locked.
- The Sweat Foundation Ltd does not promise any specific rewards, reward percentage, or length of the locking period. Users are aware that Sweat Foundation Ltd. reserves the sole right to award Grow rewards. Additionally, users comprehend and acknowledge that they do not have any claims against Sweat Foundation Ltd. regarding any prizes or tokens.
- Only by following the instructions provided in the SWEAT Wallet app can a Jar be created.
SWEAT Token: All You Need to Know
With your movement, you create a brand-new cryptocurrency called SWEAT. Holding SWEAT has many advantages, including the ability to apply it to NFTs, stake it for yield and amazing rewards, and gain access to new features in the Sweat Wallet App.
Features in the wallet can be unlocked by staking SWEAT. Those who staked more SWEAT, for instance, had access to premium features, paid lower transaction fees, and had higher daily minting limits.
As the Sweat Wallet app’s features expand, this aspect will be worth more and more.
They have implemented a number of mechanisms to slow the token’s rate of inflation and limit its supply in circulation.
They have promised to burn 4.5 billion sweatcoins. The total supply of SWEAT at launch will be significantly lower (down from 25.5BN to 21BN) as a result of SWEAT matching sweatcoins at the Token Generation Event. Each SWEAT will be harder to mint than the previous one. In addition to regulating the rate of token release, this maintains token utility.
Are Sweat Wallets Worthwhile? Hot Wallet Vs Cold Wallet
The Sweat Wallet is a hot one. Generally speaking, a “hot wallet” is a secure online location where you can receive, send, and store digital currencies or tokens. Different hot wallets have various features, including the ability to exchange one currency or token for another, make withdrawals, stake, provide liquidity, and more.
A “cold storage,” also known as a “cold wallet” is a physical item that stores cryptocurrency safely offline. A USB memory stick is frequently how it looks.
Holding SWEAT has a lot of advantages.
- It can be wagered for yield and incredible benefits, such as coupons and discounts for prestigious brands like Adidas, Amazon, and Nike; tickets for performances, such as sporting events and concerts; USDT and USDC stablecoins
- In the Sweat Wallet app, the team is developing a simple, dynamic NFT game that will be available soon after TGE.
- Improved features in the Sweat Wallet App will be made available to higher stakers of SWEAT, who will also have lower transaction fees and higher daily minting limits.
- NFTs, a fun, free game where players compete against one another to earn SWEAT, is soon to be released!