The countdown to the official mint of the SWEAT token is rolling full steam. We are only a day away from the official SWEAT token generation event, or TGE. 21 billion SWEAT tokens are expected to mint in this event.
The launch of Sweat Economy also comes at a time when the broader crypto market is facing its headwinds. But the web3 fitness app is confident it will cut a path to success in the long term.
One day left. The world is about to SWEAT💧#walkintocrypto pic.twitter.com/vCPb9NHmeU
— Sweat Еconomy 💧 (@SweatEconomy) September 12, 2022
SWEAT Token Launch: The Movement Has Already Started
As we await the official launch of the SWEAT TGE, the developer has been hard at work making major moves. For this reason, the M2E app has already achieved several key milestones of note.
First, Sweat Economy’s early access to its Sweat Wallet has been a success. According to data provided by DAO Maker, over 13 million new Sweat Wallets have been created already. All this has happened in roughly four months, making the Sweat Wallet the fastest-growing decentralized app of all time.
To put this into perspective, at least 13 million new blockchain users will come on board through the Sweat app. Considering the world already has around 83 million blockchain users, the SWEAT token could easily expand blockchain use by nearly 15%. This is a huge achievement by a single app.
Also, the SWEAT token will be available in 5 of the biggest exchanges in the world. So far, OKX, Bitfinex, FTX, Kucoin, and Bybit have listed the coin.
🎉Five of the best exchanges in the world listing SWEAT from day one (13th Sept)!💧@okx @bitfinex @FTX_Official @kucoincom @Bybit_Official pic.twitter.com/1jHoI3hNxk
— Sweat Еconomy 💧 (@SweatEconomy) September 12, 2022
SWEAT Token Allocations at TGE
According to the initial plan for the TGE, Sweat Economy hoped to mint 21 billion SWEAT. The goal was to match SWEAT tokens to the total Sweatcoins generated through the web2 app.
However, as of September 12th, over 25.8 billion Sweatcoins were already in circulation. To remedy this, Sweat Economy announced that the initial plan to match all SWEAT tokens to Sweatcoins was still on. However, the excess tokens will be burned immediately.
SWEAT supply update!💧
• In April, predicted launch supply of SWEAT = 21BN
• Mass adoption and launch delay mean it could be ~ 25.5BN
•We don't want to dilute you. So we're burning 4.5BN sweatcoins to return SWEAT supply to 21BN at launch! 🎉
— Sweat Еconomy 💧 (@SweatEconomy) September 7, 2022
So, in essence, the TGE will see 25.8 billion SWEAT tokens generated, the same number as the total Sweatcoins in circulation. After the TGE, however, 4.8 billion SWEAT tokens will be burned. This will reduce the total tokens minted at TGE to 21 billion, the initial number announced in early April.
Sweat Economy notes that the 4.8 billion tokens will largely be burned from inactive accounts. The good news for the Sweat community is that the Sweat Foundation and SweatCo Ltd will bear all the burn costs.
Transitioning from Web2 to Web3
The launch of the SWEAT token represents a bold move by Sweatcoin to transition from web2 to web3. The Sweatcoin app was launched in 2015 with the sole aim of incentivizing exercise using rewards.
All rewards are paid using an in-app currency by the same name. Users then redeem the coins for various products, services, and more.
However, the developers felt that there were bigger opportunities in web3. For this reason, Sweatcoin announced that it would rebrand to Sweat Economy as it moves to web3 in 2022.
What makes Sweatcoin such an interesting blockchain project is the fact that it already has a robust community of users. In fact, the Sweatcoin app has been the number 1 app in 66 countries.
Painting the world pink… one step at a time…
💧 Our Web2 app @Sweatcoin has been the NO.1 App (total, not just Health and Fitness) in 66 countries!
💧Asia, we're coming soon…!😉
Thanks for the image @HouseofChimera pic.twitter.com/UINd7u735s
— Sweat Еconomy 💧 (@SweatEconomy) September 9, 2022
Sweatcoin has also managed to sign up over 100 million users since its launch. Millions of dollars worth of Sweatcoins have also been redeemed. The app has also ranked globally as the number one health and fitness app.
With these stats, Sweat Economy could potentially lead a massive web3 fitness revolution. Besides, the project plans to integrate both the original Sweatcoins and the new SWEAT token into its move-to-earn ecosystem.
Sweat Economy: The Road Ahead
Sweat Economy is expected to launch through a four-phase roadmap. The official TGE in September marks phase one. The project also plans to roll out the Sweat Wallet app and SWEAT token staking later in the month. Special MVP rewards for SWEAT stakers will also be announced over the coming three weeks.
Phase 2 of the Sweat Economy roadmap runs till December 2022. Here, the developer hopes to have SWEAT NFTs in place while adding further rewards for staking.
Sweat Economy will also strive to provide fiat support for folks who want to buy the SWEAT token. During this period, an inactivity fee will also be integrated into the Sweat Economy ecosystem.
Growth and Consolidation
The third phase of the roadmap is expected to focus largely on growth and consolidation. To this effect, Sweat Economy intends to launch the SWEAT DAO for the purpose of community-led governance.
Phase 3 will also see the launch of the SWEAT NFT marketplace and IDEX integrations into the ecosystem. The third phase will be implemented in 2023. The final fourth phase, on the other hand, will begin rolling out in 2024.
This will be a period of sustained community growth characterized by increased community engagement. Sweat Economy is also confident that it will manage to add a wide variety of rewardable movements into the system, including swimming, dance, and so much more.
Sweat Economy Vs. STEPN?
STEPN currently dominates the move-to-earn revolution in the web3 space. The app has reached 3 million monthly users already. But can Sweat Economy make a mark in web3 even with the current slump in the crypto market?
Well, it has all the potential to do it. For starters, the app already has a community of over 120 million people earning from the movement. It will be much easier to transition these folks to web3 than to try and bring in new users.
Sweat Economy is also taking a free-to-play approach. Users don’t need to invest in sneakers or any other in-game assets to start earning. They can do so right away.
It is worth noting that Sweat Economy has already generated so much excitement. This could trigger a sustained M2E craze around the app, ultimately challenging STEPN’s dominance in this space.