First month: foundations for the future

The first month of SWEAT has been a foundational block on our journey to creating a true economy of movement.

There have been some great milestone successes:

• The biggest Token Generation Event in history with 15 million token holders
• Listings on the world’s leading exchanges
• NEAR blockchain jumps from 12th to 5th place in rankings of most active Layer 1 ecosystems (https://www.gokustats.xyz/dashboard)
• More than 3.5 million active users on the Sweat Wallet app in the first month
• The Sweat Wallet becoming the most used DApp in crypto over the first week of launch (DApp Radar)
• The Sweat Wallet becoming the top Finance app in 51 countries (App Magic)
• Users staking more than 100M SWEAT through the app
• Distributing over 17,530 rewards
• And much more: making first token burn (30M $SWEAT), launching fiat on-ramp with Moonpay, tightening token supply via steeper minting difficulty increases (more details below)

All of this within only the first month. And we know it is just the beginning. We are treading new ground in crypto, building a kind of product that has never been seen before, and creating a new economy. This brings inevitable challenges, each one of which we have responded to, and resolved, quickly.

Updates

We have focused on providing quick responses to new circumstances.

Our calculations projected that the SWEAT being minted by movement was too high. So, to massively reduce the rate of inflation, we implemented a major change in our SWEAT minting formula. The new formula will increase the minting difficulty rate 4X.

On the product side, there was a small issue in displaying Growth Jars, which was to do with how we were indexing the NEAR blockchain. We have resolved this.

The community has also asked for more clarity on the rewards distribution process. We responded by providing on-chain data for rewards like NFTs, and stablecoins. Off-chain rewards are more complex — we cannot publish our user email addresses for privacy reasons, so we have opted to publish their Sweatcoin/Sweat Wallet usernames. Meanwhile, the product team is also working on tweaks to the rewards — push notifications to alert users to new rewards, and showing results of rewards prize draws in the app.

What we are building

We are building features and partnerships that will increase token demand. We are accelerating our efforts to deliver new features — Learn & Earn, crypto-to-crypto trading, and the SWEAT dynamic NFT game — amongst many other exciting upcoming initiatives to drive demand for SWEAT, and produce revenue that we will funnel back into buy and burn. Stay tuned for more!

We are building an incredible pipeline of rewards. Users have already won official Fifa World Cup packages, Macbook pros (see winners), Airpods, USDT, NFTs, Amazon gift cards, Adidas gift cards, and much more. A total of 17.5K rewards have been distributed, with many more pending. If you’re interested in seeing the public results of winners, follow us on Twitter.

Concurrently, we are working on adding new features to the rewards process to make it even more engaging.

Fine tuning

The first month has delivered a major proof of the immense potential of the open economy of movement, and we are now even more excited about the opportunities in the short and long-term. Our responsibility is to nurture this new economy into a thriving ecosystem for the community, partners and other stakeholders

We believe that one key to this is our responsiveness. This first month has been one of incredible learning — and we hugely appreciate the contributions of our incredible community, and their support this far. We can’t wait to keep building a product people really love. Remember, this is only the beginning! We feel humbled and privileged to be on this exciting journey building a product of fundamental value, a token of true utility, and an open economy of movement — together with our community.

Get SWEATing,

The Sweat Team

For the latest news, make sure to join us on Twitter, Discord, Telegram, and Reddit. Download the Sweat Wallet app to walk into crypto (Android and Apple).