SWEAT allocation at launch

In April, we anticipated minting 21BN SWEAT at the Token Generation Event to match all the sweatcoins ever produced. However, we know that there were 25.8BN sweatcoins ever produced at 12pm UTC on Monday, September 12th.

However, we are delighted to bring you the good news…

We will still mint only 21BN SWEAT at launch!
The excess 4.8BN SWEAT will be burned.

The increase in sweatcoins from a prediction of 21BN to the reality of 25.8BN is because of the delay to launch, and because of the unprecedented adoption of the Sweatcoin app — which has nearly 120M users — and the Sweat Wallet — which has been created by 13M users. In August alone, those 13M crypto users walked 645, 267, 668 km.

On the one hand, the adoption is a vote of confidence from the community. On the other hand, it dilutes the price of an individual token by more than 20%.

And we do not think this is fair to you — our community. Below are the details how we will address this.

Burn

We are burning 4.8BN sweatcoins from existence to bring the minted SWEAT back to 21BN at TGE. These sweatcoins are being burned from inactive user accounts.

Community first

This burn is coming totally at the cost of the Sweat Foundation and SweatCo Ltd. These 4.8BN sweatcoins would have equaled SWEAT at the Token Generation Event, which would have been unclaimed (because the accounts are inactive). As such, unclaimed SWEAT would default back to the Sweat Foundation.

We have decided to burn the sweatcoins to ensure the community holds the proportion of SWEAT we anticipated. So, the cost is solely on our end. The community does not need to worry about dilution.

Impact on circulating supply

An added benefit is that this reduces the minted SWEAT by 18% at launch.

Further details about token supply can be found on our Token webpage. For the latest news, make sure to join us on Twitter, Discord, Telegram, and Reddit.