Sweat Wallet allocates 690M $SWEAT to US launch

We heard your prayers, requests, and dreams and, today, a little more than one year after our Token Generation Event, $SWEAT and Sweat Wallet are finally available to U.S. residents, along with residents of Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda.

Thanks to the community's decision to support this launch, more than 320,000 users who opted in to crypto before today get $SWEAT based on their proportion of accrued sweatcoins.

How we got here

Our Token Generation Event (TGE) took place on Sept. 12, 2022, where we minted 4.8B $SWEAT for users to claim. But not all of that $SWEAT was claimed.

On June 14, 2023, the $SWEAT community voted to move 2.5 billion of that unclaimed, locked-up $SWEAT, owned by inactive users, back into the Sweat Foundation’s treasury account. Then, the community voted to burn 1.8B of that $SWEAT and use the remainder to support the launch.

How much $SWEAT will you get?

While we originally wanted to offer a 1:1 $SWEAT claim to users in the nine new launch countries on Oct. 17, 2023, the regulatory situation made that impossible.

Since TGE, users in the new launch countries have had one additional year to accumulate their steps — and the minting curve has gotten exponentially steeper. For reference, at TGE in 2022, the minting ratio was 1,000 steps:1 $SWEAT and now it’s 4,532 steps:1 $SWEAT. Therefore a 1:1 sweatcoin-to–$SWEAT lockdrop ratio wouldn’t be fair to the rest of the users in our ecosystem.

Today at launch, sweatcoins will be converted to $SWEAT proportionally based on a user’s share of accrued sweatcoins using the ratio below:

SWEAT:sweatcoin ratio (as per 690M distribution): 0.852571:1

How do you get your $SWEAT?

At 7 a.m. UTC on October 17, 2023, we took a snapshot of your steps and summed all of your sweatcoins, calculated your share of the total, and then sent you your share of the total allocated $SWEAT. Easy, right!?

Remember: in order to access the converted $SWEAT, you needed to opt in to crypto before 11:59 p.m. PST On Oct. 16, 2023. If you did not opt in before then, don’t worry. You’ll still be able to use Sweat Wallet, but you won’t be able to convert any steps made before launch to $SWEAT.

By the numbers

Total unique addresses opted in and funded: 327,966

Total sweatcoins from the ~328K addresses converted to $SWEAT: 812,450,481.33979

SWEAT:sweatcoin ratio (as per 690M distribution): 0.852571 :1

The allocated tokens will unlock in 24 months linearly.

Why two apps?

Sweatcoin tracks your daily steps and provides an awesome marketplace for spending your sweatcoins, and Sweat Wallet is where you claim your $SWEAT and earn, save, send, receive, spend, and trade currencies. You need both apps to convert your steps into $SWEAT. Currently, it takes 4,626 steps to mint 1 $SWEAT. Read more about our deflationary minting curve here.

What to expect from Sweat Wallet

👟 Sweat Hero: Battle your friends in the ultimate free-to-play NFT game

💱 $SWEAT Trading: Trade $USDT, $ETH, $WBTC, and more for $SWEAT

📈 Put your $SWEAT to work. Watch it grow in exclusive Growth Jars.

💦 Learn & Earn: Gain knowledge and $SWEAT by completing short, insightful lessons

🎁 Exclusive Rewards: Dreaming of that Tesla Model Y or a trip to Disney? Your $SWEAT could unlock these and more! 🚗✈️

Prepping for a launch

Prepping for a major U.S. launch was a lot of fun, and we had some interesting events along the way.

Permissionless Conference
We visited Permissionless, where we spoke about the upcoming launch, chatted with a lot of you about new features, and got to hear other speakers.

Giveaways

Who doesn’t want to win? Starting on Oct. 12, 2023, we began giving away merch, $SWEAT, and more on Twitter.

AMA

On Oct. 16 2023, Oleg Fomenko and David Jones met on the Sweat Economy Twitter Space to chat about the upcoming U.S. Launch, DeFi Jars, Sweat Hero game and much more.

Despite technical issues when starting, over 200 community members showed up with over 2000 watching the recording in the last 24 hours.

During the Space, we discovered an immense interest in growing the ecosystem, with multiple questions on how we intend to grow and introduce more crypto-newbies into Web3. We think that our user-friendly approach to design and utility will be the perfect runway to bring hundreds of thousands of U.S. users into the fold.

Didn’t have a chance to opt in before the deadline?

Never fear! You can still access Sweatcoin and Sweat Wallet and start tokenizing your physical activity!

Happy walking!

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The Sweat Team

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