Sweat Token (SWEAT) lives on the NEAR blockchain, a layer-1 network that is highly scalable. It is also compatible with the Ethereum protocol (ERC-20) and got their own contract there as well. The SWEAT token has received a lot of support from world organizations as it will help to lower obesity rates.
Briefly about Sweat Token
Anton Derlyatka is the co-founder and current CEO of Sweatcoin. This is the native cryptocurrency of the Sweatcoin mobile app, a program that pays you for walking and performing other physical activities. This application is now available globally. Any tokens you earn through the app can be redeemed for fiat money by selling on crypto exchanges.
Walk and Earn. Try, You Will Learn.CryptoLists.com
Sweat is a token, like the name reveals, that is centred on walking and general physical health. It incentivizes users to walk as this is the only way of minting the token. Over time, minting the token will become even harder as the ecosystem needs to preserve the worth of the cryptocurrency. Also, this system encourages people to walk more steps today as it will take more effort to mint one Sweat token tomorrow. You should note that the ecosystem will not just reward users for walking; other forms of physical activity are also taken into account. For example, cycling, swimming, and hiking up mountains will earn you Sweat tokens.
Utility of Sweat Token?
Once you earn a sufficient number of Sweat tokens through movement, you will be able to purchase goods and services on the app marketplace. It is also possible to purchase NFTs by staking Sweat token. If a creator wants to market tokens or NFTs to the team at Sweat, they will have to pay a fee in the form of Sweat tokens or provide discounted items to the community.
Similarly, you can use your Sweat token to pay for advertising space on the app. This will give you access to a hundred-million audience, and the users are constantly growing. Another use of this token is in staking. Doing this will allow you to operate as a Movement Validator, meaning you will ensure that none of the users of the app is cheating. Staking your tokens will earn you interest.
Sweat Token Price detailsNEAR Contract address: EgRS5s33JTBAncWnu7wAbJHfhQpQr5Q8cUCw7Qfu6zhA
›› Details & Tokenomics
Advantages at Sweat Token+ Staking the token will unlock various features in the ecosystem.
+ Sweat token is built on NEAR blockchain.
+ You can use it to buy ad space on the Sweatcoin app or Step app.
+ People interested in getting fit can use the token for encouragement.
Disadvantages- Sweatcoin will get harder to mint over time.
- The token will be exposed to stiff competition.
- Many people have complained that the step-calculating algorithm is inaccurate.
- Since the Sweat token is new, it is hard to predict its future.
Costs▪ Rated at 10/10
The cost of transferring this token will vary depending on the blockchain you use. If you transfer it over the Ethereum blockchain, the transfer costs will vary depending on the congestion of the network. However, the fee averages around $20. The transfer costs are much lower on the NEAR protocol, and you will always pay less than a US dollar for the transactions.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
Sweatcoin app has gained a lot of popularity and has been promoted by many reputable world organizations. It has already been downloaded more than 100 million times. Many reviews point to the fact that the app helped them start exercising more as it offers a form of instant gratification. Since it is available on the official Google Playstore and Apple Store, users can be certain that it is secure and legitimate. It currently has sizeable communities on almost all major social media platforms, including Facebook, Twitter, and Reddit. The Twitter community is quite large, with more than 118,000 members.
Who is the founder of Sweatcoin?
Oleg Fomenko is the founder and main speaker of Sweatcoin. He was born in Moscow and took his Bachelor in Psycology and Sociology of Management in Zjukovskij.
He started working for Boston Consulting Group in year 2000, before handling strategy development for VISA in London 2005. He created digital distribution networks called Bloom.fm in 2008, and ran the business until 2014. The same year, he launched Sweat Economy, a digital app that engage users to move - while earning tokens from their walking, running or exercising. The 13th of September, 2022, the native token for Sweat Economy was launched with the obvious name - Sweatcoin. The initial market cap for Sweatcoin on 13th of September 2022 was around 12.5 million USD. Only 9.5% of the maximum token supply was used on the 15th of September, 2022.
Since the launch event of SWEAT, the token has risen almost 1000% in the first three days, despite a huge set-back on the stock market (Nasdaq -4.5%) and decreasing price for BTC and ETH during the same time period. The other co-founder of Sweatcoin is Anton Derlyatka.
Where can you buy Sweat token?
You can purchase this token on several centralized crypto exchanges, including FTX, OKX, Bitfinex, MEXC Global, BYBIT, KuCoin, and Gate.io. If you would rather use decentralized exchanges, you can buy the token on Uniswap or Ref.Finance.
What is the difference between Sweatcoin and Sweat token?
Sweat token is the new token that will be given to users for walking certain distances on the Step app. Previously, these rewards were given in Sweatcoins, which weren’t on the blockchain.
What is the maximum supply of Sweat tokens?
Sweat does not have a maximum supply. However, the Sweat economy is protected since users will need to exert more effort to mint the tokens as time goes on. The Sweat Foundation also commits a certain percentage of its revenue to buying and burning the token.
Which blockchain does Sweat use?
This token lives on the Ethereum and Near blockchains. It is worth noting that Near blockchain offers many notable benefits to users as it is highly scalable. With it, you can transfer the tokens cheaply and quickly.
Who determines the price of the Sweat token?
Although the Sweat economy is managed by the company, the cryptocurrency will be traded on the open market. That means buyers and sellers of the token will naturally determine the value of the coin.
Is it called Sweatcoin or sweat token?
Crypto Lists finds that the name Sweatcoin is misleading, since it's not the native token of Near Blockchain, nor the Ethereum Blockchain. For that reason, it's called Sweat Token on Crypto Lists. If you search for "SWEAT" on ant crypto exchange, you will usually find it by that name - if they got it.
Screenshots from Sweat Token
More sites where to buy/sell/trade Sweat TokenBelow you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
Sweat Token details and tokenomics
ERC20 Contract address: 0xb4b9dc1c77bdbb135ea907fd5a08094d98883a35