SWEAT Light Report

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A move-to-earn app on the Near chain

  • SWEAT is the token of the Sweat Wallet app, a move-to-earn health app, and in the broader SWEAT Economy.
  • Once the Token Generation Event takes place, every existing Sweatcoin (on the web2 app) will be matched with an equal amount of SWEAT. The SWEAT token will be available as an ERC-20 (Ethereum) token and NEP-141 (NEAR) token. SWEAT is native to the Near blockchain. 
  • The total supply of SWEAT is uncapped.
  • SWEAT is minted by verified movement. Therefore a stable number of users increases minting “input” (steps). A change in user habits, for example, if all users start walking more because of intention and rewards, increases the input.
  • SWEAT is used in the Sweat Economy as rewards, gameplay and governance.
  • Parties interested in publishing advertisements on the Sweatcoin app must pay in SWEAT to access the customer base. Transaction fees on the app are also paid in SWEAT. 
  • The suite of products featured in the Sweat ecosystem includes a Sweat Wallet, NFTs, and a fiat on-ramp.
  • The revenue generated by the NFTs, DeFi activity, advertisements, and the alternative movement validators as part of the Sweat ecosystem will at first go to the Sweat Foundation, and will be used for buyback and burn. Thereafter, it will go to the Sweat DAO, which will be governed by veSWEAT (locked SWEAT for governance).
  • Users can stake SWEAT in the Sweat Wallet app to earn yield and access rewards. 
  • Sweatcoin was founded by Oleg Fomenko, Anton Derlyatka, Egor Khmelev and Henry Child.

 

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