- Sweat Economy is a web3 project that seeks to unlock the economic value of movement.
- Its Web2 Sweatcoin app has been available in the US market since 2016.
- It is set to re-launch its SWEAT token and Sweat Wallet after a previous launch was frozen.
Sweat Economy, a Web3 project seeking to unlock the economic value of movement, is planning to re-launch its Sweat Wallet application and its native token, SWEAT, in the United States later this year.
The launch is scheduled to coincide with the first anniversary of the venture’s global launch on September 12.
The Sweat Wallet
Sweat Economy operates a Web2 application called Sweatcoin app which has been available in the US market since 2016. The app rewards millions of US users with loyalty points called ‘Sweatcoins’ for the steps they make when walking.
Last year in September, Sweat Economy launched its native token called SWEAT alongside its Web3 wallet application called Sweat Wallet but it failed to pass the regulatory barriers in the US. The wallet, which currently operates in other parts of the world, has been consistently ranked top 10 Blockchain Dapps on DappRadar their Token Generation Event (TGE) in September 2022.
The US customers were however locked out of the original Token Generation Event (TGE) making them unable to receive their $SWEAT allocations or start generating new $SWEAT tokens by walking.
Distributing SWEAT tokens to US users
But that is set to change starting September 12, 2023, when US residents will be able to install the Sweat wallet application. Starting on that date, US Sweatcoin app users will receive their allocations of SWEAT in proportion to their current ‘Sweatcoin’ holdings and can start earning more SWEAT tokens for their steps right away.
Explaining the US SWEAT tokens distribution, the team emphasized that tokens will not come from additional token emissions but from existing token allocations.
Commenting on the new development, the Founder of Sweat Economy Oleg Fomenko said:
“It is a great pleasure to finally bring Sweat Wallet to the US market. Since last year, we have been inundated by requests from our US users, who have been desperate to… literally… walk into crypto. Although we wish we could have made this announcement last year – better late than never! It’s wonderful to announce the good news to our millions of US-based users now.”
In addition to earning SWEAT tokens for walking, users will also be able to access a crypto trading facility, learn and earn, and play the Sweat Hero NFT game, all from the Sweat Wallet app.