The new cryptocurrency of the Sweat Economy (SWEAT) is racking up milestones, with over 120 million users worldwide counting their steps. Indeed, walking for crypto has never been trendier, with Sweatcoin releasing its very own cryptocurrency on September 13th, 2022. Moreover, more of Sweat Economy (SWEAT) is being staked, in large part due to the fact that the freshly released app offers 12% yearly APY for users worldwide, among other benefits.
45 million SWEAT staked, and counting... Minute by minute, users are staking more SWEAT in the Sweat Wallet app to • Earn up to 12% yield • Access amazing rewards #walkintocrypto pic.twitter.com/9cURQ4GBM5— Sweat Еconomy (@SweatEconomy) September 20, 2022
To celebrate the launch of the token, Sweatcoin launched the Sweat Wallet app, which converted the company’s native Sweatcoin token into its new crypto. The Sweat Wallet app has gone on to become the most popular dApp in Web 3.0, according to DappRadar, even surpassing PancakeSwap & Gameta.
As the app continues to unlock the collected Sweat Economy (SWEAT), its more than 120 million members worldwide can now transfer $SWEAT to one another. Sweatcoin’s next step, its NFT section, will give NFT enthusiasts will have the chance to sweat their guts out to obtain their desired NFTs. It is currently unknown how big the Sweatcoin NFT marketplace will be, but the crypto community is hopeful due to the the original Sweatcoin app becoming the most downloaded app in 66 countries worldwide.
One week since $SWEAT token launch, and the Sweat Wallet is the most used DApp in Web3 on @DappRadar.Thank you to our amazing community for the support! This is only the beginning of the journey pic.twitter.com/gd1XJmgI5X— Sweat Еconomy (@SweatEconomy) September 20, 2022
A number of high profile crypto platforms have added support for the new cryptocurrency just a week in, with the latest to include $SWEAT being Coinbase (NASDAQ:COIN) Prime. Other exchanges to have been won over by the first-ever cryptocurrency that can be mined simply by walking include KuCoin, OKX, and FTX.
Coinbase Prime now supports custody of SWEAT (ERC-20) @CoinbaseAssets #walkintocrypto pic.twitter.com/6wtZHtxVGr— Sweat Еconomy (@SweatEconomy) September 21, 2022
On the Flipside
- The new token has not been immune to the bear market, despite its acceptance by crypto exchanges.
- Although it reached an ATH of $0.09 on launch day, $SWEAT has since dropped half of its market value.
Why You Should Care
Sweatcoin is pioneering the paid-to-walk niche of crypto with a first of its kind technology. The app is proving to be extremely popular in Western Europe, breaking a public record sale before even launching.
Learn more about ‘paid to’ activities involving crypto:
“Shitpost-to-Earn”: Solana-Based NFT Project Rewards Sarcasm on Twitter (NYSE:TWTR)
Sex-to-Earn Economy: an Unexpected Evolution of Move-to-Earn and Play-to-Earn