Summary of Sweat Economy’s Web3 Wallet and SWEAT Token Launch in the US
• Sweat Economy is a web3 project that seeks to unlock the economic value of movement by launching its native token, SWEAT, and its Web3 wallet application.
• The launch is scheduled to coincide with the first anniversary of the venture’s global launch on September 12th.
• Starting on that date, US Sweatcoin app users will receive their allocations of SWEAT tokens in proportion to their current ‚Sweatcoin‘ holdings and can start earning more SWEAT tokens for their steps right away.
Sweat Economy: Unlocking Economic Value through Movement
Sweat Economy is a web3 project seeking to unlock the economic value of movement by launching its native token, SWEAT, and its Web3 wallet application. The venture has operated a Web2 application called Sweatcoin app which has been available in the US market since 2016. It rewards millions of US users with loyalty points called ‚Sweatcoins‘ for their steps 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 regulatory barriers in the US at that time.
Re-Launch Scheduled for September 12th
The re-launch is scheduled to coincide with the first anniversary of the venture’s global launch on September 12th. At this time, US customers will be able to install the Sweat wallet application and receive their allocations of SWEAT tokens in proportion to their current ‚Sweatcoin‘ holdings. Additionally, they can start earning more SWEAT tokens for their steps right away as opposed to just receiving loyalty points as before.
Tokens Will Be Distributed from Existing Allocations
The team emphasized that tokens will not come from additional token emissions but from existing token allocations instead. This means that no new coins are being issued or created; they are simply being distributed differently than before so that everyone gets an equal share depending on how much they have already earned or invested prior to this point.
Oleg Fomenko Comments On Development
Commenting on the new development, Founder Oleg Fomenko said: „It is a great pleasure to finally be able offer our solution here in America after all these years.“ He noted that this would not only benefit users who have been using Sweatcoin app since 2016 but also those who were locked out from participating in last year’s TGE due to legal barriers at that time.