Sweat Economy

<a href="https://sweateconomy.com/" rel="noopener noreferrer nofollow">Sweat Economy</a>, the renowned company responsible for the widely-used health and fitness app Sweatcoin and the popular dApp Sweat Wallet, is gearing up to <a href="https://medium.com/sweat-economy/sweat-wallet-minting-pause-576000b0f551" rel="noopener noreferrer nofollow">introduce</a> an innovative feature called “Minting Pause” in the coming weeks. This groundbreaking update marks a significant milestone as it becomes the first move-to-earn project to curtail the ability of idle users to mint tokens.By implementing this feature, the Sweat Economy team aims to actively encourage and incentivize consistent engagement from its 6 million global users within the ecosystem. This forward-thinking approach emphasizes the company’s commitment to fostering a dynamic and participatory user experience.<h2 id="header-0">A More Balanced and Sustainable Token Ecosystem</h2>The introduction of this pioneering update is strategically aimed at driving user motivation towards increased physical activity and deeper engagement with the project. By encouraging users to be more physically active, the update promotes a healthier lifestyle while also fostering a stronger connection to the project. Additionally, this innovative feature plays a crucial role in enabling the team to effectively manage the circulating supply of SWEAT tokens, ensuring a more balanced and sustainable token ecosystem.In the upcoming weeks, the Sweat Wallet will introduce the gradual rollout of its Minting Pause feature. This innovative functionality will automatically halt the minting of SWEAT tokens for users who have remained inactive within the app for a period of 60 days. By identifying these idle users within the Sweat Economy ecosystem, the feature will temporarily suspend their ability to earn SWEAT tokens based on their physical activity.To reactivate the minting process, users will simply need to open the Sweat Wallet app, which will promptly resume their ability to mint tokens. This dynamic approach encourages consistent engagement and incentivizes users to actively participate in the token-earning process. The implementation of this feature will have a significant impact on both users and the tokenomics of the project.One notable effect is the utilization of “loss aversion” to bolster user engagement within the Sweat Wallet app. Emphasizing the tangible value of users’ movement incentivizes them to become more physically active. Furthermore, the growth of an actively engaged audience within the Sweat Wallet app enhances the potential for monetization and generates higher revenues.These revenues are subsequently utilized to purchase tokens on the open market, contributing to the project’s overall financial strength. Additionally, temporarily pausing SWEAT token minting for unengaged accounts reduces the emission of tokens, accelerating the project’s progress toward achieving deflationary tokenomics. This strategic move helps establish a more controlled and sustainable token supply, further supporting the project’s long-term objectives.<h2 id="header-1">Creating a True Economy of Movement</h2>As a community-driven Web3 project, Sweat Economy prioritizes open dialogue and inclusivity by organizing <a href="https://discord.gg/sweateconomy" rel="noopener noreferrer nofollow">Discord community</a> discussions before and after the feature launch. This approach ensures transparency and creates valuable opportunities for users to share their feedback and insights. Sweat Economy establishes a strong foundation of trust and collaboration by involving the community in the decision-making process.The introduction of the Minting Pause feature marks a significant milestone in the move-to-earn space, solidifying Sweat Economy’s position as an industry pioneer. This groundbreaking initiative sets a new standard for the industry and exemplifies Sweat Economy’s unwavering commitment to innovation and leadership in the field of token-based earning platforms.Talking about this groundbreaking feature, Oleg Fomenko, the co-founder of Sweat Economy, said: “We’re more than excited to launch this feature which allows us to take further steps in motivating people to walk more and improve our tokenomics by reducing supply and increasing demand for SWEAT tokens.”Founded in 2015, Sweat Economy is a prominent advocate of healthier lifestyles, actively encouraging individuals to engage in physical activity. Their flagship app, Sweatcoin, achieved global recognition in 2022 as the most downloaded health and fitness application. With over 130 million users, Sweatcoin incentivizes increased movement by <a href="https://sweatco.in/app/crypto-onboarding?source&#61;medium" rel="noopener noreferrer nofollow">allowing users to earn</a> “sweatcoins,” often referred to as ‘Airmiles for steps.’These digital assets can be redeemed for a variety of branded products, digital services or donated to charitable organizations. Last summer, Sweat Economy expanded its offerings by launching the Sweat Wallet app and introducing its native cryptocurrency, $SWEAT. This move aimed to further reward users and establish a tangible financial representation of their physical activity.Through an extensive airdrop campaign, the company distributed tokens to over 14 million users, marking one of the largest crypto giveaways in history. Leveraging the decentralized power of Web3 technology, Sweat Economy is actively working towards building a genuine economy that merges health and wealth, creating a seamless intersection between physical activity and financial value.

Sweat Economy Introduces “Minting Pause,” A Revolutionary Tokenomics Approach

Table of Contents

BlockchainReporter

Other articles published on Jun 1, 2023

EU Study Recommends Default Security Status for Crypto Assets and Legal Recognition for DeFi

Georgian Central Bank Initiates Anti-Money Laundering Investigation into Crypto Firms

Uphold Launches New Uphold Institutional OTC Trading and Research Services

OKX Introduces BRC-30, to Bring in Staking Mechanism for BRC-20 or Bitcoin

Google Bard Predicts Shiba Inu and Tradecurve Price Outlook for 2023

LasMeta Integrates Smart Contracts with Aegis Monitoring (LossLess): Ensuring Security and Effici...

Join our free newsletter for daily crypto updates!