SWEAT Economy: The New Move-to-Earn App That Could Dethrone STEPN

Source : beincrypto.com

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The crypto space is fraught with several opportunities to reward individuals for participation. In less than two weeks after its launch, SWEAT is focused on becoming the new king in the move-to-earn niche, taking the crown from STEPN.

The free move-to-earn blockchain platform started as a web2app in 2016, rewarding every user with one Sweatcoin for every 1000 steps. This reward is convertible to digital products and even cash.

According to the project developers, the goal was to make the world healthier. Now, the developers believe the time is right to move on-chain, deploying on the NEAR blockchain.

SWEAT Economy: Move-to-earn

SWEAT is the native token of the Sweatcoin ecosystem. The token can be earned through physical activities. Like Sweatcoin, users can make one SWEAT for every 1000 steps.

Meanwhile, SWEAT can be earned for all movements, but a user can only earn a maximum of 5 daily. The token issuance difficulty is expected to increase over time, which means users need more steps to earn a SWEAT.

SWEAT has a total supply of 21 billion tokens which will be fully vested by September 2026. Already, Sweatcoin has airdropped 4.7 billion SWEAT to 13.5 million wallets -the largest airdrop in the space.

The big vision

SWEAT developers have big dreams for the project. The developers plan to release NFTs like rivals to provide users with more reward opportunities.

The developers revealed plans to create a DAO, introduce a referral bonus, and build a crypto exchange and an NFT marketplace. The developers also highlighted that they are eyeing the possibility of their native token being used as gas fees for the ecosystem.

Since its launch, Sweatcoin and the Sweat Wallet have enjoyed enormous community support, emerging as the top apps in several categories and countries.

SWEAT token’s value dropped after peaking at $0.091476. It is trading at $0.029608, dropping 21% in the last 24 hours. However, the token has risen by over 300% from its value at launch.

Fierce Competition

While SWEAT is relatively new in the move-to-earn space, the project faces steep competition from storied rivals like Solana-based STEPN, which boasts over 4 million registered users across 200 countries.

STEPN recently celebrated its first anniversary and has cemented itself as a force to reckon with in the industry. Its growth has seen it pivot to other blockchains like Ethereum and Binance Smart Chain.

However, the tokens of the ecosystem have faced some level of decline leading to questions about its tokenomics. STEPN’s GMT token has crashed by over 80% from its all-time high.

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