Popular walk-for-crypto app Sweatcoin experienced another rough week as its native cryptocurrency dropped 22% in the last 7 days. The health & well-being app, which has gathered an impressive userbase of 120 million users worldwide, has shrunk 5 times since its launch. In an attempt to solve the issue, Sweat Economy has proposed a “significant inflation reduction” plan, which aims to tighten its grip on the project’s circulating supply.
💧SWEAT TOKENOMICS UPDATE📢
— Sweat Еconomy 💧 (@SweatEconomy) October 10, 2022
Live today 12:00 UTC: significant inflation reduction mechanic.
• Minting difficulty increases 400% faster
• Massive tightening of token emission curve
Link: https://t.co/BEGXoLDMmW
Introducing the Sweat Mint Cap
Following the announcement, a ‘Sweat Minting Cap’ has been added to the popular app. At the time of writing, the base minting cap is set at 5,000 steps. Essentially, this means that only the first 5,000 steps a user makes per day will be converted into Sweat Economy (SWEAT), which launched on September 13th, 2022. The remainder of the steps will be converted into Sweatcoin’s native token Sweatcoin, which can be only used in-app.
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Ultimately, the measure increases the difficulty of minting Sweat Economy (SWEAT) twofold, as the free version of the step-counting app had previously let its users mint crypto by walking up to 10,000 steps per day. On the other hand, the premium plan increases the total Sweat Mint Cap by 1,000, which allows subscribed users to convert 6,000 steps into crypto per day, as opposed to the base 5,000.
📢SWEAT TOKENOMICS UPDATE📢
— Sweat Еconomy 💧 (@SweatEconomy) October 7, 2022
Significant inflation reduction coming in the next few days! Rapid increase of the SWEAT minting difficulty rate.
➡️This will massively tighten the tokens entering circulating supply.
Stay tuned! More details will be released in coming days... pic.twitter.com/irPSoFOeHJ
Sweat Economy’s (SWEAT) Price Slips Further
The last two weeks have been nothing short of a smackdown for Sweatcoin’s newly launched cryptocurrency, as it declined by 35% in value. At press time, Sweat Economy (SWEAT) trades at $0.0215, according to CoinGecko, which represents an 8.3% drop for the last 24 hours, and an eye-watering 22.9% weekly dip.
On the Flipside
- The premium Sweatcoin plan allows users to earn double the amount of Sweatcoin above the Sweat Mint Cap.
- Aside from making donations & providing discounts on partnered products, the app’s non-crypto Sweatcoin offers little utility.
- Sweatcoin risks its reputation waning due to the delays to the launch of the exchange feature.
Why You Should Care
Sweatcoin is currently the #1 health & well-being app in 66 countries, having attracted more than 120 million users worldwide.
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