Sweat Economy Team Introduces DeFi Jars to Wallet App
DeFi Jars are overhauled Growth Jars that allow Sweat Wallet users to claim earnings in real time. The smart contracts have been audited by Web3 security agency Hacken.
The team behind Sweat Economy, the Web3 side of one of the most popular free walk-to-earn apps, Sweatcoin, has announced that they have now introduced DeFi Jars to Sweat Wallet, allowing users to claim earnings from Growth Jars in real time.
What Is a DeFi Jar?
A DeFi Jar is an overhauled Growth Jar that is fully decentralized and as has been the case, lets you stake your $SWEAT tokens by looking them for a certain duration. Previously though, this was centralized, meaning you didn’t have complete control, but now, you have full ownership of your tokens and unique private key as tokens now get locked up in a smart contract only you have access to, with no information getting stored or sold by the app developers in the process. This means that when you use the Sweat Wallet to lock up tokens in these Growth Jars, the non-custodial wallet now gives you more control by letting you claim earnings in real time whenever you want, with the option to instantly refill once a Jar unlocks.
Due to the risks that come with the nature of decentralized finance, the team has taken various measures in an effort to minimize vulnerabilities, such as by limiting these Jars to Sweat Wallet users only, allowing the developers to keep the Jars “safe from hackers who are trying to bypass the Sweat Wallet application and interact with the contract directly.” Users also have the option to generate a new seed phrase if they feel their first one has been compromised. According to the announcement, these revamped Jars have also been peer-reviewed by the technical team at NEAR, as well as internally and externally reviewed by security agency Hacken, who have formally audited these smart contracts.
Next to DeFi Jars, the team is also planning on introducing Flexible Jars, which will provide low earning potential but let you completely move tokens in and out at any time, even before the Jar unlocks, with earnings set to be claimable every 48 hours. Next to this, there are Premium Jars which are slowly rolling out and provide up to 24% APR to users who own a Premium Jar subscription.