Sweat Economy to Offer SWEAT Tokens and Sweat Wallet for US Users
On September 12th this year, US residents will be able to install the Sweat Wallet and earn SWEAT tokens.
SWEAT is finally launching in the USA
Sweat Economy, the company behind Sweatcoin, is set to launch Sweat Wallet and SWEAT tokens in the US on September 12th. The launch will coincide with the first anniversary of the token's global launch, allowing US residents to earn SWEAT.
Sweatcoin is a move-to-earn fitness app that initially rewards users with Sweatcoin, a non-crypto token that allows users to buy goods and services from partner companies. Later, the platform transitioned to Web3 by launching SWEAT, an openly traded crypto given out as a reward to users.
After launching SWEAT for several months, the team is bringing a Web3 version of the app to America. US residents could claim an amount in proportion to their balance if they participated in the token generation event (TGE). The SWEAT airdrop will not impact the circulating supply as the team will use the existing tokens.
To explain, during the TGE in 2022, the Sweat Foundation minted enough SWEAT to match all the Sweatcoins created. However, not every token was claimed at the time. As a result, some of these leftovers will be used for this purpose.
According to Sweat Team, a 1:1 claim was not available last year due to regulatory issues. Currently, such claims are unfair because US users had an extra year and a higher daily earning limit to increase their Sweatcoin holdings. It would also cause a market distortion, as it is now 3x harder to mint SWEAT than it was six months ago.
Nonetheless, the latest expansion is a much-needed move, as many US residents have stopped using the app due to their inability to earn SWEAT. The team believes that by launching SWEAT in the US, the company will be able to tap into one of the most important markets for its move-to-earn initiative.
