Sweat Wallet Sets Aside 690M $SWEAT for US Debut
Sweat Wallet has set aside $690 million, in $SWEAT tokens for its U.S. Debut marking a milestone just over a year after its Token Generation Event.
A New Era for U.S. Residents
The announcement from Sweat Wallet is in response to the requests, hopes and dreams of its community. Now residents of the United States and several other countries including the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe and Uganda will have access to $SWEAT and the Sweat Wallet platform. This move will benefit more than 320,000 users who had already ventured into cryptocurrency before the launch as they will receive their share of $SWEAT based on the sweatcoins they have accumulated.
The path leading up to this moment began with the Token Generation Event on September 12th, 2022 when 4.8 billion $SWEAT tokens were created for users to claim. However, not all of them were claimed. Fast forward to June 14th 2023 when the $SWEAT community collectively decided to transfer 2.5 billion tokens held by users back to the treasury account of Sweat Foundation. Following this decision-making process, the community voted to burn 1.8 billion of those tokens while allocating the remaining amount, towards supporting the U.S. Launch.
Although the original plan was to provide a 1:1 conversion of Sweatcoin to $SWEAT, for users in the launched countries on October 17, 2023. However, regulatory constraints made it impractical. To elaborate, due to the one-year timeframe given to these countries' users to accumulate steps and the adjustment in minting rates, it was considered unfair to offer a 1:1 conversion ratio. As a result at the time of launch, sweatcoins were converted into $SWEAT based on each user's share of accumulated sweatcoins using a ratio of 0.852571:1.
It is important to note that Sweatcoin and Sweat Wallet are two applications with functionalities. While Sweatcoin tracks steps and provides a marketplace for spending sweatcoins Sweat Wallet serves as the platform where users can claim their $SWEAT tokens and engage in activities such as earning, saving, sending, receiving, spending and trading currencies. Currently, it takes 4,626 steps to mint one unit of $SWEAT.
The Sweat Team interacted with the community by participating in events such, as the Permissionless Conference conducting giveaways on Twitter and hosting an AMA session on the Sweat Economy Twitter Space on October 16, 2023. The AMA, which included Oleg Fomenko and David Jones as speakers had an attendance of more than 200 community members. Additionally, the recording of the session received over 2000 views within the following 24 hours.