The Sweat Team releases Tokenomics update
The new update to the free fitness app increases the minting difficulty rate of the $SWEAT token up by 400% in an effort to form a sustainable economy.
The update was introduced on Monday, October 10 at 12:00 UTC in an effort to provide a “significant inflation reduction” by making the minting difficulty increase at a 400% faster rate. “We want to create a sustainable economy, and future-proof your tokens. The SWEAT you hold now, and the SWEAT you have staked in Growth Jars, can benefit from this new measure,” says the development team in this official Medium post, which shows the difference between the new minting difficulty formula and the old one using 2 different graphs. One graph displays the walking token emission curve, while another shows “how many steps will be required to mint 1 SWEAT over time.” The new formula may be adjusted over time depending on how things go.
The $SWEAT token officially launched on a couple of exchanges last month, turning Sweatcoin into a move-to-earn blockchain fitness app available on Android and iOS devices via the Google Play Store and Apple App Store respectively. Those who’d like to have their steps turned into the recently-released token should also install the Sweat Wallet app, where they can send their tokens to other addresses, but also stake them in “Growth Jars” in order to earn up to 12% more tokens per year. There are 3 Growth Jars: The Starter, The Regular and The Popular. The first one locks up the tokens for 3 months for 3% per year, 2nd one is 6 months for 6% per year and the last one is 12 months for 12% a year.