Key Takeaways:
- Sweat Economy is updating its tokenomics system with the “Minting Pause” feature.
- The “Minting Pause” feature will gradually onboard 6 million new users and encourage physical activity.
- Pausing token minting for inactive accounts decreases emissions and accelerates progress toward deflationary tokenomics.
Sweat Economy is the brand behind the trending health and fitness app Sweatcoin, and its dApp Sweat Wallet. In the coming days, it will update the tokenomics system and announce the “Minting Pause” feature. The main purpose of this update is to gradually add 6 million global users in the ecosystem to the system.
This update will encourage users to be more physically active and show more interest in the project. Additionally, it will contribute to better management of the circulating supply of Sweat Tokens for the team.
The Minting Pause will be gradually rolled out to Sweat Wallet next week. All users who do not interact with the application for 60 days will automatically stop producing Sweat Tokens. Users will need to activate minting again by opening the Sweat Wallet app, which will promptly restart the process of creating new tokens.
Effects of Minting Pause Feature
- Minting Pause will use the concept of “loss aversion” to motivate users to stay connected with the Sweat Wallet app, reminding them that their physical activity has real value and encouraging them to be more active.
- As the number of active users on the Sweat Wallet app grows, there is more significant potential to generate income and higher revenues, which can be used to purchase tokens from the market.
- The emission of tokens is reduced by temporarily pausing the minting of SWEAT tokens for inactive accounts, leading to faster progress in achieving deflationary tokenomics for the project.
Sweat Economy is the community’s first web3 project and values user feedback. For this reason, he frequently organizes discussions on his Discord server to provide input, transparency, and opportunities. The Minting Pause feature was introduced for the first time among projects in the Move-to-Earn category, demonstrating Sweat Economy’s industry leadership.
Oleg Fomenko, Co-Founder of Sweat Economy, stated they are happy to launch this feature, which reduces the supply of sweat tokens, encourages people to walk more, and provides an opportunity to develop tokenomics.
About Sweat Economy
Sweat Economy was founded in 2015 and is an ecosystem that encourages people to move more and live healthier. It was the world’s most downloaded health and fitness app in 2022, reaching over 130 million users. In-app tokens earned as you move can be used to donate to branded goods, digital services, and charities. Last summer, the ecosystem’s cryptocurrency Sweat token and app wallet Sweat Wallet were launched.
More than 14 million users were given free tokens through an airdrop, making it the most giant cryptocurrency giveaway ever. By utilizing the decentralized capabilities of Web3, the company is making significant progress in establishing a real economy that combines physical well-being and financial prosperity.
