Evolved from Sweatcoin, Sweat Economy is one of the largest platforms in the Move to Earn category. With over 150 million active users participating in Web2 and Web3 ecosystems and a global presence, the platform is helping people stay in good health and earn simultaneously. 

How Does the Sweat Economy Work?

Sweat Economy founders built the platform to reward movement and help build a healthier planet. According to in-house research, Sweat Economy users are 20% more active after downloading the application. The principle behind the Sweat Economy is simple: people earn with movement. The more they move, the more they earn. The movement is recorded and converted to Sweatcoins only after it is validated by the Sweatcoin application. At the time of installation, users will be asked to integrate the app with Google Fit to authenticate their movement.

However, it is worth noting that from the day the platform started to the present day, the number of steps required to mint 1 SWEAT has increased significantly. At the time of writing, the steps required to mint 1 SWEAT are around 6,800, whereas it was only 1,300 in October 2022. This continuous increase in required steps further motivates users to engage in movement and translate their physical activity into valuable SWEAT.

From Sweatcoin to SWEAT

Sweatcoin is what users accumulate through movement, and it's a non-crypto virtual currency, whereas SWEAT is a cryptocurrency with relatively more use cases. The conversion from Sweatcoin to SWEAT happens as follows:

Users collect Sweatcoin by walking, running, or engaging in any other physical activity, and these activities are tracked by the Sweatcoin application. A separate application, Sweat Wallet, is required where users will have an individual SWEAT wallet to hold tokens. In the Sweatcoin application, there’s an option to convert the Sweatcoin balance into SWEAT. The conversion rate fluctuates and is determined by the Sweat Economy. The successful conversion leads to transferring the balance to the wallet, where it can be used for multiple purposes. Users can buy items, trade the currency, and stake it for a limited time to grow their earnings.

Uses and Benefits of SWEAT

In addition to allowing users to make purchases with SWEAT, the cryptocurrency serves a wide variety of other purposes. SWEAT has transactional value, enabling users to buy and sell NFTs in exchange for the cryptocurrency. 

Additionally, SWEAT can be converted into other cryptocurrencies and used to participate in liquidity provisioning. Beyond these benefits for users, SWEAT is also required by other projects and advertisers to access the 150 million Sweat Economy audience. 

Minting and Governance of SWEAT Tokens

SWEAT tokens are minted exclusively through physical movement, with no pre-existing supply. The community also decides on token burning, as demonstrated in July 2023 when 380,000 voters decided to burn $1.6 billion SWEAT tokens during a major governance vote. 

Minting SWEAT becomes progressively harder over time to maintain the token's value. For instance, at the time of writing, it takes around 6,800 steps to mint 1 SWEAT, compared to just 1,300 steps in October 2022. This increasing step requirement further motivates users to stay active and convert their physical activity into valuable SWEAT tokens.

Is it Easy to Earn Money with a Sweat Economy?

Sweat Economy pays people to walk, run, and engage in physical activities. But it’s not as easy as it seems to earn money here. In the end, it’s the consistency to be at it every day without fail that will attract a plausible reward. The Sweatcoins users earn are converted to SWEAT, which can be exchanged for discounts on purchases. 

Doing an activity pays off in the Sweat Economy, but there are other ways to earn, including referrals, NFTs, staking, games, and competing in marathons. Users can sell pre-owned NFTs from the Sweat Wallet application and also play games. Sweat Hero is a PvP game where two players compete to win the most points and $SWEAT. 

  • Growth Jars: Users can lock $SWEAT in Growth Jars for 10 months or 12 months and earn yields on the locked tokens. 
  • Trading: With the help of third-party providers, Sweat Economy users can exchange $SWEAT with various other tokens, including NEAR, AURORA, ETH, LNR, LONK, USDC, and NEAT, among others. 

Future Plans

The Sweat Economy has made great progress up to the first half of 2024 and has exciting plans for the second half of the year. One key development is the ability to use $SWEAT tokens to pay gas fees across multiple blockchain networks, making transactions smoother and easier for users.

Another major initiative is the launch of SweatPay, which will allow users to use $SWEAT tokens for everyday transactions, expanding the token's practical uses and utility. Additionally, the introduction of Sweat AI aims to personalize user engagement and improve the overall user experience using the power of artificial intelligence, although specific details about this feature are still forthcoming.

To increase liquidity, the Sweat Economy plans to implement multi-chain trade, enabling $SWEAT transactions across different blockchains. There will also be multi-chain quests, offering gamified experiences where users can earn rewards by participating in quests across various blockchains, further encouraging physical activity.

Movement GameFi will integrate gaming elements into the Sweat Economy, creating a more engaging and entertaining experience. The game Sweat Hero, already part of the app, represents the first step in this direction, with more gaming features set to be added over time.

Plans are set to include Movement GameFi and Decentralized Data Marketplace while establishing $SWEAT as the primary currency in the Movement economy.

Sweatcoin vs. STEPN

Sweatcoin and STEPN are both movetoearn apps that reward users for physical activity, but they have some key differences. Sweatcoin is free to use, while STEPN requires users to buy NFT sneakers to earn rewards. In terms of currency, Sweatcoin uses a single in-app currency called SWEAT, which can be redeemed for rewards, whereas STEPN uses dual tokens, GST and GMT, for utility and governance.

STEPN's decentralized approach offers more functionality and ways to spend rewards than Sweatcoin, but it also requires a higher level of understanding of crypto wallets and NFTs. Additionally, STEPN allows users to earn up to $100 a day, highlighting a significant difference in earning potential between the two apps.

To get started with the Sweat Economy app, first download it from the Google Play Store for Android or the App Store for iOS. Install the app and sign up using your email or social media accounts. During setup, integrate the app with Google Fit or Apple Health to track your physical activity accurately. Once set up, start walking, running, or engaging in any physical activity to earn Sweatcoins, which are tracked and validated by the app.