cryptocurrency: News of Sweat Economy (SWEAT) - July 2024 Price Update - 16.95% Breakout Crypto News and Analysis

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Explore the Core.

Sweatcoin is a highly popular mobile fitness app that was first launched in 2016. With over 110 million users worldwide, the app sets out to motivate healthier living by rewarding users for daily physical activity. Users are rewarded with an in-app currency — Sweatcoin, a non-crypto virtual token which functions as a monetary incentive to reward users for their physical activity. Users can now convert Sweatcoin to SWEAT — the crypto token — to claim real world prizes and experiences. At the time of writing in September 2022, Sweatcoin is ranked first for the most downloaded health and fitness app in 58 countries. Sweat Economy is the newly-launched web3 initiative of Sweatcoin. Within the Sweat Economy app, a crypto token, SWEAT and cryptocurrency wallet, Sweat Wallet are launched. Over 13 million wallets were created in four months since the launch. Further, Sweatcoin has raised $13 million in investor funding and is planning to hold a public token sale and strong hold offering on the DAO Maker launchpad.

Explore the Core.

Sweat Economy is a web3 initiative that has launched the SWEAT cryptocurrency and Sweat Wallet app. Sweat Economy is built on the NEAR blockchain and is designed to incentivize physical activity through a "Move-to-Earn" (M2E) model. Users earn SWEAT tokens by engaging in activities like walking, running, and other fitness activities tracked through the Sweat Wallet app. SWEAT tokens can be used to unlock rewards like Teslas, trips, and other prizes, as well as access premium features in the Sweat Wallet app. The SWEAT token supply is designed to be deflationary, with the token issuance rate decreasing over time and mechanisms like token burning to reduce the circulating supply.

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Spot the Main Event:

The recent significant development that has impacted Sweat Economy's price is the acceptance of a DAO proposal that led to a major upgrade in the tokenomics of the $SWEAT cryptocurrency. This proposal, which saw participation from over 150,000 unique users, includes a reduction in the monthly minting of $SWEAT by 30%. This reduction in supply is expected to create a more favorable supply-demand dynamic, potentially increasing the token's value as fewer tokens are introduced into circulation. The strong community engagement demonstrated by the large number of voters also reinforces confidence in the project's decentralized governance and future prospects. This positive sentiment and the anticipated impact of the tokenomics upgrade have acted as a breakout trigger, driving increased interest and demand for the $SWEAT token, and consequently, its price.

Explore the Core.

Sweatcoin is a mobile fitness app that aims to motivate people to lead healthier lives by rewarding them for physical activity. Launched in 2016, the app has garnered over 110 million users worldwide, making it the most downloaded health and fitness app in 58 countries as of September 2022. Users earn an in-app currency called Sweatcoin, a non-crypto virtual token, which they can now convert to SWEAT, a cryptocurrency. This conversion allows users to claim real-world prizes and experiences, bridging the gap between virtual rewards and tangible benefits. The recent acceptance of a DAO proposal within the Sweatcoin community has led to a significant tokenomics upgrade, reducing the monthly minting of SWEAT by 30%. This change, supported by over 150,000 unique voters, reflects strong community governance and involvement, which enhances the project's credibility. By addressing the challenge of maintaining motivation for daily physical activity through a novel rewards system, Sweatcoin effectively combines health and fitness with blockchain technology to create a sustainable incentive structure. This innovation not only encourages healthier lifestyles but also provides real-world value to its users through its cryptocurrency rewards system.

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