Cash in on your fitness goals with Sweat Coin 

Cash in on your fitness goals with Sweat Coin 

April 1, 2023 Off By Mags Smith

If you like many people have pledged to get back into your fitness routine in 2023, Sweatcoin might be just the app to help you burn calories whilst bulking up your budget. 

Sweatcoin is an app that rewards you for burning calories by rewarding you with, their native cryptocurrency token, Sweatcoins. 

With over 120 million users since its launch in 2016, the app has proven to help get its users moving, with users of the app seeing a 20% activity increase. Whilst the idea of rewarding users for doing exercise isn’t entirely new and is something that has been happening for years, in one way or another, through apps like Fitbit, Apple Fitness, or even Strava. However, the Sweatcoin app doesn’t just give you bragging rights to the winner of the day, or week, it also gives you rewards through their native token, Sweatcoin (SWEAT). For every 1,000 verified steps, you will receive 1 Sweatcoin. 

These tokens can then be redeemed for swag in the Sweatcoin marketplace. You can also exchange your tokens for goods, services, or you can put your token earnings towards a greater good charity, such as donating to an environmental, humanitarian, or animal preservation cause. This is something other apps don’t currently do in this space. 

Even though Sweatcoin has been around since 2016, it was only announced that the app would get its own fully fledged cryptocurrency token in April 2022, which was later launched in September 2022. Before the SWEAT token was launched as a cryptocurrency, the Sweatcoin tokens previously given to users had no use case outside of the app beforehand. 

This launch of the SWEAT token went hand in hand with the release of SWEAT economy. This also saw the release of a wallet, that can be used for storing your hard-earned SWEAT tokens outside of a centralised exchange (CEX). 

A few further features have also been outlined in the SWEAT lite paper, that are due to be released, including: 

  • SWEAT Staking – Allowing users to get interest on their SWEAT tokens. See our complete guide on what is cryptocurrency staking here
  • SWEAT NFTs and Marketplace – You will be able to sell and buy third party NFTs using SWEAT tokens. 
  • SWEAT DAO – Governance, and voting, of the token will be handed over from the SWEAT foundation, to the Sweat DAO, through the use of locked veSWEAT. 
  • New Movement Validators – The validation process will be de-centralised, allowing for third parties to also act as movement validators. This will help to bring different types of physical activity to the SWEAT economy, including the likes o swimming and cycling. 

As well as being able to earn the token through exercise, Sweatcoin (SWEAT) is also traded on a number of crypto exchanges. These currently include the likes of Bitget, OKX, Bybit, Bitmart, and MEXC Global. 

It’s available on both IOS and Android, making it widely available. More importantly the app is also free.