The Sweat Economy team has announced a brand new SWEAT Staking milestone in its vision to onboard millions of people into web3. The move to earn app has just announced that it has distributed over 31,000 rewards in the Sweat Wallet.
These are all staking rewards and are designed to encourage users to stake SWEAT, the main native token of the Sweat Economy ecosystem. The milestone comes less than three months after the project went live.
31,000 rewards distributed to Sweat Wallet users🎁
What was your favorite reward? What do you want to see next?➡️
Check out the winners addresses here👇⛓️https://t.co/H6I4c0g3lt pic.twitter.com/GDYE1riHJ1
— Sweat Еconomy 💧 (@SweatEconomy) December 16, 2022
Sweat Staking Rewards: A Complete Breakdown
When SWEAT launched through a public Token Generation Event in early September, the Sweat project team clarified that staking would be an integral part of its utility.
To this effect, the move-to-earn app put a series of conditions allowing users to stake SWEAT and earn incredible benefits.
The team decided to make staking easy by fully integrating it into the Sweat Wallet. In addition to this, Sweat wanted to fully incentivize users to stake, and as such, the app announced some major rewards for SWEAT stakers. It’s now been three months, and so far, SWEAT staking has simply taken off.
What Kind of Rewards Has Sweat Distributed?
The rewards pool for SWEAT stakers cuts across a huge variety of items. However, the biggest chunk of the 31,000 rewards distributed so far comes from NFTs. In fact, over 10,000 NFTs have been distributed in the SWEAT wallet since the project was launched.
Sweat Economy also delivered the biggest NFT mint in the history of the Near Protocol because of these rewards. Additionally, Sweat has partnered with NFT marketplaces, including Paras, to offer exclusive NFTs to its Sweat Wallet users.
Although it’s been weeks since a major NFT reward program was announced, it is likely that these NFTs will continue to be an integral part of the SWEAT Staking rewards system.
In addition to NFTs, users have also been lucky enough to get a wide range of electronic gadgets, signed sports jerseys, concert tickets, and so much more.
Cash and Crypto Rewards
To make things even more interesting, the Sweat team has also unleashed both crypto and cash rewards in the Sweat Wallet. The M2E project started off with USDC rewards, where tokens worth $12,500 were distributed in October.
This trend has continued with crypto as well. Sweat Economy regularly offers BTC and ETH rewards in the wallet too.
1₿TC giveaway live in Sweat Wallet! 0.2 BTC for 5 SWEATers.
Check out the winners of the last giveaway here👇https://t.co/1zJYcfLbEe pic.twitter.com/UDW8FGpKz6
— Sweat Еconomy 💧 (@SweatEconomy) December 16, 2022
In fact, the app has offered 1 BTC, divided between 10 lucky users, several times over the last few weeks. According to data from CoinMarketCap.com, the current price of 1 BTC is around $17,000. The project has also stepped up its ETH giveaways.
Crypto and cash rewards are much bigger incentives for the Sweat team. They will continue to play a critical role in expanding Sweat Staking in the future.
SWEAT Staking: The Numbers So Far
As noted above, the incentives regime unleashed by the Sweat economy team has set up SWEAT staking on a path of success. According to the most recent update from the Sweat Economy team, over 220 million SWEAT tokens have already been staked.
Please keep in mind that this update came out about three weeks ago. It is possible that this number has gone up, especially when you consider the kind of incentive rewards on offer.
In addition to this, over 2 million growth jars have also been created for SWEAT Staking. This means that over 2 million people are ready to stake their SWEAT coins.
💧SWEAT staking update!💧
Two million Growth Jars have now been created on-chain through the Sweat Wallet! 🎁 pic.twitter.com/ALpR9YEXu0
— Sweat Еconomy 💧 (@SweatEconomy) November 22, 2022
From what we can gather from these numbers, it’s almost as if the number of staked SWEAT tokens is doubling every single month. While we don’t expect this to last forever, it clearly indicates just how popular SWEAT staking has become.
Utility in The Sweat Wallet
For a move-to-earn app, Sweat Economy has truly stepped-up efforts to bring DeFi into its ecosystem. In fact, the idea of launching SWEAT staking as part of the Sweat Wallet is designed to expand the DeFi utilities of this project.
Just recently, the project even moved further from DeFi and is now working on integrating NFTs and p2e casual gaming.
Through Sweat Hero, an interactive web3 game, users will be able to earn more SWEAT by playing this game. The Sweat team confirmed that the NFTs needed to play the game have already been released.
How many unique NFT designs are available in the first release of Sweat Hero (NFT Game) 👀🎁
Comment below 👇
A random winner will be chosen!🏅
— Sweat Еconomy 💧 (@SweatEconomy) December 12, 2022
Ultimately, Sweat Economy has often maintained that it wants to be more than just an M2E app. The platform wants to be an onboarding project that brings people into crypto through movement.
This is why it is working so hard to ensure that the utility of SWEAT and the Sweat Wallet as well extends well beyond move-to-earn.