By Stephan Roth on Friday 26 August 2022
Popular fitness app is preparing to transition to web3 with its SWEAT token launch.
Fitness app Sweatcoin will host a web3 sale for its new SWEAT token on DAO Maker's crypto launchpad as it aims to increase the interoperability of customer rewards.
Sweat Economy has been on a mission to promote healthier living by encouraging users to be more active. Through its Sweatcoin app, users are incentivized to get off their seats by receiving a sweatcoin for every 1,000 steps.
Under Sweatcoin’s current web 2 move-to-earn model, users can only redeem their earnings for branded products specific to the Sweatcoin app.
By creating a blockchain-operable SWEAT token and subsequently moving to a web3 model, users can now take their earnings and use them across blockchain projects.
Initially built on the NEAR blockchain, SWEAT will be compatible with both ERC-20 (Ethereum) and NEP-141(NEAR) protocols, giving users access to both ecosystems.
Since April, Sweatcoin has looked to launch SWEAT and platform DAO Maker has now agreed to launch SWEAT on its platform.
DAO Maker is token fundraising platform for startups is home to more than 500,000 users, with the company backing over 100 projects since operations started in 2017.
"The selection criteria is rigorous, with a focus on high potential projects or startups with a strong established user base," said Hatu Sheikh, chief strategy officer at DAO Maker.
Launched in 2016, Sweatcoin has attracted over 110 million users across the globe, with users raking in more than $70 million worth of goods and services.
The fitness app’s wide appeal and success are a "brilliant fit for DAO Maker launch criteria", Sheikh added.
SWEAT is set to launch on 5 September, with all sweatcoins held by users set to be matched with SWEAT tokens. A Sweat Wallet will accompny the launch.
Oleg Fomenko, the co-founder of Sweat Economy has said: "We are delighted the day is finally here, yet we know the launch is just the beginning."
More than 12 million users have already opted in to receive SWEAT, which will be hosted on the DAO Maker launchpad on Sept. 5 at 12:00 UTC.