Sweatcoin launches Sweat Wallet and $SWEAT token distribution for US users
On September 12, 2023, U.S. residents will be able to use the Sweat wallet to receive $SWEAT tokens proportional to their current holdings of Sweatcoin and earn more tokens through steps.Author: Sweatcoin
Compiled by: ChainCatcher
On September 12, U.S. users will be able to use $SWEAT and the Sweat Wallet!
September 12, 2023, marks the one-year anniversary of the launch of $SWEAT. On this day, U.S. residents will be able to receive $SWEAT allocations proportional to their current Sweatcoin holdings through the Sweat Wallet and immediately start earning more tokens through their steps.
If U.S. residents participated in the TGE, they will be able to claim amounts proportionate to their balances. This means that since we are using already available tokens, the impact on circulating supply is zero. Why is that?
At the TGE on September 12, 2022, the foundation minted enough $SWEAT to match all Sweatcoins ever minted. This allows Sweatcoin users to match their sweatcoin with $SWEAT.
Not all $SWEAT has been claimed, and this will be used for the upcoming distribution.
Why is it not a 1:1 claim? Well, regulatory circumstances meant we could not offer this 1:1 service in September 2022, and providing it now would be unfair to other parts of the ecosystem, as U.S. users have a year longer—plus a higher daily earning limit—to increase their sweatcoin holdings. Additionally, it would create market distortions, as minting $SWEAT is now nearly three times as difficult as it was six months ago.
Ultimately, your vision and ours will come to fruition, where every step you take will earn you real blockchain-based currency as a reward. We know that many U.S. residents have stopped using the app due to not earning $SWEAT. We are excited to invite you back to Sweatcoin—where you can log into your account and get ready for the launch of $SWEAT in the U.S.!
Keep an eye out for the "Step into Cryptocurrency" banner in the Sweatcoin app. We can't wait for you to join the Sweat Economy.
From day one, the community has called for the use of the Sweat Wallet and $SWEAT in the U.S. We are thrilled to say that the time is almost here!
The U.S. is a huge market for the spread of the Sweat Economy. To truly create an open movement economy, we need to make the Sweat Wallet and $SWEAT as widely available as possible globally. We are excited that the network can expand to the U.S. This marks a significant step forward for the project and its mission to incentivize global action.
