Hey folks, if you’ve ever dabbled into any crypto move-to-earn projects or platforms, then you’ve probably already heard of Sweatcoin — an app that was launched way back in 2016 that has now amassed more than 120 million users worldwide.

Over the year’s there’s been many other move-to-earn or “Fit-fi” projects out there (mostly unsuccessful) that have tried to incorporate different gamified models and NFT projects such as STEPN and MetaGym. Removing the need to buy an NFT or trying to gamify your way to maximized yields, Sweatcoin has kept it free and simple and users earn $SWEAT in relation to how many steps you walked in a given day.

For the first several years of its existence, Sweatcoins weren’t actually tokenized on any blockchain and users could only use their Sweatcoins to redeem for items directly on the Sweatcoin app, whether it be for paypal gift cards or a hotel stay in Iceland. Fast forward to 2022, the Sweatcoin team finally launched $SWEAT onto the Ethereum blockchain, but only for people from certain countries, most notably NOT in the United States.

Americans can now start earning $SWEAT

Announced in their Discord on 8/22/23 and also advertised within the app itself, American Sweatcoin users will finally be able to opt into the $SWEAT economy, presumably by mid September 2023:

In order to prepare for the crossover, users are now able to download their own Sweat Wallets where their existing Sweatcoins will be converted into $SWEAT:

How much can you earn with Sweatcoin?

This is probably the most number one question asked from most Crypto-users, but let me just say it plainly — Sweatcoin isn’t going to make you a millionaire. (Or perhaps more clearly, Sweatcoin can’t make you a millionaire now, but it may have made you a millionaire if you got into the 2022 presale, buying $SWEAT at $0.007 and then dumping on retail when it hit all time high’s of around $.09.)

Speaking of ATH’s, currently $SWEAT trades at approximately 99.3% below ATH’s and its been pretty much bleeding out since:

In addition to the bleeding price, $SWEAT also has been made increasingly difficult to earn. Upon launch, 1 $SWEAT could be accrued from walking 1,000 steps; today the number is 1 $SWEAT per 4,000:

Regardless if there’s 4x the minting/mining difficulty, with more than 120 million users this also indicates that there’s probably a lot of dilution.

And yes. There’s a lot of dilution.

$SWEAT Tokenomics

Apart from what was sold during presales, future tokens are only minted by user movement:

This sounds nice in theory, but what the graphic above doesn’t show is exactly how many tokens there are left to unlock — the 90% linear unlock over the next two years. If we take a more accurate graph from token.unlocks.app, it paints a slightly more grim albeit realistic one:

Its been barely a year since launch and there’s roughly 12–13 billion $SWEAT left to unlock. According to Coingecko and Coinmarketcap, there’s approximately 6–7 billion $SWEAT in circulation, meaning that the price today ($0.0067) will undoubtedly get diluted over the next the next few years.

Once again, Sweatcoin probably won’t make you a millionaire.

Conclusion:

I’ve been using Sweatcoin since 2018, and not having made a single redemption, I’ve earned approximately 13,000 Sweatcoins. By today’s prices if these were converted to $SWEAT this would be roughly…$87.

Now you might be thinking that this is a complete waste of time, but I would argue that even though I’ve been using the app for nearly 5 years — the time it took to write this article probably is more than the amount of work I’ve spent on maintaining the app.

The bottom line is that Sweatcoin does provide a monetary incentive for people to be active, and as long as you’re not spending a lot of time speculating on price, it provides a win-win scenario for a lot of people that could use that little extra push.

If you’re interested in trying out the Sweatcoin app and earning your own $SWEAT, please consider supporting this blog and using my referral link, I think it gives us both 5 $SWEAT (yes, that’s $0.035) if you join.

Thank you everyone for continuing to be part of this journey with me and for taking the time to read this. Be sure to follow me on twitter (https://twitter.com/CryptosWith) to get all my latest updates. Also, looking for a gift for your Crypto-loving/hating friend? Give them a REKT journal to cheer them up!

Disclaimer: And as a final reminder, this is not financial advice and this is for educational and entertainment purposes only. Please as always, do your own research and find what investments are best for you. Cheers everyone!