Sweat makes mega-moves into DeFi

TL;DR

New DeFi Jars are here, and users have full control over the $SWEAT they put in and the $SWEAT they grow.

Over 1M people have already placed 836M+ $SWEAT into Growth Jars, and now, we’re making the move to fully DeFi jars. Soon, all Sweat Wallet users will be able to grow their $SWEAT in DeFi Jars.

We’ve always believed in community ownership, and our stance on that is firm. But now, we’re going deeper into DeFi to support the growing needs of our community.

What to expect with your overhauled Jars

Premium Jars

Premium Jars are our most attractive Jars because they offer the highest earning potential — currently up to 24%! To access Premium Jars, go here, follow the prompts to sign up for Sweatcoin Premium and open your Jar.

If you don’t yet see your Premium Jar option, stay tuned. We’re slowly rolling out to all users, so you should see it soon.

Fixed Jars

Fixed Jars are the most common type of Jar used by Sweat Wallet users. You can put your $SWEAT in and lock it up according to that specific lock contract. Once the lock date is up, you can pull out your earnings and your $SWEAT.

Flexible Jars (Coming soon!)

Flexible Jars offer lower earning potential but allow you to move $SWEAT in and out whenever you want, even before the lock date is up.

Claim in real time
Claim your earnings every 48 hours!

What is a Growth Jar

A Growth Jar is a DeFi Sweat Wallet product that allows you to put in and grow your $SWEAT. Users can choose their lockup terms and their growth terms, and the accumulated tokens get unlocked according to the smart contract set for that specific Jar.

Making the move from CeFi to fully DeFi Jars

Growth Jars have been around for a while, but now, we’re making mega moves into DeFi so users can get more control over their tokens, as all $SWEAT put in will be locked up in a smart contract that they own the keys to.

Previously, users had to wait until a Jar unlocked to claim their earnings. Now, users can claim earnings in real time, refill their Jars instantly once a Growth Jar unlocks or empty Jars whenever they want (coming soon with Flexible Jars!)

What is a DeFi Jar?

A DeFi Jar is a fully decentralized Growth Jar from Sweat Wallet that allows you to lock your $SWEAT for a specific period of time. Unlike traditional financial services, where you hand over ownership of your assets, DeFi Jars allow the user to retain full control over their tokens and data. Your information is never stored or sold, and only you have access to your unique private key. Your funds stay safe, and scary headlines like the FTX mess won’t apply.

• Have more control over the $SWEAT you put in
• Claim earnings in real time, as often as you like
• Instantly refill Jars with $SWEAT once a Growth Jar unlocks

Security Measure in DeFi Wallets

As a self-custodial wallet, only you, the user, have ownership over your account. Unlike traditional wallets or financial institutions that take your money and reinvest it, you get full control over your $SWEAT, whether it’s locked up in Growth Jars or active in your wallet.

Because you control your private key to your NEAR Wallet Address, you have full control over your assets. Only you have the ability to access the funds, swap, or trade.

DeFi Jars are smart contracts that have been peer-reviewed by the technical team at NEAR and Hacken, one of the leading proof-of-stake blockchains.

DeFi Security

Like every DeFi Wallet, there are certain risks associated with something so decentralized. In a CeFi Wallet, for example, you could just email customer support if you needed help getting in, if you lost access to your login credentials, or if you noticed an error in your funds. DeFi projects, by design, do not have the same level of oversight because they’re not governed or managed by a central authority. This creates both benefits and challenges for the end-user:

• If you lose your private key, you could lose all the funds held in your account unless you’ve stored your backup seed phrase somewhere safe.
• If there’s a vulnerability in any smart contract, you could lose the funds held in that contract.

To combat vulnerabilities, we have a series of fail-safes in place.

• First, we limit DeFi Jars to Sweat Wallet users only. This allows us to keep Jars safe from hackers who are trying to bypass the Sweat Wallet application and interact with the contract directly.
• Second, we give users the option to set a new seed phrase if they feel their initial auto-generated seed phrase has been compromised.
• Finally, all our smart contracts are internally reviewed, externally reviewed and formally audited by the leading security agency, Hacken, who specializes in smart contract security audits.

How to open a Jar

Premium Jars are rolling out slowly, so if you don’t see them yet, don’t worry! Keep checking the Grow tab to see the most recent Jars available.

1. Download Sweat Wallet on iOS or Android
2. Download Sweatcoin on iOS or Android so you can easily track your steps
3. From your Sweatcoin homepage, click opt in to crypto. The first 5,000 steps you take will be converted to $SWEAT and every step after that will be converted to Sweatcoins.
4. Once you have Sweat Wallet, go to your Grow tab here
5. Select the Jar type you want*
6. Read the terms and swipe to open your Jar

That’s it! You’ll be able to claim earnings in real time and, depending on your Jar type, you’ll be able to earn up to 24% (Premium!), move your $SWEAT out whenever you want (Flexible, coming soon), and have more control over the $SWEAT you put in (all DeFi Jars).

*Note that Premium Jars require a Premium Jar subscription, so if you want to open a Premium Jar, click the Premium Jar link from the Growth Tab and follow the suggestions to open your Jar. If you downgrade your subscription, your earnings will also be downgraded.

What’s next?

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