Sweat Economy Live on PembRock
This past weekend, PembRock Finance users unlocked earning opportunities with the SWEAT token, one of Web3’s hottest newcomers. Currently, there are two options available — lending and leveraged yield-farming.
What Is Sweat Economy (SWEAT)?
As crypto prices soar and plummet, they often take you along for those roller coaster rides emotionally. Exercising in general — and walking and running, in particular — is one of the most widely recommended ways to support your mental health.
The good news is that for every 1,028 steps, Sweat Economy will reward you with 1 SWEAT. Keep in mind, though, that as the difficulty of minting new tokens increases, the amount those steps get you will gradually decrease.
Being around for seven years now, the project first saw the light of day as Sweatcoin and recently undertook a major rebranding effort. The move was aimed to reflect the switch to Web3, something that Sweat Economy has been evidently eyeing ever since its inception.
Before the transition, Sweatcoin had a whopping user base of 110 million, with the monthly volume of goods and services exchanged on the marketplace reaching as high as US$24.5 million. If Sweat Economy manages to bring all of that on-chain, that would mark a huge leap for the entire industry — NEAR included — in terms of mass adoption.
How to Earn with Sweat Economy Token?
PembRock enables users to multiply their SWEAT holdings through two DeFi elements:
- Lending
- Leveraged yield-farming
Before you move on, make sure you have a NEAR wallet with some NEAR in it, which you’ll need for transaction fees. If you don’t have a NEAR wallet yet, here’s how you can create one.
Speaking of Sweat Economy, there are two apps — one for tracking your movement and the other one, for managing SWEAT. You need to download the second one, which is the wallet itself, tap Transfer, and specify your NEAR address.
How to Lend SWEAT
Lending will allow you to get a stable inflow of rewards with minimum risk.
- Go to app.pembrock.finance and press Connect wallet in the upper-right corner;
- Once you’re in, switch to the Lend tab;
- Find SWEAT and click on the Deposit button;
- Enter the amount you are willing to lend;
- Hit Confirm.
How to Yield-Farm SWEAT with Leverage
The sky-high APY is the result of an up to 2x leverage and compounding.
- Go to app.pembrock.finance and press Connect wallet in the upper-right corner;
- Once you’re in, switch to the Farm tab;
- Find the SWEAT — wNEAR pool and click on the Farm button;
- Decide on which token you want to put up as collateral. It is this token that you need to hold in the wallet you’ve connected;
- Enter the amount you’re willing to LYF with;
- Pick your leverage (1.0x, 1.5x, or 2x). The higher the leverage, the greater the risk, hence the lower the APR;
- Hit Farm.
In order to help our users make informed decisions, we’ve crafted two articles about risks they may encounter: for farmers, for lenders.
