Demystifying NEAR: Your Sweat Wallet’s not-so-secret partner

Ever wondered what the deal is with NEAR and Sweat Wallet? We hear you! This post dives into the exciting world of blockchain fees, NEAR’s role, and how it all works with Sweat Wallet

Understanding the blockchain

Imagine a bustling marketplace full of activity. Transactions fly back and forth, but keeping things running smoothly requires a small fee. In the world of Sweat Wallet, these transaction fees are called “gas fees,” and that’s where NEAR comes in. Just like cash keeps the market humming, NEAR tokens fuel the NEAR blockchain — the platform Sweat Wallet operates on.

NEAR + $SWEAT = Best Friends

When you create your Sweat Wallet, you automatically get a special NEAR address. Think of it like a personal mailbox within the NEAR ecosystem, allowing you to send, receive, and store not just NEAR, but also other cool stuff called NEP-141 tokens. Bonus points: The Sweat Foundation even covers your initial gas fees, so you can hit the ground running!

No Extra Wallet Needed: Sweat Wallet’s Got You Covered

While you can explore your transactions on a dedicated NEAR wallet, you don’t actually need one to use Sweat Wallet!

Unlocking Your NEAR Account: Your 12-Word Seed Phrase

Remember that special 12-word phrase you received when creating your Sweat Wallet? That’s your key to unlocking your NEAR account on any NEAR-compatible wallet. Think of it like a master key that grants access to your digital goodies across different platforms.

But wild news is on the horizon — soon, you’ll be able to log in to Sweat Wallet as easily as you log in to your favorite Web2 apps.

Why Not Use $SWEAT for Fees? The Future is coming!

Just recently, NEAR introduced a feature that lets users pay fees with $SWEAT instead of NEAR tokens. The Sweat Wallet team is currently integrating this update, so expect to see it rolled out in the first half of 2024.

This means using $SWEAT for fees on NEAR will soon be a reality! (Psst. We’re also working on using $SWEAT for fees across chains!)

Currently, though, you’ll need a small amount of NEAR to complete transactions. Right now, we top this up for you, but if you need more NEAR, you can always top it up yourself.

Want to learn more about NEAR? Check out the Co-Founder of NEAR, Illia Polosukhin, as he speaks at NVIDIA’s GTC conference today at 11 a.m. PDT.

The Sweat Team

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These materials are for informational purposes only and are not investment advice or an invitation, recommendation or solicitation to buy, sell or hold any crypto asset or to engage in any particular trading strategy. Many crypto products and markets are unregulated, and you likely will not be protected by government compensation and/or regulatory protection schemes. Crypto assets are high-risk investments and the unpredictable nature of crypto asset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in value of your crypto assets. You should seek independent professional counsel from your investment advisor and tax advisor in connection with any acquisition or disposition of crypto assets.