Sweat Wallet: Minting Pause
What is it?
Over the next few weeks, we’ll gradually roll out the Minting Pause. This update will put a temporary pause to the minting of $SWEAT for users who haven’t opened the Sweat Wallet app in the past 60 days.
In simpler terms, if you’re not actively using the app, you won’t continue earning $SWEAT in the background.
Why the change?
We know it may sound odd: why make earning $SWEAT more challenging? Well, it’s all about striking a balance and maintaining the integrity of the project. This is part of our tokenomics — the economic framework that supports $SWEAT’s value. With each $SWEAT becoming more difficult to earn, its worth is reinforced.
We’ve also heard your concerns about the $SWEAT supply and are taking action. The minting pause is a direct response to these concerns, aiming to balance the number of $SWEAT tokens in circulation.
What’s Next?
The Minting Pause is just the beginning. We’re continually working to enhance your experience and interaction with the Sweat Wallet app. We’re continuing to work on this feature, with the “Claim” update on the horizon designed to engage all Sweat Wallet users even more.
How does this improve the project?
The minting pause will impact both users and the project’s tokenomics in significant ways:
- Loss Aversion: This will help increase users’ interaction with the Sweat Wallet app. The app serves as a constant reminder of the tangible value of movement, motivating users to be more active.
- Growing Engaged Audience: With more active users, there’s a higher potential for monetization leading to increased revenues. Of course this leads to the project buying back tokens from the open market.
- Deflationary Tokenomics: The temporary pause of SWEAT minting on inactive accounts decreases token emissions, fast-tracking the project’s progress toward deflationary tokenomics.
In essence, the Minting Pause feature:
- Drives the mission of making the world more physically active.
- Boosts user engagement.
- Helps balance supply and demand for $SWEAT tokens.
A word from Oleg Fomenko, Co-Founder.
“We’re excited to launch this feature which enables us to further motivate people to walk more and simultaneously improve our tokenomics by balancing supply and demand for SWEAT tokens.”
Sweat Economy has already hosted numerous hangouts in the Discord server, taking feedback and suggestions on the feature.
One common piece of community feedback:
Shorten the timeframe to 15, or 30 days.
What do you think?
