$SWEAT’s Tenacious Triumph: Maintaining Deflation Since July 2023
We launched with a groundbreaking mission: to reward users for their movement with a valuable, utility-driven token. But what truly sets us apart is the health of our $SWEAT token itself.
Just ten months after launch, $SWEAT achieved a rare feat in the crypto world: deflation.
What is deflation?
Deflation occurs when the supply of a token is actively reduced over time. For $SWEAT, this has been achieved through a few key mechanisms:
- Decreasing Emissions: This refers to slowing down the rate at which new tokens are created and enter circulation. Sweat Economy utilizes Minting Pause, the Minting Difficulty curve and soon, Evaporating unclaimed $SWEAT to achieve this. As users walk, the rate at which new $SWEAT is minted gradually slows down, preventing excessive token emissions.
- Creating Token Sinks and Burning: A token sink is any mechanism that removes tokens from circulation. The most common method is burning, which permanently removes tokens from the supply.
- Locked Allocations: A significant portion of the total $SWEAT supply is locked away for extended periods, preventing immediate sell-off and minimising the amount of circulating supply.
What burns has Sweat Economy completed?
As you know, the community is the most valued cog in the Sweat Economy machine, and it’s because of your active participation in proposals and votes that we action the majority of burns.
Let’s dive into all of the burns that have been completed:
We’re not done! Here’s the miscellaneous burns:
- 27,000,000 $SWEAT [Bulk Evaporation]
last updated August 1st 2024
Excluding the prelaunch burn of 4.5B sweatcoins, around 3,080,546,457.96 $SWEAT (~3.08B) has been burned.
If we include the prelaunch sweatcoin burn of 4.5B, the total $SWEAT burn equates to ~7.58B $SWEAT burned!
Both of these are excluding any $SWEAT sent by the community to the public burn address, burn.sweat.
This combination deflationary mechanisms allowed $SWEAT to achieve deflation since July 2023, just 10 months after TGE. This is a significant achievement, especially considering the young age of our project.
The Future of the Movement Economy
Deflationary $SWEAT is just one piece of the puzzle. We’re constantly innovating to build a robust Movement Economy. Stay tuned for exciting developments such as:
- $SWEAT As Gas: No longer will you have to pay NEAR Gas Fees. Simply pay a small $SWEAT Gas Fee, and we’ll take care of the rest.
- Magic Keys (FastAuth): Upgrade your Sweat Wallet access by linking your $SWEAT Wallet to your email address. You no longer have to worry about losing a seed phrase!
- Redeemable Rewards: You can use your $SWEAT to directly purchase items, being physical goods, gift cards and more.
- Community governance: Your voice matters! Shape the future of Sweat Economy through community voting.
We’re still in the early stages of the Movement Economy revolution. By getting active and earning $SWEAT, you’re not just improving your health; you’re contributing to a groundbreaking movement. Join us as we redefine how we value movement and create a healthier, more rewarding future!
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.
