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Sweat Foundation burned 4.76BN SWEAT and commits 50% of profits to buy and burn

Published

2 years ago

on

Sweatcoin

The long awaited Sweatcoin TGE finally completed on 13th Sept with the token launch on the five best crypto exchanges. SWEAT launches on OKX, Bitfinex, FTX, Kucoin and Bybit soon after the TGE on 13th Sept.

Sweat Foundation burned a total of 4.76BN SWEAT tokens on-chain, approximately 18% of minted SWEAT at the launch. In April 2022, Sweat Foundation predicted minting 21BN SWEAT at the Token Generation Event, but it actually was 25.8BN.

So, in order to bring back the minted SWEAT to 21BN at TGE, the team decided to burn 4.8BN sweatcoins. These sweatcoins are being burned from inactive user accounts.

The Sweat Foundation has also committed to using 50% of its profits to buy SWEAT from the secondary market. This SWEAT will be burned or distributed as staking yield.

Now the question is where does the profit come from?

  • User engagement (B2B) i.e brands can pay to feature in the app
  • Transaction fees (B2C)

As per the official website of Sweat Economy, there are 13 million SWEAT wallets. At the time of writing this article, SWEAT is valued at $0.0637 as per the price data from CoinMarketCap.

The 24h low and high for SWEAT are $0.05542 and $0.08386 respectively with a market cap of $131,651,187.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

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Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.