Furthermore, the Sweat Foundation announced the burning mechanism for the new cryptocurrency. According to the blog post on Medium, Sweatcoin is going to use half of the profit made to repurchase and burn $SWEAT tokens. Consequently, the Sweat Economy (SWEAT) tokens will be removed from the total supply. On the other hand, this approach will help “balance mass adoption with sustainable economics”.
The Sweatcoin Foundation is planning to publish the files of each burning process. Moreover, the team behind Sweatcoin might buy the coin from secondary markets and distribute it for staking yield.
Finally, the Sweat Economy had a blitz start to their cryptocurrency, which launched on September 13th, 2022. Previously, the company had raised $13 million in the initial funding round. Later, on the day of the grand launch of Sweat Economy (SWEAT), the Sweat Foundation Treasury and the Sweatcoin company joined forces to burn 4.76 billion $SWEAT tokens.
At press time, the new cryptocurrency Sweat Economy (SWEAT) trades at $0.06682, dropping by 13.2% in the last 24 hours. The two-day old cryptocurrency reached its peak at $0.091, 21 hours ago, according to CoinGecko. Moreover, Sweat Economy (SWEAT) is just outside the TOP 200 at #211, right next to Bone ShibaSwap (BONE) at #212.
Why You Should Care
Sweatcoin app launched in 2016 and already has 110 registered users. Most downloaded app in 66 countries, Sweatcoin has over 25 million active users around the globe.
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Source: Cryptocurrency - investing.com
