**🎉 Twitter Space Recap: Unpacking Sweat Economy with Lady of Crypto + Exciting Updates with Oleg!🎉** Date: 26 May 2023 **🗒️RECAP:** **1. Introduction** - Lady of Crypto - crypto social media influencer, content creator, investor, and part-time degen. - Oleg - co-founder of Sweat Economy with the mission to make the world more physically active. Sweat Economy started as Sweatcoin in 2014 and has grown to have over 140 million users worldwide and 10 million token holders on the Near blockchain. **2. Sweat Economy and inspiration behind the project** - The inspiration for the project originated from the discovery of Bitcoin in 2011 and the idea of creating a platform that combined psychology and technology was captivating. - The founder's personal experience of losing fitness within a few years led to the realization that nature prioritizes calorie preservation over physical activity. **3. Benefits of physical activity** - Active individuals are fitter, healthier, more productive, energetic, and live longer. - The value of physical activity extends beyond personal well-being, providing broader societal advantages and contributing to the overall betterment of the country. People who engage in regular physical activity tend to live longer, resulting in increased tax revenue for the state. - Walking is a basic physical activity that can have a significant positive impact on health. **4. Sweat Economy's features and differentiation** - Started in 2014 as Sweat Coin, predating the move-to-earn concept. - Business model: users join for free and the business is monetized through partnerships and advertising. - Focus on simple user experience (UX) and easy-to-understand mobile applications. - Provides an on-ramp to the crypto world, allowing users to earn tokens and learn about Web3 without financial investment. **5. Leveraging Near Protocol** - Three criteria for choosing a blockchain are alignment on strategy, team chemistry, and technology. - Near Protocol stood out due to its solid technology, experienced team, and alignment with values. - One Click Connect: Unique feature not available on other chains * Eliminates the need for multiple clicks to connect wallets * Provides seamless user experience for dApps on Near - FastAuth * Streamlines onboarding process on Near * Removes steps and increases security * Enhances user experience for building dApps **6. Learn and Earn** - Teaches crypto basics to users. Introduces users to wallets and blockchain - Current lesson on Stablecoins - provides a comprehensive explanation of stables, covering their definition and different types. It also announces the recent launch of native Tether (USDT) on the Near platform. **7. Tokenomics** - Sweat is tokenized based on physical activity. Minting difficulty increases over time, increasing the value. - Control of supply through minting pause (where inactive users will no longer mint $SWEAT) and tightening difficulty - Staking product (grow jars) with yield paid from revenues. Rewards and prize draws for staking participants (e.g. Sweat Wanderer prize draw) - Additional functionality: Sweat Hero NFT game for competition - The supply and demand for sweat tokens have nearly balanced in the last seven months. By the end of this year, a deflationary token economy will begin, with controlled token emissions and sinks. - 50% of profits will be used to buy tokens, contributing to a healthy token economy. **8. Long-term potential and utilities** - Expansion into the US and other countries will bring a huge user base, driving demand for Sweat. - Additional utilities include the potential monetization of data through a data union (user opt-in for data analytics). Decentralization will allow users to directly monetize their data through data analytics, with aggregate token holders receiving a small percentage. - Health and fitness businesses may also collaborate to reward users with Sweat tokens. - In the future, DAO and token holders can approve alternative oracles to track and verify various activities, issuing Sweat tokens accordingly. **9. Key milestones and upcoming developments** - Sweat Hero: * Currently, 6,000 people are participating in Sweat Hero. By the end of June, the rollout of Sweat Heroes will be extended to 100% of Sweat Wallet users. * Sweat Heroes will be NFTs that can be used to play and win Sweat, with levels that can be increased. These NFTs will become dynamic, changing their appearance based on physical activity, in-app engagement, and on-chain activity. - Token swap/trading functionality: * The app will soon allow token swap or trading directly within the interface. * The focus is on creating an intuitive and simple trading experience for average individuals entering the space. * Users can choose the token they want to acquire and how they want to pay for it. **10. Regulation and compliance** - Moon Pay is currently used as a regulated fiat onramp in the app, ensuring compliance across geographies, including the United States. - The project aims to adhere to regulations and prioritize user protection and transparency. They consider the spirit of regulation and its goal to safeguard users from investment losses and deceptive practices. - Detailed disclosures and explanations are provided to ensure clarity on how the project operates. **11. Partnerships and collaborations** - National Health Service (NHS): Sweatcoin has established a significant partnership with the NHS in the UK, which required years of research and testing to prove the project's effectiveness in increasing physical activity. - Amazon: Sweatcoin has collaborated with Amazon on programs offering unique benefits to users. - Recent partnerships with popular sportswear brands Puma and Adidas have brought exciting opportunities to Sweatcoin users. - A forthcoming partnership in the music space related to Sweat Hero is in the pipeline, with details to be revealed in the coming weeks. **12. Advice for founders in the crypto space** - Solve a genuine problem: Focus on building a product that solves a real problem for users, rather than solely aiming to make money. - Target the mass market: Instead of catering only to whales or high-value users, consider the mass market. - Thoughtful rollout plans: When launching a token, engage market makers or liquidity providers to facilitate trading. Opt for a retainer agreement as significant selling pressure from market makers early on can negatively impact token value. 👉 Find out more about [Sweat Economy](https://linktr.ee/sweateconomy)