Sweat Economy, the brand behind the most popular health & fitness app Sweatcoin and top dApp Sweat Wallet, has announced the launching of its groundbreaking "Minting Pause" feature in the next few weeks.
In a press release shared with Cryptowisser, the team said this latest development makes Sweat Economy the first move-to-earn project to stop idle users from minting tokens.
The update is designed to motivate users to be more physically active, and more engaged with the project. Sweat Economy added that the update helps them to better manage the circulating supply of SWEAT tokens.
The Minting Pause feature will be rolling out in the Sweat Wallet gradually in the coming weeks, which will automatically pause the minting of SWEAT tokens for users who have not engaged with the app for 60 days.
Idle users within the Sweat Economy ecosystem will see the feature automatically pause their ability to earn SWEAT tokens with their steps. Furthermore, users will be required to reactivate minting by opening the Sweat Wallet app, which will immediately resume the token-minting process.
The team explained that this feature would affect the users and the project’s tokenomics in several ways:
It will use “loss aversion” to strengthen users’ engagement with the Sweat Wallet app, which reminds users that their movement has tangible value and therefore makes them more physically active.
The growth of an engaged audience of the Sweat Wallet app means a higher potential for monetization and higher revenues, which in turn are used to buy tokens on the open market.
The temporary stop of SWEAT minting on the unengaged accounts reduces token emissions and therefore accelerates projects progress toward deflationary tokenomics.
Sweat Economy added that it would be organizing Discord community discussions before and after the feature launch to provide transparency and opportunities for users to provide feedback.
While commenting on this latest development, Oleg Fomenko, co-founder of Sweat Economy, said;
“We’re more than excited to launch this feature which allows us to take further steps in motivating people to walk more and improve our tokenomics by reducing supply and increasing demand for SWEAT tokens.”
The sweat Economy has been around since 2015 and promotes healthier living by encouraging people to move more. Sweatcoin, the most downloaded health and fitness app globally in 2022, incentivizes over 130 million users to move more by earning sweatcoins, dubbed 'Airmiles for steps.'