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Sweatcoin account stats are real: NEAR Protocol founder pumps ‘no bots’ SWEAT

By Raphael Sanis

09:52, 4 October 2022

Sweatcoin
Sweatcoin incentivises physical activity through its reward-based app – Photo: dennizn / Shutterstock

Sweatcoin, an app that rewards users for physical activity, has been praised by NEAR Protocol (NEAR) founder Illia Polosukhin for an “amazing user experience”.

The accolade comes after a successful month for the mobile fitness app. In September 2022, Sweatcoin was ranked first out of all health and fitness apps in 58 countries, according to its CoinMarketCap page.

Currently, Sweatcoin is available as a token on the Ethereum and NEAR Protocol blockchains. It launched in September and initially grabbed the attention of investors.

Top active dApp

Polosukhin pointed at the launch of Sweatcoin when asked by DeCrypt to name a new and exciting project.

He praised the two million installs of the Sweatcoin mobile app., and said having a separate wallet app is “amazing user experience”.

According to DappRadar, Sweatcoin is the eighth most popular decentralised app (dApp) with its 45,000 users.

Polosukhin argues that this is not reflective as Sweatcoin uses a “civil resistance systems”, meaning that no bots are able to join the application.

“If we’re talking about like banking swap or uniswap, etc, there’s a lot of bots. It’s not always real accounts, like real people behind the scenes. So here [in Sweatcoin] you have real people walking, using these apps, installing them, staking, and transacting.”

The NEAR founder also predicted that SWEAT would drive crypto adoption.

NEAR to USD

He said: “There’s a lot more stuff coming out from that ecosystem. So I think that it is going to be the biggest onboarding channel for not just NEAR, but the whole web3.”

ETH/USD

3,507.04 Price
-1.000% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

67,048.80 Price
-0.910% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

SOL/USD

174.11 Price
-1.130% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

DOGE/USD

0.13 Price
-2.650% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

Initial success

While the sweatcoin went live in 2016, it recently created its own Sweat Economy, complete with a SWEAT token and wallet.

The cryptocurrency was released in September 2022 and was met by initial success. On 13 September, SWEAT’s first day of trading, its price opened at $0.05 and reached a high of $0.09.

The project also saw high social activity. There was a spike of search terms for Sweatcoin in September , according to Google.

However, its success has started to wane. As of 4 October, it was trading at $0.02 and was down 12% over the past seven days.

Where next for dApps?

Polosukhin predicted that the industry would start to have an influx of creative and social applications.

He said: “We’ve seen NFTs as a driver, but it’s just a tool. The reality is, it’s about people being creative and being able to find their audience…That’s why I think the next sector that has not been yet very hip and hyped is social.”

He pointed towards the newly announced Niche app as an example of this. The Web 3.0 social app for membership clubs was created by an engineer who previously worked at Tinder and Facebook.

Polosukhin said that in the future “you’ll see lots more social, new interactions, new ways to incentivise and nudge people in different directions”

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The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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