- OKX was the first exchange to list the much-anticipated move-to-earn token
- Sweat Economy unlocks new value for users by leveraging aspects of web3 through activations within the DeFi, NFT and decentralized governance spaces
VICTORIA, Seychelles, Sept. 13, 2022 (GLOBE NEWSWIRE) — OKX, the world’s second largest cryptocurrency exchange, has shown its support for Sweat Economy by being the first exchange to list SWEAT on its spot trading markets.
Sweatcoin is one of the most popular health and fitness apps in the world, with over 110 million users. Sweat Wallet, a Web3 app powered by the new cryptocurrency SWEAT, is users’ portal into the Sweat Economy.
Sweat Economy and the SWEAT token provide access to a range of assets, services and other use cases within the ecosystem. These include:
- NFTs – SWEAT will be the core transactional asset for Sweat Economy’s NFT marketplace, where users will be able to buy and sell NFTs, upgrade NFTs, or stake SWEAT for upgrades
- Games – Users will be able to compete head-to-head to earn SWEAT
- Staking – Stakers will receive yields on their SWEAT and gain access to rewards that include lower transaction fees, premium services and increase daily SWEAT minting limits
- Advertising – The large scale of the Sweat Economy platform makes it possible for projects to market their tokens and NFTs within the Sweat Economy community. Advertising will be paid for in SWEAT
- Data Analytics – Giving ownership of data to individuals with Sweat DAO, provides the opportunity for data monetization
- Subscription Services – The platform will provide a premium service to existing Sweatcoin users through a SWEAT subscription payment
- DeFi – Sweat Wallet will generate fees through DeFi functions that include the buying and selling of crypto, exchange of SWEAT into other currencies, liquidity provision and staking, among others. These fees will feed back into the ecosystem’s self-sustaining mechanism to run the DeFi elements of the Sweat Economy
The Sweat Economy approach is a novel one in that taking move-to-earn platforms towards the DeFi space advances decentralization and provides users with more ownership over their assets within the ecosystem.
OKX is in full support of innovation in the space that empowers users with greater control and financial opportunities. This is demonstrated by OKX’s own Web3 Wallet, which provides access to NFTs across chains and marketplaces and offers built-in DApp discovery to facilitate access to thousands of DeFi and GameFi apps.
SWEAT/USDT Spot trading on OKX opened at 08:00am UTC on September 13, while SWEAT withdrawals will become available at 10:00am UTC on September 14.
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OKX is the second biggest global crypto exchange by trading volume and a leading web3 ecosystem. Trusted by more than 20 million global customers, OKX is known for being the fastest and most reliable crypto trading app for investors and professional traders everywhere.
As a top partner of English Premier League champions Manchester City F.C., McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new financial and engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
To learn more about OKX, download our app or visit: okx.com
I’m an experienced writer and commentator on all things cryptocurrency. I have been involved in the crypto community since early 2017 and have been writing about Bitcoin, Ethereum, and other digital assets since then. In addition to being a journalist, I have written two books on cryptocurrency investing: “Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond” (2017) and “The Art of Cryptoasset Investing” (2018). I’m a regular contributor to Forbes’ Cryptocurrency & Blockchain section, where I write news and analysis on the latest developments in the space.