The Sweat Foundation said Sweat Wallet and SWEAT will end their current operating format on Dec. 30 after the existing model failed to achieve sustainable profitability. The foundation said more details on next steps are planned for release in the first week of December. It also outlined how user balances will be handled once the claim function and Grow Jar contracts are shut down. According to the announcement, any unclaimed SWEAT and savings balances will be sent to the relevant NEAR accounts. The SWEAT token itself will continue to exist on NEAR and on EVM chains where it has already been bridged. Separately, the Sweatcoin app, which is run by an independent company, will continue operating as normal. The update focuses on the wallet and token’s current operational setup rather than the continued existence of the token across supported networks.
According to Odaily, the Sweat Foundation said Sweat Wallet and SWEAT will end their current operating format on Dec. 30 because the existing model did not achieve sustainable profitability.
The foundation said specific follow-up arrangements are planned for announcement in the first week of December. When the claim function and Grow Jar contracts are closed, any unclaimed SWEAT and savings balances will be sent to the corresponding NEAR accounts.
The SWEAT token will remain on NEAR and on EVM chains where it has already been bridged. The Sweatcoin app, operated by an independent company, will continue to run normally.
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