Cryptocurrency

Sweatcoin Sees 100,000 New Users Daily After Launch in April

Published

2 weeks ago

May 12, 2022

Sweatcoin Sees 100,000 New Users Daily After Launch in April

SWEAT has seen the creation of over 3.4 million wallets through its mobile app since its launch.
The service has seen around 100,000 people sign up every day since its launch.
It primarily aims to incentivize people to be more healthy.

Since the launch of the SWEAT crypto token on April 12, it has seen the creation of over 3.4 million wallets through its mobile app. This puts the total of allocated sweatcoins at over 860 million, which will be matched with SWEAT at the token generation event in July of 2022.

SWEAT is a move-to-earn token which means that users are able to mine the token by tracking their steps on their smartphones.

The company stated that the idea behind the token is to launch a global currency based on the value of steps and movement. SWEAT will be minted purely by steps.

The Sweatcoin app has seen very positive growth over the last few months. Between May 1 and 4, it saw more than seven million new users. This puts the total of worldwide sweatcoin used at more than 76 million. The Sweatcoin app even saw a 22% growth rate in one month.

Only two months after its launch, Sweatcoin was ranked the #1 app in the App Store and Google (NASDAQ:GOOGL) Play in Brazil. The app continues to amaze as it saw a total of $71 million in value exchanges in the app marketplace in Q1 of 2022.

The co-founder of Sweatcoin, Oleg Fomenko, also stated that Sweatcoin has “seen around 100,000 people sign up every day since our launch. This is already one of the biggest onramps into crypto ever with more and more people buying into the move-to-earn concept.”

Sweatcoin primarily aims to incentivize people to be more healthy. In a report released by the company, they found that people walk on average 20% more after downloading the app.

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Cryptocurrency

Top 3 cryptocurrencies that are faring the best in the 2022 bear market

Published

22 mins ago

May 24, 2022

letizo News

Top 3 cryptocurrencies that are faring the best in the 2022 bear market

The crypto market has been in decline over the past six months with its valuation dropping from over $3 trillion in November 2021 to $1.23 trillion in May 2022.

Fears over persistently higher inflation, the Federal Reserve’s hawkish response to it, and the ongoing conflict between Ukraine and Russia prompted investors to limit their exposure to riskier assets. Also, their increasing appetite for the safe-havens, such as the U.S. dollar, weighed down demand for some of the top cryptocurrencies and U.S. equities.

XMR/USD weekly price chart. Source: TradingView

LEO/USD weekly price chart. Source: TradingView

BNB/USD weekly price chart. Source: TradingView

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Cryptocurrency

Understanding Tether’s Peg and Reserves and How They Work

Published

28 mins ago

May 24, 2022

letizo News

Understanding Tether’s Peg and Reserves and How They Work

How to maintain Tether’s stability.
Tether’s reputation and transparency.
Financial reserves of Tether are solid, cautious, and liquid.

Given that Terra’s peg has fallen, it’s reasonable to wonder what prevents Tether (USDT) from following the same path.

USDT and Terra utilize distinct designs, mechanisms, and collateral. Terra was a computable stablecoin that wasn’t fully collateralized. It includes a variety of stability-inducing mechanisms, but they all failed in the end.

USDT is fully collateralized, with no credit risk. Each USDT can be exchanged for dollars through Tether, ensuring that when the price falls below $1, investors can acquire USDT at a discount and redeem them with Tether to make a profit.

During periods of high market volatility, the price of USDT might drop below or exceed $1. This does not imply that the peg has been broken. It indicates an increased level of liquidity than what is available on the order books of that exc …

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Cryptocurrency

LTC Social Engagement Jumps 21% After MimbleWimble Activation

Published

28 mins ago

May 24, 2022

letizo News

LTC Social Engagement Jumps 21% After MimbleWimble Activation

The Litecoin community has recently approved the activation of the MimbleWimble protocol on the LTC mainnet.
This upgrade has led to a massive jump in overall Litecoin social engagement.
So far, Litecoin’s social engagement has increased by 21%, and even hit its highest point in the last three months.

The Litecoin community has recently approved the activation of the MimbleWimble protocol on the LTC mainnet.

MimbleWimble is a privacy-focused decentralized protocol that enables users to conceal transaction data with its confidentiality feature while providing a foundation for other blockchains to improve the usability of their token.

The Mimblewimble Extension Block (MWEB) hides three critical pieces of information: sender address, receiver address, and the amount of crypto sent.

With the Mimblewimble Extension Block, users can opt-in to confidential transactions. The goal of this is to enhance the visibility of Litecoin as a fungible currency that can be used for real-world transactions by lowering fees and adding privacy, throughput and scalability.

This upgrade has led to a massive jump in overall Litecoin social e …

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