Sweat Foundation to End Sweat Wallet and Token Operations on December 30

The Sweat Foundation announced on Tuesday it will cease operations for its Sweat Wallet and the associated SWEAT token in their present form, effective December 30, 2026. The move-to-earn project, which onboarded over 22 million users to Web3 by rewarding physical activity, cited a failure to achieve sustainable profitability amid persistent market headwinds.

Economic Model Falters

In a formal announcement, the Foundation attributed the decision to several factors that rendered its current economic model unsustainable. These include a prolonged downturn in cryptocurrency markets, the delisting of SWEAT from certain exchanges, the financial impact of a security incident in April 2026, and a slowdown in new user growth.

“That we did not reach sustainable profitability is a real disappointment to me,” said Oleg Fomenko, CEO of The Sweat Foundation. He noted the team decided to provide a 90-day notice, far exceeding the 14 days required by its terms, “because that is what our users and token holders deserve.”

Guidance for Users

Until the December 30 deadline, the Sweat Wallet app will remain operational, and users can continue to earn tokens. The Foundation has outlined several key steps for users to take, recommending they complete them by December 18, 2026:

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• Back up the private key and NEAR account ID from the app.
• Claim all earned SWEAT tokens.
• Withdraw funds from Grow Jars. The minimum term on these staking products will be removed by October 15, 2026.
• Transfer any assets held on Ethereum, Base, BSC, or Arbitrum to a different personal wallet.

The Foundation clarified that after the services end, the SWEAT token will continue to exist on the NEAR Protocol and associated EVM-compatible chains. Any unclaimed SWEAT or Grow Jar balances will be automatically sent to the user's linked NEAR account after the smart contracts are closed.

Background and Next Steps

This shutdown only affects products managed by The Sweat Foundation. Sweatco Ltd, a separate company, confirmed that its Sweatcoin health and wellness app will continue to operate as normal. “We thank The Sweat Foundation for the partnership that gave Sweatcoin users the chance to earn SWEAT since 2022,” said Sweatco Ltd CEO Anton Derlyatka.

The Foundation stated it will publish a further update in the first week of December regarding its plans for after the shutdown. It has also notified the Central Bank of Ireland of a modified crypto-asset white paper for SWEAT under the EU's MiCA regulations.