Terms and Conditions
Growth Jars; Targeted Growth Rewards; Jar Joiners Rewards (collectively “Growth Jar Terms”)
References herein to “we” and “our” refer to The Sweat Foundation Ltd.
RISK WARNING: The Growth Jar feature in the Sweat Wallet carries a risk of loss of your $SWEAT earned by engaging in physical activity (“Earned $SWEAT”) that you commit to a Growth Jar and there is no guarantee that you will be awarded or be able to claim any Targeted Growth Rewards. There is a material risk that you could lose some or all of your Earned $SWEAT you have placed in a Jar as well as your awarded but uncollected Targeted Growth Rewards and not be able to recover it. This might happen for a few reasons, including but not limited to:
- A malicious actor gains access to our systems;
- A malicious actor gains access to your Sweat Wallet; or
- We cease supporting the Sweat Wallet and there is no other available gateway to your Growth Jar(s)
- Applicable regulations prohibit your claiming your awarded Targeted Growth Rewards and/or reclaiming your committed Earned $SWEAT.
We take appropriate precautions to protect your Earned $SWEAT and awarded but uncollected Targeted Growth Rewards from these risks but we do not guarantee you will be able to recover any or all of your Earned $SWEAT. By creating a Jar, you accept these risks. In addition, you accept and understand that The Sweat Foundation Ltd. is not a bank and your crypto assets in your Sweat Wallet or in any Growth Jars that you create are not insured by any governmental insurance plan nor are they covered by any compensation scheme.
Our Growth Jars are unlike “staking” products that are characterized by centralized control over staked assets that are pooled together. We do not take custody nor do we have the ability to speculate in any way with any Earned $SWEAT committed to Growth Jars and thereby sent to jars.sweat (our Growth Jars smart contract). Rather, when a Growth Jar is created by a user who commits her Earned $SWEAT to a Jar for a specified Duration, a unique record is created and kept on-chain for that user and her Earned $SWEAT is held by the smart contract with the user being the person granted permission to give instructions to the smart contract regarding what should happen with her committed Earned $SWEAT after the expiration of the Duration. Earned $SWEAT that is committed to a Jar may not be removed from a Growth Jar and transferred back to the user prior to the expiration of the Duration but Targeted Growth Rewards once awarded as well as Earned $SWEAT that becomes available after the expiration of the Duration are subject to the user’s instructions and can be transferred back to the user’s Available Balance in her Sweat Wallet subject, of course, to the payment of gas fees required to process and validate such on-chain transactions.
Neither your Sweat Wallet nor your Growth Jar(s) is a bank account, deposit account, savings account, checking account or any other type of asset account and should not be characterized as a banking product or service. Any references in these Growth Jar Terms or the Terms to ‘account’, ‘account balance’, ‘withdraw’, ‘claim’ or any similar language does not imply and in no circumstances shall it establish or be taken to suggest that any form of custody relationship exists between us and you. The Growth Jar feature is purely a rewards program.
Before using the Growth Jar feature to create a Jar, you should consider carefully whether doing so is appropriate for you, taking into account all of the circumstances.
Growth Jars provide Sweat Wallet holders who have Earned $SWEAT with a way to boost their rewards for physical activity. Growth Jars provide users with the potential to be awarded Targeted Growth Rewards. In addition to Targeted Growth Rewards, Growth Jars offer access to specific rewards through prize draws and other offers called “Jar Joiner Rewards.”
- These terms of service particular to the Growth Jar feature within the Sweat Wallet (‘Growth Jar Terms’) are supplemental to the Sweat Wallet Terms (the “Terms”). By opting into Growth Jars via the Sweat Wallet or any other means made available to you via the Services, you accept to be bound by these Growth Jar Terms.
- The purpose of these Growth Jar Terms is to set out the relationship between The Sweat Foundation Ltd. and you. These Growth Jar Terms incorporate the Terms by reference in their entirety and form one agreement with those Terms. To the extent that these Growth Jar Terms conflict with the Terms, the Terms shall prevail.
- You may not access or use any Services including Growth Jars unless you agree to abide by all of the terms and conditions in the Growth Jar Terms as if they were part of the Terms.
Using the Growth Jar Feature
- The Growth Jar feature allows you to boost your rewards for physical activity by placing your “Earned $SWEAT” ($SWEAT awarded for physical activity) into a Growth Jar for a defined period of time. Growth Jars provide users with the potential to qualify for Targeted Growth Rewards. Targeted Growth Rewards are payable in $SWEAT. Growth Jars (sometimes referred to simply as “Jars”) are created by committing your Earned $SWEAT for a specified period of time in order to qualify for a Targeted Growth Reward. Each Jar will have its own Targeted Growth Reward and Duration. The Targeted Growth Reward is the amount of $SWEAT you may be awarded for committing your Earned $SWEAT to a Jar for the Duration.The Duration is the period of time for which you have agreed to place your $SWEAT in a Jar. To establish a Growth Jar simply follow the steps in your Sweat Wallet.
- It will not be possible to open your Jar before the end of its Duration in order to receive your Earned $SWEAT back into your Sweat Wallet. This means that you will not be able to access your Earned $SWEAT that has been placed in a Jar until the Duration for that Jar is complete.
- Subject to Section 3 below, once the Duration is complete, you will be informed via a push notification that a Jar has unlocked and have the option of returning your Earned $SWEAT to your Available Balance or filling a new Growth Jar with the same number of $SWEAT and under and pursuant to the same terms that governed the jar that just unlocked. Your Targeted Growth Rewards for any and all active Growth Jars (meaning Jars whose Duration has not yet expired) accrue in real time at a per sec basis and are "claimable" at any point in time, as often as you like. Claiming Targeted Growth Rewards is a user-initiated action of requesting jars.sweat (our Growth Jars smart contract) to transfer any and all accrued Targeted Growth Rewards to your Available Balance. This action invokes gas fees to be covered by you, the user.
- The only fees that a user incurs when using the Growth Jar Feature are “gas fees”. Gas fees are the transaction fees that users pay validators of a blockchain protocol to have their transaction included in the block and eventually processed.
Growth Jar Rewards
Growth Jars allow users to boost rewards earned for physical activity by qualifying them for Targeted Growth Rewards when they place their Earned $SWEAT into a Jar for a specified Duration. Growth Jars also provide access to specific rewards through prize draws and other offers called “Jar Joiner Rewards.”
- Once you have committed your Earned $SWEAT to a Growth Jar your Earned $SWEAT will be held by, under the control of and subject to a Growth Jar smart contract for the Duration. A Growth Jar smart contract is a self-executing blockchain-based contract that enables users to place their $SWEAT in Jars for a prescribed period of time in exchange for the opportunity to be awarded Targeted Growth Rewards and access to Jar Joiner Rewards. You will be unable to access your Earned $SWEAT committed to a Jar for the Duration; it should be noted however, Targeted Growth Rewards are accessible any time once they are awarded but claiming them is a transaction that incurs gas fees for which you are responsible.Presently, at the time that you create a Jar, $SWEAT from The Sweat Foundation Ltd. treasury is segregated for use through the Growth Jar smart contract in fulfilling the Targeted Growth Reward for such a Jar. This current process is subject to change without advance notice in the sole discretion of The Sweat Foundation Ltd. which does not guarantee any particular rewards, reward rate, or locking period duration. You understand that Growth Jar Targeted Rewards are awarded entirely at the Sweat Foundation Ltd’s discretion. You further understand and agree that you have no claim against the Sweat Foundation Ltd. for any Targeted Growth Rewards or access to your Earned $SWEAT committed to a Jar during the Duration.
- The only way to create a Jar is to follow the process set out in the Sweat Wallet app.
Jar Joiners Rewards
- By creating Jars using the Growth Jar feature through your Sweat Wallet you may become eligible for access to certain rewards such as prize draws and other offers. These are collectively referred to as “Jar Joiner Rewards.”
- Jar Joiner Rewards are offered to Sweat Wallets associated with Jars that meet the relevant entry requirements for the selected rewards, for example, specific rewards may be available to Sweat Wallets with numbers of committed Earned $SWEAT in Jars over a certain threshold. You understand that Jar Joiner Rewards are awarded entirely at the Sweat Foundation Ltd’s discretion. You further understand and agree that you have no claim against the Sweat Foundation Ltd. for any Jar Joiner Rewards or any $SWEAT committed in pursuit of any Jar Joiner Rewards. The criteria for entry required of any specific Jar Joiner Rewards will be clearly stated alongside the details of the offer.
- Each Jar will unlock at the end of the Duration (the “Unlocking Date").
- On the Unlocking Date, a Jar undergoes a state change from “locked” to “unlocked.” This state change triggers a notification to the user who created the Jar by way of "push notification" which informs the user that her Jar has unlocked and that she may now either instruct the Growth Jar smart contract to "return" her committed Earned $SWEAT to her Available Balance in her Sweat Wallet or "recommit" all of the Earned $SWEAT originally committed to the Jar subject to the same terms and conditions (including Targeted Growth Reward and Duration) that governed the Jar which unlocked.The option to claim awarded Targeted Growth Rewards is available at any time prior to and after the expiration of a Jar’s Duration. All transactions involving the claiming or recommitment of $SWEAT are transactions that incur gas fees for which you are responsible
Unlocked Jars immediately stop earning “Targeted Growth Rewards” and the funds are held in custody of the smart contract until such time as the Jar’s creator provides one of these two optional instructions:
- “Return” is an instruction from the user to the Growth Jar smart contract to transfer the Earned $SWEAT placed into the Jar plus all accrued but uncollected Targeted Growth Rewards to the user’s Available Balance (using the same address that originally placed the Earned $SWEAT into the Jar)
- “Refill” is an instruction by the user to the Growth Jar smart contract to ‘repeat’ the initial lockup instructions with the $SWEAT that have been unlocked but in a new Jar.
You are not entitled to unlock a Jar prior to the expiration of its Duration for any reason.
Nothing in these Growth Jar Terms shall prevent The Sweat Foundation Ltd from suspending your access to your Sweat Wallet in accordance with the Terms.
If your access to your Sweat Wallet is suspended, or you terminate your Sweat Wallet account for any reason, then access to the $SWEAT in any Jars you created may be difficult if not impossible.
If you no longer have access to your Sweat Wallet, nor are you able to login due to a lost seed phrase, you may not be able to access your unlocked $SWEAT nor (any remaining) unclaimed Growth Jar Targeted Rewards generated by a given Jar. The Sweat Foundation Ltd does not have the authoritative control to refund you your $SWEAT in any way. Your $SWEAT will remain in custody of the smart contract (jars.sweat) until such a time that the private key associated with your seed phrase authorizes the contract to release the fund.
- Rewards Rate = the rate at which you are awarded TGR (per millisecond)
- Earned $SWEAT = those $SWEAT tokens that were awarded to you for physical activity as indicated under the heading “Available Balance” in your Sweat Wallet. Only Earned $SWEAT can be committed to a Growth Jar
- Targeted Growth Rewards (TGR) = $SWEAT awarded to your Growth Jar in accordance with the reward targets set for such Jar over the Duration of the Jar.
- Jar Joiner Rewards = Rewards available to users who opt-in to become eligible where the opt-in is contingent upon, among other factors, the amount of $SWEAT that a user has committed to Growth Jars. Rules for specific Jar Joiner Rewards are set forth in your Sweat Wallet and may also include a participation fee payable in $SWEAT.
- Duration the amount of time that Earned $SWEAT is locked in a Growth Jar.
Last Updated: November 14, 2023