Launch of Sweat Economy Sets New Crypto Records

Jamie Larson

• 3 min read
Launch of Sweat Economy Sets New Crypto Records

The "economy of movement" known as Sweat Economy effectively debuted on NEAR last week with the greatest airdrop in history to active, opted-in wallets. The Move-to-Earn network, active on web2 since 2016, released its new web3 SWEAT token to 13.5 million token holders. The platform has over 120 million global Sweatcoin app users. The Sweat Wallet app swiftly rose to the top of 51 nations' most downloaded Finance apps. This comes after SWEAT's achievement of being the quickest IDO to ever sell out on the DAO Maker platform.

Sweat Economy gave its 13.5 million Sweatcoin users who choose to use Web3 more than 4.7 billion of its recently launched SWEAT token. Since many of these customers are transitioning from Web2 to Web3 for the first time, this airdrop represents the biggest ever on-ramping of self-custody users.

Sweat Economy has introduced its Sweat Wallet to speed up onboarding. This wallet was specifically designed to be user-friendly for the many Sweatcoin users who have never worked with a blockchain and powerful enough to handle token staking, NFT games, and the many other features that will make up the economy of movement. Within 72 hours of TGE, over 2M people downloaded and activated the Sweat Wallet app. Since its release, Sweat Wallet has surpassed all other dApps in usage.

Over the course of the week, the recently released Sweat Wallet app rose to the top spot in 51 nations for finance apps and was ranked within the top 5 in 115 countries (plus the most downloaded app across all categories in 8 countries). In addition, the original Sweatcoin app, which has constantly ranked first in the "health and fitness" category throughout 2022, was a top 3 app in several other countries along with its web3 twin.

The public auction of around $1 million of SWEAT finished in about 15 minutes, making it the quickest IDO to ever sell out on the DAO Maker platform. The hashtag "Sweat" trended on Twitter during TGE week, and both CoinGecko and CoinMarketCap routinely ranked the token as the top trending search. Sweat Economy is a crypto unicorn because its FDV as of week one is over $1 billion.

Additionally, in a novel move for a token, the Sweat Foundation and Sweatco revealed they were burning 4.76 Billion of their own SWEAT allocation to provide consumers with more value immediately before the TGE. They promised to buy SWEAT from the secondary market for buy and burn or to be delivered as staking yield with 50% of their profits the next day, on Friday (with the promise to publish evidence of the buying activity to ensure community transparency).

Over the course of its first seven days, the SWEAT token has seen trading volume close to half a billion dollars on exchanges like FTX, OKX, ByBit, Bitfinex, Kucoin, Gate.io, Huobi, and Uniswap.

Not only did the Sweat Economy team reach a major milestone last week by realizing our original founding goal, but web3 as a whole also made history as millions of new users were mass-onboarded into the cryptocurrency market. I want to express my sincere gratitude to all of our partners, sponsors, and the amazing staff who worked so diligently on this product and launch. However, this is only the start. Oleg Fomenko, co-founder of Sweat Economy, said, "We are very eager to get millions of people healthier around the world by creating a truly decentralized economy of activity."

Concerning Sweat Economy

Sweat Economy, a company that was founded in 2015, aims to encourage individuals to move more in order to encourage better living. The most popular Health and Fitness app in the world with over 119M users relies on Sweatcoin to motivate regular exercise. Sweatcoins, sometimes known as "Airmiles for steps," are given out by the Web2 app and may be exchanged for branded goods, online services, and charitable donations.

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