London, UK, 20th September, 2022, Chainwire
last week, sweat economy – ‘Economy of Movement’ – successfully launched nearby Active, opt-in, with the largest airdrop on wallets. The move-to-earn platform, with over 120 million global users of its Sweatcoin app active on web2 since 2016, has distributed its new web3 SWEAT token to 13.5M token holders. The Sweat Wallet app quickly became the most downloaded finance app in 51 countries. This follows SWEAT’s success as the fastest IDO sold on the DAO Maker platform.
Sweat Economy has distributed over 4.7 billion of its newly launched SWEAT tokens to the 13.5M Sweatcoin users who chose to access Web3. For many of these users, this is their first experience with Web3, making this airdrop the largest on-ramp among self-care users from Web2 to Web3.
To facilitate onboarding, Sweat Economy launched its Sweat Wallet, designed to be simple enough for many Sweatcoin users who have never interacted with the blockchain before, yet powerful enough to handle token staking, NFT games and more. More features are set to create economy of movement. Over 2M users downloaded and activated the Sweat Wallet app within 72 hours of TGE. Sweat Wallet is the second most used dApp across all chains since launch.
Within weeks, the newly launched Sweat Wallet app reached the No. 1 finance app spot in 51 countries and was a top 5 finance app in 115 countries (plus the most downloaded app in all categories in 8 countries). Also, the original Sweatcoin app – which has consistently topped the ‘Health & Fitness’ category throughout 2022 – is alongside its Web3 sibling as the top 3 apps in all categories across multiple regions.
It was the fastest IDO ever sold on the DAO Maker platform with C’s public sale. $1M SWEAT done in <15 minutes. During TGE week, the word 'sweat' trended on Twitter and the token frequently appeared as the no. 1 trending search on both CoinGecko and CoinMarketCap A week later the current FDV exceeded $1 billion, making the sweat economy a crypto unicorn.
And in an unusual move for a token, just before the TGE the SWEAT Foundation and SWEATCO announced that they were burning 4.76 billion of their own SWEAT allocation to bring additional value to users. On Friday, they followed it up with a commitment 50% of their profits to be used to purchase sweat from the secondary market and to be burned or distributed as stake yield (with a commitment to disclose evidence of purchasing activity to ensure community transparency).
SWEAT Token reached close to half a billion dollars in trading volume across FTX, OKX, ByBit, Bitfinex, Kucoin, Gate.io, Huobi and Uniswap exchanges in its first 7 days.
Last week was not only a milestone week for the Sweat Economy team – as the realization of our original founding ambition – but a historic week for web3 as we witnessed both the birth of the movement economy and the mass-onboarding of millions of new users. in crypto. My sincere thanks to all our partners and supporters and the incredible team who worked so hard on this product and launch. And yet, this is just the beginning. We are excited to heal millions of people around the world by creating a truly decentralized economy of movement.” – said Oleg Fomenko, co-founder of Sweat Economy.
About the sweat economy
Established in 2015, sweat economy is on a mission to promote healthy living by encouraging people to move more Over 119 million users rely on SweatCoin to fuel their daily movement through the app, currently the world’s most downloaded health and fitness app. The Web2 app rewards ‘sweatcoins’, dubbed “AirMiles for Steps” that can be redeemed for branded products, digital services and charitable donations.