Sweat Economy Launch Breaks Crypto Records

Sweat Economy has successfully launched the largest airdrop-to-date, opt-in, wallet on the NEAR blockchain.

In an unprecedented event last week, the Move-to-Earn platform distributed more than 4.7 billion of its new Web3 SWEAT tokens to 13.5M token holders.

SWEAT tokens were distributed to existing Sweatcoin users, who chose Web3, turning the airdrop into a massive on-ramping event.

As a result, the Sweat Wallet app has become the number one most downloaded finance app in 51 countries.

Sweat Economy co-founder Oleg Formenko said: “Last week was not only a milestone week for the Sweat Economy team – as the realization of our original founding ambitions – but a historic week for web3 as we witnessed the birth of both economies. Movement and mass-onboarding of millions of new users to crypto.”

On-boarding the public to Web3

Sweat Wallet is purpose-built to be a seamless experience for Sweatcoin users who have never interacted with blockchain before.

Available in 75 countries, the Sweatcoin app had 110 million users in August, and users are expected to continue growing on an upward trajectory as it expands to 160 countries.

This is a big moment for Web3 as millions of movement enthusiasts cross over from Web2, when the platform embarks on the NEAR blockchain.

Although simple to use, Sweat Wallet is powerful enough to handle token staking, NFT games and many other features set to create the platform’s ‘Economy of Movement’.

A record-breaking moment for SWEAT

Over 2M users downloaded and activated the Sweat Wallet app within 72 hours of the historic airdrop, dubbed the ‘Token Generation Event’ (TGE).

Now, Sweat Wallet is the second most used dApp (decentralized app) across all chains since its launch.

Moreover, 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.

In addition, the original Sweatcoin app – which consistently topped the ‘Health & Fitness’ category throughout 2022 – joined its Web3 sibling as the top 3 app in all categories across multiple regions.

If that wasn’t enough record breaking, the app became the fastest IDO (Initial Dex Offering) ever sold on the DAO Maker platform, completing a public sale of $1M SWEAT in less than 15 minutes.

During TGE week, the word ‘sweat’ trended on Twitter and the token often appeared as the no. 1 trending search on both CoinGecko and CoinMarketCap

After a week the current FDV (Fully Diluted Valuation) exceeded $1 billion, making Sweat Economy a crypto unicorn.

Burning tokens to increase value

Prior to TGE, SWEAT Foundation and SWEATCO announced that they are burning 4.76 billion of their own SWEAT allocation to bring additional value to users.

On Friday, they followed this up by pledging to use 50% of their profits to buy SWEAT from the secondary market.

This SWEAT will be used for purchase and burn purposes or distributed as staking yield (with a commitment to release evidence of purchase activity to ensure community transparency).

Incredibly, the 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.

Co-founder Oleg Formenko added: “My sincere thanks to all our partners and supporters and to the incredible team who worked so hard on this product and launch. And yet, this is just the beginning. We want to make millions of people around the world healthier by creating a truly decentralized economy in the movement.” Very excited.”

In terms of making an impact on Web3, it doesn’t get much bigger! Stay tuned for more updates from the emerging sweat economy.

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