In an unprecedented event last week, the Move-to-Earn platform distributed over 4.7 billion of its new Web3 SWEAT token to 13.5M token holders.
The SWEAT tokens were distributed to existing Sweatcoin users, who opted into Web3, making the airdrop a gigantic on-ramping event.
Consequently, the Sweat Wallet app became the No.1 most downloaded Finance app in 51 countries.
Oleg Formenko, co-founder of Sweat Economy said: “Last week was not just a milestone week for the Sweat Economy team – as the realization of our original founding ambition – but a historic week for web3 where we witnessed both the birth of the economy of movement and the mass-onboarding of millions of new users to crypto.”
On-boarding the masses into Web3
Sweat Wallet is purpose-built to be a seamless experience for Sweatcoin users, who have never interacted with the blockchain before.
Available in 75 countries, the Sweatcoin app had 110 million users in August and as it expands into 160 countries, the users are expected to continue soaring in the upward trajectory.
This is a major moment for Web3 as millions of movement enthusiasts cross over from Web2, as the platform starts its journey on the NEAR blockchain.
Whilst being simple to use, the Sweat Wallet is powerful enough to handle token staking, NFT games, and the many more features set to make up 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, named the ‘Token Generation Event’ (TGE).
Now, Sweat Wallet is the second most used dApp (Decentralized App) across all chains since its launch.
Furthermore, 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 has consistently topped the ‘health and fitness’ category throughout 2022 – accompanied its Web3 sibling as a top 3 app across all categories in multiple territories.
If that wasn’t enough records broken, the app became the fastest IDO (Initial Dex Offering) ever to sell out on the DAO Maker platform with the public sale of $1M SWEAT completed in less than 15 minutes.
During TGE week, the term ‘Sweat’ trended on Twitter with the token frequently appearing as the no. 1 trending search on both CoinGecko and CoinMarketCap.
The current FDV (Fully Diluted Valuation) after week one is in excess of $1 Billion, making Sweat Economy a crypto unicorn.
Burning tokens to increase value
Prior to the TGE, the Sweat Foundation and Sweatco announced they were burning 4.76 billion of their own SWEAT allocation to bring additional value to users.
On Friday, they followed this up with a commitment to use 50% of their profits to buy SWEAT from the secondary market.
This SWEAT will be used for the purpose of buy and burn or to be distributed as staking yield (with the promise to publish evidence of the buying activity to ensure community transparency).
Incredibly, the SWEAT token is approaching half a billion dollars in trading volume across exchanges FTX, OKX, ByBit, Bitfinex, Kucoin, Gate.io, Huobi and Uniswap over its first 7 days.
Co-founder Oleg Formenko added: “My heartfelt thanks go to all our partners and supporters and to the incredible team who have worked so hard on this product and launch. And yet, this is just the beginning. We are so excited to get millions around the world healthier through the creation of a true decentralized economy of movement.”
In terms of making an impact in Web3, it doesn’t get much bigger! Stay tuned for more updates from the burgeoning Sweat Economy.