The Move-to-Earn app, Sweatcoin, was a web2 project that helped its members walk up to 20% more than non-members. Active since 2016, Sweatcoin is a massively successful project. In September 2022, Sweatcoin turned into more than just an app and released the first crypto token with over 120 million opted-in wallets.
The platform has over 120 million global Sweatcoin app users and their companion wallet, “Sweat Wallet” swiftly rose to the top of 51 nations’ most downloaded Finance apps.
In October 2022, the Sweat Economy broke crypto records with its first airdrop on NEAR, the biggest to date. Sweat Economy is now responsible for all things crypto, but the app name seems to be unchanged for now, and will remain “Sweatcoin” for the time being.
When referring to “Sweat” in the article, we are grouping all the projects of the company: Sweat Economy, Sweatcoin, and Sweat Wallet. The corporation that holds all of them is now Sweat Economy Ltd.
What is Sweatcoin?
Sweatcoin is a popular fitness app for iOS and Android that aims to encourage individuals to exercise more and encourage better living.
Their app was the most popular Health and Fitness app in the world with over 119M users and rewards users for walking, running, or exercising. Sweatcoins, sometimes known as “Airmiles for steps,” are given out by the Web2 app and may be exchanged for branded goods, online services, and charity donations.
Up until now, Sweatcoins served no other purpose, and couldn’t be minted or exchanged on the open market. Recent developments in the company propelled them into the blockchain space.
To help with onboarding, the Sweat Economy has published its wallet, which core goal is to be user-friendly for the many Sweatcoin users who have never interacted with a blockchain before, yet powerful enough to handle token staking, NFT games, and the many other features set to make up the economy of movement.
72 hours after the launch, more than 2M people downloaded and activated the Sweat wallet app. Since its release, Sweat wallet has surpassed all other dApps in terms of usage.
Over the course of the week, the recently released Sweat wallet app rose to the top Finance app ranking in 51 countries and was ranked among the top 5 Finance apps in 115 countries (plus the most downloaded app across all categories in 8 countries). This is an unprecedented achievement by a blockchain project.
$SWEAT will be available to eligible users who can download the Sweatcoin app. As a perk for early users, at the beginning of the mint, the Sweat Foundation made an offer for every Sweatcoin user to opt-in to claim 1 $SWEAT for every sweatcoin in their wallet, without burning their sweatcoins. The TGE occurred on 13th September 2022.
$SWEAT is an ERC-20 token and is minted solely by verified movement. Therefore, a stable number of users increases minting “input” (steps). An increase in users increases the input. A change in user habits – all users walking more because of intention and rewards – makes the input rise exponentially.
With time, $SWEAT will get significantly harder to mint, as each $SWEAT will require more steps to mint than the last. Since there is no limit on how much $SWEAT may be produced, it will always be mined.
Tokens are awarded and verified thanks to Movement Validators. Movement Validators are required to verify the validity of movement and update the blockchain accordingly.
At the moment, 1,000 validated steps earn one sweatcoin under the Sweatcoin system. The validator processes the raw data it gets from the recording device using an algorithm to identify fraudulent activity and guarantee that only genuine movement is rewarded. As of launch, SweatCo Ltd. is the sole Movement Validator.
Over the course of its first seven days, the $SWEAT token has seen trading volume close to half a billion dollars on exchanges including FTX, OKX, ByBit, Bitfinex, Kucoin, Gate.io, Huobi, and Uniswap.
Wrapping Up The Sweat Economy
Many apps like Sweatcoin exist on web2 ecosystems, and even betting-to-fitness is a popular model to incentivize people to get fit nowadays. However, no player has ever been as successful as Sweat in the web3 fitness economy. Even STEPN, a direct rival, didn’t manage to get the same number of users and a massively successful wallet to the top of the app stores.
As time goes by, the project will prove the value of its solution. They may be able to deliver what many will view as a new advance in web3 gaming thanks to their strong history in app development and the great reputation they managed to uphold with their users.