Sweat Economy, the Web3 ecosystem on a mission to make the world more physically active, has reached 1 million monthly active on-chain users on its Sweat Wallet app on the NEAR blockchain. This milestone makes Sweat Wallet one of the largest consumer apps in Web3. It follows the successful expansion into the United States and eight other new countries including the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda on October 17th, 2023, increasing unique active on-chain user figures by an average of 140,000 per week since.
Sweat Economy launched in September 2022 and now has more than 10 million wallets created and has attracted 2.1 million monthly active wallet users, with 1 million carrying out on-chain activities that enabled Sweat Wallet to achieve the milestone.
In total, all users have minted more than 4.18 billion steps, earning 1.6 billion $SWEAT tokens. In just a few months after launch in 2022, $SWEAT became the 9th most held1 and the 13th most actively used token2 in the world. Following the decision made by the Sweat Community DAO to burn 1.8 billion unclaimed $SWEAT as part of its wider global expansion strategy, the token reached deflationary status in July 2023. In total, 5.7 billion $SWEAT have been burned. An additional 988K users have been onboarded to Sweat Wallet since the U.S. launch on October 17th, 2023 with 45.1 million transactions occurring in the same timeframe.
Since the token launch, Sweat Wallet has successfully onboarded more than 10 million Web2 users from the step validator app Sweatcoin, one of the most popular health & fitness apps globally. Sweat Wallet represents the latest evolution of this story, to accelerate the mainstream adoption of Web3 technologies at the intersection of tokenization, health, and crypto. Sweat Economy is borrowing a page from the ‘Attention Economy’ built around the value of user attention. This has led to the creation of giants like Google and Facebook whose financial model is centered on monetizing user attention and data. Alternatively, the ‘Movement Economy’ is built around the unit of physical activity value, $SWEAT, which will enable value exchanges between parties who are interested in users becoming more active including healthcare providers, employers, insurers, and ultimately the country you are living and paying taxes in.
Oleg Fomenko, co-founder of Sweat Economy said: “Looking at Total Value Locked as a measure of success for infrastructure projects will soon be considered a thing of the past. The future of Web3 is in propositions that appeal to millions and ultimately billions of people through products and offerings creating strong value fundamentals. Web3 needs technologies that people love to use. The currency of success is shifting to metrics such as “active users” focused on engaged communities. It is amazing to see Sweat Wallet among the top dApps driving mass adoption of Web3.”
Once onboarded into the Sweat Wallet app, users can mint $SWEAT simply by walking. Accrued $SWEAT can then be used in various ways, including trading it for other mainstream tokens such as ETH and USDT, filling up “Growth Jars” to be saved and multiplied, and unlocking exclusive rewards within the ecosystem. Users can also compete in the free-to-play Sweat Hero NFT game to win additional $SWEAT, while additionally having the option to purchase $SWEAT in-app using the MoonPay fiat on-ramp.
Illia Polosukhin, co-founder and CEO of NEAR Protocol, said: “We built NEAR Protocol to be the entry point to the Open Web and onboard the first billion users. Today, Sweat Economy has surpassed 1 million monthly on-chain active users—a major milestone. Sweat Economy has held strong in the DappRadar ranking of the most used dApps for much of this year, demonstrating that a great Web2 business can successfully migrate to Web3 and showcasing the power of NEAR to support global mainstream usage.”