Sweat Economy Launches in the USA, Opening the Door to Millions of New Web3 Users
NEAR FOUNDATION
October 17, 2023
Sweat Economy, creators of $SWEAT and leaders in helping the world become more active, is launching in the United States for the first time. 

The decision to expand into the new territory was supported by a historic on chain vote by the Sweat Economy Community, and saw more than 380,000 community members take part in the decision. 

The announcement will pave the way for millions of users in the United States, the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda, to be able to tokenize their physical activity within the Sweat Economy ecosystem — adding momentum to the burgeoning global movement economy. 

Sweat Economy is a Web3 evolution of the Web2 health & fitness app — Sweatcoin — which now has more than 145 million registered users worldwide. It started in September 2022 when the project launched its crypto token $SWEAT alongside the Sweat Wallet mobile app. $SWEAT is effectively a tokenized form of physical activity; a new asset class that did not exist up to this moment, while Sweat Wallet is the mobile application that gives you the best experience of collecting and managing your $SWEAT. To start minting $SWEAT, users need to install the Sweatcoin app,  opt-in to “Walk into Crypto” and then install the Sweat Wallet app. 

This means that instead of earning centralized sweatcoin points, users earn $SWEAT — a crypto token that represents the value of their physical activity and is traded on 20+ exchanges worldwide. Accrued $SWEAT can then be used in various ways, including deposited into “Growth Jars” to be saved and multiplied, and unlock exclusive rewards within the ecosystem. Users can also compete in the free-to-play Sweat Hero NFT game to win additional $SWEAT, while also having the option to purchase $SWEAT in-app using the MoonPay fiat on-ramp 

“It’s incredible to see the progress of Sweat Economy as it enables us to achieve our mission to bring millions into the open web,” says Chris Donovan, CEO of the NEAR Foundation. 

“As an industry leader in tokenizing physical activity, Sweat Economy’s launch into the U.S. represents a major milestone not just for the project, but for the entire NEAR ecosystem. It also demonstrates the incredible scalability of the NEAR Protocol, which has been able to seamlessly support one of the largest consumer apps in Web3 operating at a significant scale.”

Since $SWEAT launched on NEAR Protocol, it has become one of the largest Dapps in the Web3 ecosystem, with more than 20 million wallets and more than 100,000 transactions per day. The Sweat Wallet app quickly became the number one most downloaded Finance app in more than 50 countries. This follows Sweat’s success as the fastest IDO ever to sell out on the DAO Maker platform. It has become one of the largest Web3 on-ramps in history. 

“We are thrilled to finally bring the Sweat Economy experience to the United States and 8 other markets. Our community was making it loud and clear that they wanted and needed us there and we are happy that we finally can deliver for them,” says Oleg Fomenko, co-founder of Sweat Economy.

“We are excited that residents of these countries will also be able to literally WALK INTO CRYPTO! Our global community of users has been instrumental in supporting this launch and we are thankful for their participation in the biggest ever governance vote that allocated nearly 700 million $SWEAT to the new community members in consideration for their verified physical activity. By expanding into these markets, we aim to inspire a new wave of physical activity and incentivize individuals to lead healthier lives, while paving the way for the next billion users looking to participate in the movement economy.”

Sweat Economy’s announcement is another milestone as the NEAR community works hard to onboard one billion users to Web3. By choosing to build on NEAR, Sweat Economy will be well placed to leverage the protocol’s incredibly secure and infinitely scalable sharding infrastructure — unlocking the opportunity to onboard millions of potential users into a burgeoning Web3 movement economy.

If you have yet to join the economy of movement, head to your mobile app store and download the Sweatcoin and Sweat Wallet apps today and see how millions of people are earning crypto just by being physically active. Join NEAR and Sweat Economy in building a healthier collective future!