Key takeaways:
- SWEAT’s migration to web3 has been seamless as its parent company has recorded various successes
- The firm revealed that it burned over 4 billion SWEAT tokens
Move-to-earn platform Sweat Economy launched on the NEAR network last week with a massive airdrop of its SWEAT token.
The project, which has existed since 2015 and has over 120 million users in the web2 space, decided that moving to web3 was the next step in its roadmap.
With a mission to promote healthier living by incentivizing movement and other physical activities with SweatCoin, it has emerged as one of the most downloaded health apps over the past five years.
SWEAT’s transition has been seamless
But its transition to web3 marks a new step, and that move has been a success so far. Following the launch, it distributed 4.7 billion SWEAT tokens to 13.5 million active wallets that opted for the airdrop.
It is the largest airdrop ever, and unsurprisingly, Sweat wallet was the most downloaded finance app in 51 countries last week. In addition, Sweatcoin’s original app, which has been number one among health and fitness apps for most of the year, also reached the top 3 apps in several countries.
Before the airdrop, Sweat Economy had an IDO on the MakerDAO platform and was the fastest-selling IDO.
With the move to web3, Sweat Economy onboards millions of people into the blockchain space, many of whom had no prior experience with the technology.
Using a specially designed wallet, users can access all blockchain products such as staking, NFTs, and other features without any complications accompanying crypto-native apps.
While the airdrop contributed significantly to the interest, the utility of Sweat Economy means its apps remain very much in use. Sweat Wallet is currently the second most used dApps across all blockchain networks.
4.7 Billion SWEAT burned
The team behind the project also announced an unusual decision to burn 4.7 billion of SWEAT, and there are still plans to buy from the secondary market and burn. Token burn is usually a good way to make crypto tokens deflationary and increase their value.
Speaking on the remarkable transition, co-founder of Sweat Economy Oleg Fomenko said, “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.”
Over a week after its launch, SWEAT’s fully diluted valuation is over $1 billion. SWEAT token is currently trading at $0.04765, almost 600% higher than its price at launch
