- Summary:
- The much-anticipated launch of Sweat Economy last week lived up to its hype after more than 4.7 billion of the newly created SWEAT tokens
The much-anticipated launch of Sweat Economy last week lived up to its hype after more than 4.7 billion of the newly created SWEAT tokens were distributed to the 13.5 million Sweatcoin users who opted to enter into Web3. The airdrop became the largest ever to active, opted-in wallets. The launch also saw the Sweat Wallet application quickly becoming the most downloaded financial application in over 51 countries.
The launch of the Sweat Wallet was also well received worldwide, with data showing that the app was in the top 5 of most downloaded finance apps in 115 countries. The Sweat Wallet was also the most downloaded application across all categories in 8 countries. The performance was an extension of the streak of its sister application, the Sweatcoin app, which has consistently topped the “health and fitness” category.
The performance on the first day of launch, however, was not surprising for one of the largest move-to-earn platforms in the cryptocurrency industry, with over 120 million users. Since 2016, Sweatcoin has been active on the Web2 platform, awarding its users with a Sweatcoin for every 1,000 steps they take. Before the launch. Sweatcoins had indicated they would be matching Sweatcoin earners with Sweat Tokens that would be transferred to their Sweat Wallet after they opt into Web3, which 13.5 million users did before last week’s launch.
Today, the platform has continued to perform, recording over half a billion dollars in trading volume in its first 7 trading sessions across exchanges such as FTX, OKX, Kucoin, Gate.io, Huobi, Uniswap, ByBit, and BitFinex. The creators of the Sweat Wallet have also made it in such a way that users who are new to Web3 are able to operate it seamlessly while still being able to handle complex Web3 functions such as token staking, NFT games, e.t.c.
In conclusion, the Sweat Economy launch and its recent performance have been one of the best in 2022. It is also likely a snapshot of what to expect, and therefore, my Sweat Token expectation for the next few weeks and months is bullish.