Sweat Economy’s launch on the NEAR blockchain broke some records in the cryptocurrency market.
Sweat Economy, the ‘economy of movement’, announced on Tuesday, September 20th, that it successfully launched on NEAR last week.
The launch broke some records in the cryptocurrency space as it had the largest ever airdrop to active, opted-in, wallets.
According to the press release shared with Coinjournal, the Move-to-Earn platform, active in web2 since 2016 with over 120 million global users of its Sweatcoin app, distributed its new web3 SWEAT token to 13.5 million token holders.
Following this latest development, the Sweat Wallet app quickly became the No.1 most downloaded Finance app in 51 countries. The team added that the launch follows SWEAT’s success as the fastest IDO ever to sell out on the DAO Maker platform.
Sweat Economy added that it distributed over 4.7 Billion of its newly launched SWEAT token to the 13.5M of its Sweatcoin users who opted to enter into Web3.
To make it easier for people to transition from Web2 to Web3, Sweat Economy has launched its Sweat Wallet, which is purpose-built to be approachable enough for the many Sweatcoin users who have never interacted with a blockchain before.
With the Sweat Wallet, it becomes easier for people to handle token staking, NFT games, and the many more features set to make up the economy of movement.
The team revealed that more than two million users downloaded and activated the Sweat Wallet app within 72 hours of TGE. Furthermore, Sweat Wallet is the second most used dApp across all chains since its launch.
While commenting on this latest development, Oleg Fomenko, Co-founder of Sweat Economy, said;
“Last week was not just a milestone week for the Sweat Economy team – as the realization of our original founding ambition – but a historic week for web3 where we witnessed both the birth of the economy of movement and the mass-onboarding of millions of new users to crypto. My heartfelt thanks go to all our partners and supporters and to the incredible team who have worked so hard on this product and launch. And yet, this is just the beginning. We are so excited to get millions around the world healthier through the creation of a true decentralised economy of movement.”
Prior to the airdrop, the Sweat Foundation and Sweatco announced they were burning 4.76 Bn of their own SWEAT allocation to bring additional value to users. They went ahead to use 50% of their profits to buy SWEAT from the secondary market for buy and burn or to be distributed as staking yield
The team added that the SWEAT token is approaching half a billion dollars in trading volume across exchanges FTX, OKX, ByBit, Bitfinex, Kucoin, Gate.io, Huobi and Uniswap, roughly a week after it was launched.