LONDON, Oct. 17, 2023 /PRNewswire/ -- Sweat Economy, the Web3 ecosystem on a mission to help the world be more physically active by incentivizing activity, has expanded into the United States and eight new countries including the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda. The move paves the way for millions of users to officially begin tokenizing their physical activity within the Sweat Economy ecosystem, adding momentum to the burgeoning global movement economy.
Sweat Economy enters these new markets with the overwhelming support of its community, who participated in a historic vote, with over 380K users deciding to burn and reallocate idle tokens to support the current launch effort. Sweat Economy builds on the success of the massively popular Sweatcoin app that launched in 2015. As one of the pioneers of the move-to-earn phenomenon, Sweatcoin quickly amassed more than 140M registered users and became the most downloaded health app in over 60 countries. Sweat Economy 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 revolutionizes movement using a unique passive reward system. By leveraging the Sweatcoin application in tandem, users can verify their movement–tokenizing their physical activity. As a reward, users can mint $SWEAT, a token on the NEAR Protocol positioning Sweat Economy as one of the largest Web3 on-ramps in history, with millions of existing Sweatcoin users being onboarded onto Sweat Wallet. 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.
Oleg Fomenko, co-founder of Sweat Economy said: "We are thrilled to finally bring the Sweat Economy experience to the United States and 8 other markets. 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.
Chris Donovan, CEO of the NEAR Foundation, said: "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. 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 significant scale."