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Sweat Economy launches ecosystem in the United States
Wed, 18th Oct 2023

Sweat Economy, the Web3 ecosystem, has expanded into the United States to an expected 140 million users and eight new countries.

These eight countries include the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda. 

The move paves the way for millions of users to officially begin tokenising their physical activity within the Sweat Economy ecosystem, adding momentum to the burgeoning global movement economy. 

Sweat Economy enters these new markets with the support of its community, who participated in a vote, with over 380 thousand users deciding to burn and reallocate idle tokens to support the current launch effort. 

Sweat Economy builds on the success of the popular Sweatcoin app launched in 2015. As one of the pioneers of the move-to-earn phenomenon, Sweatcoin amassed more than 140 million 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 tokenisation, health, and crypto. 

Sweat Economy aims to revolutionise movement using a unique passive reward system. By leveraging the Sweatcoin application in tandem, users can verify their movement, tokenising 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 onboarded onto Sweat Wallet.

Once onboarded into Sweat Wallet, users can mint $SWEAT by engaging in physical activities. Accrued $SWEAT can 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 an additional $SWEAT while having the option to purchase $SWEAT in-app using the MoonPay fiat on-ramp.

$SWEAT has become the 9th most held, and the 13th most actively used token in the world before this expansion, having also established a deflationary status following the community's decision to burn 1.8 billion unclaimed $SWEAT. 

Oleg Fomenko, Co-Founder of Sweat Economy, says: "We are thrilled to bring the Sweat Economy experience to the United States and eight other markets. We are excited that residents of these countries will also be able to WALK INTO CRYPTO literally." 

"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 incentivise individuals to lead healthier lives while paving the way for the next billion users looking to participate in the movement economy," says Fomenko. 

Chris Donovan, CEO of the NEAR Foundation, says: "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 tokenising physical activity, Sweat Economy's launch into the U.S. represents a major milestone for the project and 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."

Communities are transforming significantly as individuals seek innovative ways to stay motivated and maintain a healthy lifestyle. Sweat Economy's unique approach, combining fitness tracking with blockchain technology, brings a refreshing perspective to this space. By rewarding users for their physical activity, Sweat Economy encourages people to exercise more and creates a vibrant and engaged group of like-minded people. 

Sweatcoin has over 800 brand partners, including Adidas, Paramount, Fabletics, Amazon, and Garmin, who provide exclusive discounts, offers, and free products in exchange for sweatcoins.