Health and fitness platform Sweat Economy is finally set for a US launch to incentivize exercise, amid Web3 awareness growth.
Emerging decentralized application (dApp) Sweat Economy plans to launch in the US this September. The arrival of the Web3 project and its native $SWEAT token in America will coincide with its September 12th global launch. As a dApp initiative designed to unlock the economic value of movement, Sweat Wallet has consistently ranked in DappRadar’s Top 10 Blockchain Dapps. This lofty ranking dates back to Sweat’s Token Generation Event (TGE) last September.
2022’s launch of the SWEAT token and Sweat Wallet saw the venture frozen out as a result of regulatory barriers. This disappointing development occurred despite the Sweatcoin app (Web2) being in the US market since 2016. Since its launch, the app has rewarded countless users with loyalty points, called Sweatcoins, for their steps. However, due to regulatory barriers, Sweat Wallet and SWEAT token could not participate in the original Token Generation Event (TGE). In addition, the dApp could also not receive its $SWEAT allocation nor begin generating $SWEAT by walking.
In addition to earning $SWEAT via walking, several other perks are also available via the Sweat Wallet app. These include tangible rewards, a crypto training facility, Learn & Earn, as well as a non-fungible token (NFT) game called Sweat Hero.
US Launch Steepens Platform’s Popularity Amidst American Users
However, the launch of the Sweat Economy on September 12, 2023, would allow Sweat Wallet installation among US residents. Furthermore, existing users of the Sweatcoin app will receive their $SWEAT allocations in direct proportion to their current Sweatcoin stake. This development paves the way for said users to start earning more tokens for their steps immediately.
However, the Sweat Economy team pointed out that $SWEAT tokens for the eagerly-anticipated US launch will not be additional token emissions. Instead, these US tokens will be generated from already existing token allocations.
Commenting on the US SWEAT development, Sweat Economy co-founder Oleg Fomenko said:
“It is a great pleasure to finally bring Sweat Wallet to the US market. Since last year, we have been inundated by requests from our US users, who have been desperate to… literally… walk into crypto. Although we wish we could have made this announcement last year – better late than never! It’s wonderful to announce the good news to our millions of US-based users now.”
Fomenko expressed faith in Sweat Economy’s potential to succeed in the United States due to its raving popularity elsewhere. As the co-founder put it:
“I have no doubt that Sweat Economy will make a tremendous impact in the United States, having already become the most-downloaded financial app in over 50 countries.”
Sweat Economy was created in 2015 to foster healthier living by encouraging people to be more active. Sweatcoin was the most globally downloaded health and fitness app last year, with more than 130 million users. The Sweat company is one of many platforms that leverages the decentralized power of Web3 to achieve its agenda.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.