Sweat Economy, a move-to-earn app that launched about a month ago, now has 3.5 million active monthly users. That makes it the de facto leader in the M2E space, surpassing STEPN in the process.
At its peak, STEPN managed to reach about 3 million active users. That number has since dropped, paving the way for the emergence of the Sweat Economy as a dominant force in the web3 fitness space.
Statistics of Sweat Economy’s insane growth
SWEAT’s September 13 launch had been anticipated for months. But its success is a huge surprise. The project managed to distribute SWEAT tokens to 15 million people during the token generation event. What’s more, the month that followed the token generation event was epic.
For starters, the move-to-earn project has now managed to register 3.5 million active users in one month. No other web3 fitness app can boast such crazy numbers. But that’s not all.
Sweat Economy has expanded access to its Sweat wallet worldwide. At one point, the wallet was the most popular financial app in over 51 countries.
According to Dapp Radar’s tracking, Sweat Wallet is still among the top 20 most used apps in the world. However, in the first week after its launch, the app reached the top spot on Dapp Radar.
Sweat Economy has also seen good results with its SWEAT token staking program. In September, 105 million coins were staked.
The utility of the Sweat Wallet was also enhanced. Fiat on Ramp, a feature that allows people to buy crypto-currencies with fiat currency, is one of the main new features.
Why is the Sweat economy growing so fast?
Sweat’s entry into the M2E market could not have come at a worse time. While the broader crypto market is facing a significant slowdown, gamefi conditions have also deteriorated. One would expect the appetite for new gamefi projects to be much lower today than it was in early 2022.
But despite these underlying market conditions, the Sweat Economy has achieved so much in one month. The reason for this is actually based on the platform’s experience in web2.
You see, Sweat Economy is a web3 version of Sweatcoin, an M2E web2 application that has so far managed to build a community of over 120 million users. In essence, Sweat Economy is trying to convert its regular web2 users into a web3 community.
We have not seen data showing how many Sweatcoin users have actually joined Sweat Economy. A significant percentage of Sweat Economy users may never have used Sweatcoin before. But despite this, the move-to-earn project is starting from a solid foundation.
Simple, low-risk concept
Another reason Sweat Economy has seen superb growth in 30 days is based on its simple, low-risk, straightforward approach to M2E.
Unlike the STEPN app, which is the main competitor here, Sweat Economy has no barriers to entry. Users don’t need to buy sneakers to start earning money from the movement. In addition, Sweat is designed to encourage movement forever.
This is done through two innovative strategies. First, the only way to monetize the SWEAT token is to take steps or do exercises. Second, there is no limit to the total amount of SWEAT that can be minted.
Thus, members of the SWEAT community can mint SWEAT tokens for as long as they want. This was done to ensure that, no matter what, exercise and fitness remain at the core of the Sweat Economy ecosystem.
Nevertheless, hitting SWEAT through movement is becoming more and more difficult as time goes on. In fact, the project released a major update on the difficulty of hitting SWEAT last week.