KuCoin AMA With Sweat Economy — Revolutionizing the Movement Economy

2024/03/21 02:05:55

Dear KuCoin Users,

Time: March 18, 2024, 12:00 PM -1:54 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session in the KuCoin Exchange Group, featuring the Co-Founder and CEO of Sweat Economy, Oleg Fomenko and CMO, Misha Lederman.

Official Website: https://sweateconomy.com/

Whitepaper: https://drive.google.com/file/d/1IPklRcEQvgJkCaeYvGh43yjWl-Dj5_6i/view

Follow Sweat Economy on Twitter, Discord, and Telegram

Q&A from KuCoin to Sweat Economy

Q: We're thrilled to have with us Oleg Fomenko and Misha Lederman, the visionaries behind Sweat Economy, to kickstart our AMA session. I'd like to invite our esteemed guests to introduce themselves and shed some light on the $SWEAT project.

Oleg: I’m Oleg Fomenko, Co-Founder & CEO at Sweat Economy. Our mission is to make the world more physically active by tokenizing your movement and making it more valuable. We achieved this through $SWEAT, our native token that is backed by the value of your steps. When we started 10 years ago this value was only words. Now $SWEAT is traded on more than 20 exchanges and your movement has real value. And with our partnerships with universities and academics engaged, we will soon have an estimate of the long-term value of your movement.

Misha: And I’m Misha Lederman, CMO at Sweat. We all know and understand that movement and physical activity is valuable; to ourselves, to our families, to our doctor, our health insurer, employer, and eventually to our governments. Beyond simply acknowledging the economic value of movement, Sweat Economy unlocks its potential for millions of active users. Our consumer crypto app fuels the Movement Economy, where movement fosters entirely new value exchanges, and the app has grown into one of the most actively used dApps in the world.

Q: As Sweat Wallet boasts 2.5 million monthly active users globally, why should the KuCoin community be particularly interested in $SWEAT?

Oleg: Beyond the massive scale of our user base, we’re making huge progress with our Roadmap milestones to become the biggest player in Consumer Crypto - large scale businesses that will take advantage of all the infra being built now. Like Google, Facebook and Amazon built on top of the internet infra.

We are driving some of the craziest innovation possible - Chain Abstraction - becoming multichain using only one key = MAGIC!

We completed the world’s first BNB transaction using $SWEAT as gas through NEAR’s Chain Abstraction technology. You may check here. In other words, this means a user can hold one account on NEAR, use $SWEAT as gas, but conduct a transaction on a completely different chain without ever needing to interact with this other chain.

And because you can earn $SWEAT with your steps this means that YOU PAY YOUR FEES WITH YOUR FEET … and soon you will be able to do that on ANY chain!

$SWEAT as a token is also unique in the market:

1. $SWEAT has been deflationary since July last year.

2. $SWEAT is only minted through verified steps, which we have a patented algorithm that we developed over ten years to perfect, which means all can trust its authenticity.

3. Movement is an entirely new asset class that doesn’t yet have an established value, so estimates vary by orders of magnitude!

We’ve also just announced major partnerships with world-renowned universities and research institutions to quantify the value of an active day. Once we uncover the economic value of 10,000 steps, we can start understanding the potential value The Movement Economy has on individuals, third-parties, and governments. You may check here for more info.

The proof is in the pudding:

- 14M Wallets Created

- 10M+ apps downloaded globally

- One of the most used dApps in the world

You may check this related video.

Check this for yourselves. But the real value is what’s to come:

1. We have a strategic partnership with NEAR Protocol to let you use $SWEAT for gas fees on NEAR and across chains - PAY YOUR FEES WITH YOUR FEET!!!

2. We’re launching best-in - Web3 onboarding so you can safely and easily tie your keys to your personal email - BRINGING HUNDREDS OF MILLIONS OF NEW USERS TO WEB3!

3. Creating the whole new asset class that EVERYONE KNOWS IS VALUABLE - your movement. But what will the price of it be?

4. We’re also on the cusp of launching our first consumer-facing AI product, so keep an eye on our channels: we’ll announce more very soon!

Q: Your recent partnership announcement with NEAR has garnered significant attention. Could you provide more insights into this collaboration?

Misha: Some of you may have seen our recent Meeting of Minds video from our Lisbon HQ, where Sweat’s Co-Founder, Oleg chatted with NEAR founder and AI-pioneer, Illia Polosukhin about the future of Web3.

That’s one of the reasons we love partnering with NEAR – it’s not just about what they’re building, but because of Sweat Economy’s massive scale, we are building new features and innovating together with NEAR every step of the way! That’s one of the reasons we love partnering with NEAR – it’s not just about what they’re building, but because of Sweat Economy’s massive scale, we are building new features and innovating together with NEAR every step of the way! The future of our partnership is all about Chain Abstraction, where users essentially have the power to transact and own assets across chains without even needing to care or know which chain they’re operating on.

In other words, what we’re building with NEAR is a true multi-chain experience on steroids! It’s all about simplifying the user experience and removing the complexity by building products and features that support mass adoption at scales that the Web3 world hasn’t seen yet!

To summarize, our strategic partnership with NEAR enables both of our organizations to fulfill dreams and implement visions of scalability that were previously unattainable.

Q: Many might wonder about Sweat Wallet's revenue model. While users earn $SWEAT by walking, could you elaborate on how the platform generates profit?

Oleg: Over the last 10 years since we started in web2 we have learned how not only attract 150+ million people to our products, but also how to build a business that is profitable!

1. Monetising your physical activity - an example is our partnership with the NHS (National Health Service in the UK) which pays us to make people diagnosed with onset of diabetes more active!

2. Monetising engagement and attention of physically active people - there are thousands of brands and businesses who want to have people who pay attention to their shape AND their wallet as their customers - we partner with these businesses and they pay us!

3. Users pay - premium subscription, trading fees, etc. etc.

At our scale and growth all three revenue streams are growing, which allowed us to be DEFLATIONARY since July last year - not many projects can claim that.

Q: Managing Supply and Demand can be crucial for the success of a token. How do you plan to achieve this, especially without implementing a Supply Cap, and how do you aim to build trust and confidence in the project and its token?

Misha: The team behind it started 10 years ago and knows how to build apps at huge scale as our Web2 business, “Sweatcoin” is actually the most downloaded health and fitness app in the world in 2022-23, is profitable for a number of years, and has garnered an astonishing 158 million users or 158,859,681 users to be exact as Oleg just posted above!

Now, we at Sweat Economy bring this experience, know-how, skillset, vision and most importantly incredible team into web3! Sweat Wallet is not only one of the top 3 most active dApps in the world, but the $SWEAT token is actually deflationary. To preserve the value of the token, it is designed around several deflationary strategies:

1. Loads and loads of token utility: Growth Jars, rewards, trading, mini games in app — all of this allows us to generate very big token sinks that extract a lot of $SWEAT from circulation.

2. With the rollout of NEAR’s Chain Abstraction and the ability to pay your gas fees with your feet on literally ANY CHAIN, the demand and usage of $SWEAT will only increase.

3. Significant revenue streams leading to Buy & Burn on the open market.

4. We have also designed a series of features within the Sweat Wallet app that require using $SWEAT to perform actions, such as the games, governance vote, in-app transactions, claims and more.

Speaking of Buy & Burn, the Sweat Foundation committed a percentage of its revenue to buying and burning the token on the secondary market, or to buying and distributing it as Growth Jar rewards.

Minting curve: We’re incentivizing users to walk more today instead of putting it off until later. We do this with the minting curve, which makes it harder to earn $SWEAT for your steps every day, so the $SWEAT you earn tomorrow will be harder to get than the $SWEAT you earn by walking today. As minting difficulty increases each day, the token emission decreases.

Ecosystem development: We will introduce more commercial partnerships, and product development to grow and scale the ecosystem, so stay tuned to our official channels!

Q: What notable milestones has Sweat Wallet achieved thus far?

Oleg: The latest and the most exciting one is the first-ever chain abstraction implementation - making a transaction on a BNB chain using Near keys = MAGIC! Here is the demo video. And paying $SWEAT for gas - imagine that soon you will be able to pay your FEES with your FEET on any chain if you are on Sweat Wallet.

1. We are top 3 dApp on any chain - see above
2. $SWEAT is the 9th widest-held token

3. $SWEAT is the 13th most-actively-used token

4. Sustainable tokenomics = DEFLATIONARY since July last year!

5. Kicked off our research into the long-term value of your movement with some of the most notable universities in the world!!!

6. Huge increases in trading volumes and liquidity depth over the last two months!!!

To see the latest follow us here, you will be in a good company of more than half a million users!

Q: Sweat Wallet has seen rapid growth as a consumer app. What upcoming developments can users and investors anticipate in the months ahead?

Misha: Be happy to jump into what we have coming next!

First, I wanna thank you all for being here for today's AMA. It's been a pleasure sharing the Sweat vision with the KuCoin community!

As we wrap up, I wanna reiterate Sweat Economy's unwavering commitment to building the foundational infrastructure for the Movement Economy. That’s what excites our team, our community and myself the most right now!

We're confident that Sweat Wallet is positioned to become the go-to consumer crypto app, attracting 100s of millions of users by seamlessly integrating fitness and earning potential.

The Roadmap we've outlined here isn't just a collection of product features; it's a strategic progression towards a healthier, more empowered future centered around The Movement Economy.

Here's a quick recap of what you can expect:

Enhanced $SWEAT Utility: There is a very interesting discussion ongoing in our Sweat DAO Community around a potential vote on a massive token minting upgrade, which would significantly decrease circulating supply while rewarding users who are more physically active, corresponding with our mission!

The community is also discussing a DAO vote on burning newly minted $SWEAT that hasn’t been claimed by users after around a month, which would ensure lower supply and continuous automated token burn.

This year will see the launch of our card payment solution SweatPay and $SWEAT as gas, which profoundly expands the value proposition of $SWEAT.

Rewards V2 will further strengthen how users earn and spend $SWEAT within our ecosystem, and Redeemable Rewards for $SWEAT will allow hundreds of health and wellness brands to get exposure to our health conscious target audience with precision.

A Thriving Social Sweat Nation: Sweat Wallet isn't just about individual journeys and improving your personal health. We're fostering a vibrant social ecosystem through engaging gamification (Sweat AI) and features that encourage meaningful social interaction.

Our Multi-Language Wallet launching in Arabic, Spanish, Portuguese, French, Japanese and other top markets as well as app UI facelift ensure global accessibility in major markets.

The Dawn of the Movement Economy: In 2025 and beyond, we envision a world where $SWEAT becomes the primary currency for the Movement Economy, which is one of our ultimate goals and objectives.

Partnerships focused on Wellness & Health, coupled with a Decentralized Data Marketplace, will solidify Sweat Economy's first mover advantage and cement our position at the forefront of this revolution around movement.

We're highly confident in our ability to deliver on these ambitious and bold goals.

Sweat Economy is more than just an app; it's a community, a movement, and a paradigm shift in how we value health and well-being.

By joining us, you're not just becoming part of innovation around health and wellness – you're investing in a healthier future for yourself and the global community.

Stay tuned for exciting announcements, and be sure to follow Sweat Economy on social media!

Together, we can move the world, one sweat at a time.

Free-Ask from the KuCoin Community to Sweat Economy

Q: Can you provide more details on the Sweat Economy's plan to quantify the economic value of physical activity? How will this research impact the long-term value of SWEAT?

Misha: We just announced our partnership with the University of Cádiz and Glasgow Caledonian University last week, and we’ll be announcing several more partnerships imminently. The universities we partner up with will be quantifying the economic value of an active day, defined as 10k steps.

The researchers will be providing comprehensive reviews of existing research and applying that to their own methodologies to uncover the direct and indirect impact of physical activity on the economy. This research holds immense potential to revolutionize how we perceive and reward physical activity!

The research will be presented in an open-access publication in order to push The Movement Economy forward. However, this is only Phase 1 of a larger research initiative, and Phase 2 will be conducted with huge industry players and be much larger in scope. So stay tuned for all developments and announcements around our Research Project!

Q: What initiatives are underway to optimize the onboarding experience and attract users who are new to web3 concepts?

Oleg: Great question! Our 10 years experience of building apps and onboarding more than 158 million users helps!

We already have some of the easiest onboardings in web3 and we do not require you to part with cash as the first step, but it will get even better going forward:

1. Your crypto account will be linked to your email address - as long as you have control over it you will be able to recover access to your assets. If you want to know more search “FastAuth Near” to get more details

2. No need to install Sweatcoin app first - making Sweat Wallet into an independent app

3. Making you able to operate on ANY chain by using Chain Abstraction built by the Near Protocol team = you will be able to be on any chain using only one key = better UX, better security.

Q: What are the key features of Sweat Economy that set it apart from other projects and what competitive advantage do you have? How has the experience and background of the Sweat Economy team been effective in the project's success so far?

Misha: Sweat Economy is unique in the market because we know how to build apps at a huge scale–our Web2 business, Sweatcoin, is the most downloaded health and fitness app in the world in 2022-23, and we’ve garnered and astonishing number of users, surpassing 150 million users this year!

But we believe that the key to success is about removing the barriers to onboard into Web3–we’re doing this with our Solo Onboarding, Chain Abstraction and the other Roadmap items you saw in our answer above.

The experience and background of the Sweat Economy team has been paramount to our success–we’ve all held leadership roles at some of the world’s most innovative and brilliant organizations, but we believe that the real success lies in our community! They’re some of the most active community members in the world of Web3.

We have also had the largest DAO governance vote to date.

The community decides on the direction of the project by voting and sharing ideas on our platforms.

And now we’re launching best-in-Web3 onboarding to make it possible for users to log in easily.

In short, the role of the community in the Sweat Economy's success cannot be understated!

Q: How does the project plan to sustain long-term value for its token, and what strategies are in place to ensure a steady growth in profitability for token holders?


- To preserve the value of the token, $SWEAT is designed around several deflationary strategies, and it has been deflationary since July 2023.

- Token supply is constantly shrinking as each next $SWEAT requires more verified steps to be minted. “Step value” curve will further be revised in the community vote to tighten the supply even further.

- Loads and loads of token utility that generate huge token sinks: Grow Jars, rewards, trading, mini games, ability to pay your chain fees with $SWEAT, etc

- With the rollout of NEAR’s Chain Abstraction you will be able to operate on any chain out of the comfort of one app - Sweat Wallet - using only one key which improves your security and gives a lot better experience for new and experienced users alike. Couple it with the ability to pay your fees on any chain with your feet and usage of Sweat Wallet is irresistible.

- We will introduce more commercial partnerships, and product development to grow and scale the ecosystem, so stay tuned to our official channels!

Q: Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?


1. Massive Scale - anyone can join and start minting $SWEAT with their steps! There is no need for initial investment or profound knowledge of Web3 to start. We are aiming at a much larger audience base than other Web3 projects as we are inclusive of normies and the crypto-curious as well as crypto-natives.

2. Already deflationary $SWEAT - we know how to build a sustainable business with a lot of token utility and how to generate revenues to support buybacks from the open market.

3. Pay fees with your feet – You’ll soon be able to pay gas fees with your feet across chains–right from Sweat Wallet. This is unheard of in the industry, and it distinguishes Sweat Wallet as leagues ahead of the competition–in fact, we don’t even view other players as competition, as we are our own best competitor!

We push ourselves forward by solidifying Sweat Economy's first-mover advantage and cementing our position at the forefront of this revolution around movement.

KuCoin Post AMA Activity — Sweat Economy

🎁 Participate in the Sweat Economy AMA quiz now for a chance to win 681.00 SWEAT!

The form will remain open for five days from publishing this AMA recap.

Sweat Economy AMA - SWEAT Giveaway Section

KuCoin and Sweat Economy have prepared a total of 681.00 SWEAT to give away to AMA participants.

1. Pre-AMA activity: 56,480 SWEAT

2. Free-ask section: 3,530 SWEAT

3. Flash mini-game: 27,600 SWEAT

4. Post-AMA quiz: 51,075 SWEAT

Sign up for a KuCoin account if you haven’t done so yet, and ensure you complete your KYC verification to be eligible for the rewards.

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