On the 14th of July, 2023 at 12:00 UTC, Decentralized Club had the honor of hosting Oleg Fomenko, [CEO] from the Sweatcoin and Sweat Economy | for an Ask-Me-Anything session on their Telegram page with a community of over 100,000 people. It was hosted by DC Host, Ella.
The session was divided into three segments. Introductions were made in Segment 1, questions from the Twitter community were answered in Segment 2, and live questions from the community members in attendance were answered in Segment 3.
If you missed this event and would like to know what Sweat Economy is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.
Segment 1 – Introduction
[Ella]
Hello!
Hi Beautiful people,😊😊
What's up, Hope you all are doing well!
😌
Today I am hosting an AMA session with the Decentralized Club.
My name is Ella and I will be hosting SWEAT ECONOMY in this session.
Let’s welcome our guest @ofomenko
You’re welcome to Decentralized Club! It’s our pleasure to have you!😌😌
[Oleg]
Hello hello, I am here!
[Oleg]
Given that this is a text AMA what tune should I put on full volume while we are here?
[Ella]
Full energy😍
[Oleg]
Yes! Anything specific … lets sync … how about xxxxxxx ?
This way we will be listening to the same tune … all of us
[Ella]
How has your day been going so far?
[Oleg]
Crazy busy, but amazingly exciting - just had an amazing interview with a candidate and saw some stunning new designs for Sweat Wallet next phase of development … psyched!
Great! 😍
Good to hear about the development
🤩
Would you kindly introduce yourself to the Community?
[Oleg]
Ok … do not shoot me for my poor music taste - my Spotify just paused the latest interview of RFKJ by Lex Fridman and popped this on: https://open.spotify.com/track/2G14fBIYLKbQady5YdJpCD?si=ddf4d01d32d342d6
With pleasure!
[Ella]
sure go ahead😊
[Oleg]
Oleg, married, two teeage kids, a dog called Bear :)
[Ella]
ohh nice! 🤩
[Oleg]
I am a serial entrepreneur who lived in 4 countries, loves to travel and is a total workaholic … and loves it! We founded Sweatcoin in 2014 and Sweat Economy in 2022 and this is by far my largest success in entrepeurship field.
With more than 140 million users on Sweatcoin and 7 million users on Sweat Wallet we are rapidly becoming the biggest onramp into web3 - Sweat Economy is number 4 in dappradar right now!
[Ella]
🤩Great!
Shall we start the first segment?
[Oleg]
https://dappradar.com/rankings?range=30d
Yes, please!
[Ella]
Let me give you a quick overview of the session
Segment 1️⃣: Introduction Questions with the Project team
Segment 2️⃣: 5 best Question from Twitter Gets Answered
Segment 3️⃣: Live Telegram Questions,Best 5 Telegram questions get answered.
Kindly type"✅" after you are done answering!
Let's get started! We are very interested in learning more about SWEAT ECONOMY!
🤩
Q1. Tell us about yourself and your experience in the crypto market so far?
[Oleg]
I’d always prided myself on my fitness. I used to run semi-professionally and managed to climb 4 out of the “7 Summits” in my thirties, but like many others, found less and less time for it as I grew older. My kids started arriving and my entrepreneurial career took off. When it got to the stage where I could hardly do a simple jog without breaking into a sweat, I knew I had to get in shape.
My first crypto experience was with Bitcoin in 2011 when I learned of it from my schoolmate - stupid as I was instead of buying few thousands I actually got hooked into the technology and philosophy of it … not purchasing it then is the regret, but on the flip side - this gave me all the insights that were needed to come up with the idea of the TOKENISED PHYISICAL ACTIVITY!
Over recent decades, obesity has become a bigger global health challenge than malnutrition. It’s one of the leading causes of premature death–costing taxpayers, insurance holders, and health providers many billions of dollars. I wanted to use technology to address that. That’s when I, along with Egor and Anton, my co-founders, came up with the basic idea of rewarding people for taking steps.
[Ella]
Kindly type"✅" after you are done answering!
[Oleg]
Apologies … I am not able to type as fast as I think … not even as fast as I talk 🙂 Next time we should do voice!
it's totallly okay
✅
[Ella]
Q2.Could you provide us some insight into the Sweat Economy project and the events that lead to its creation?
[Oleg]
I went for a run and realised I lost all my fitness - stress, kids, etc etc … and I started thinking with my cofounders why would this be and realised that the issue is NATURE.
Nature does not want us to be active - it wants us to survive - and this means saving calories, not squandering them, so nature wants us to sit unless there is a food nearby … or we are about to become food.
Once we understood that the problem is universal and BIG we realised that technology can help - by giving you rewards for every step you take we turn steps into gainful activity and “trick” nature into pushing you to take more of them rather than less.
Voila - we launched this idea and it FLEW - 140 million users worldwide is a testament that problem is huge … and what is even more valuable is that people walk 20% after they install Sweatcoin
This brings me to 2022 when we got into the next phase of our development - actual creation of THE CURRENCY BACKED BY THE VALUE OF YOUR PHYSICAL ACTIVITY - $SWEAT!
[Ella]
Your idea is mindblowing! it will definitely help people to get motivated to take steps🔥
[Oleg]
$SWEAT is a tokenised physical activity and is earned from your walking … and it is a lynchpin of the emerging movement economy - commercial exchanges around value of your activity - with your doctor,, with your insurer, with your employer, with you country!
If attention economy is 7 trillon dollars then movement economy has potential of becoming even bigger!
[Ella]
Amazing🙌🏻
[Oleg]
The 2022 creation of $SWEAT became possible only when blockchain technology has evolved and became fast enough to support our scale and our ambition - it took 8 years from 2014 to 2022 to get us there!
✅
need to rest my fingers 🙂
good to go 🙂
[Ella]
it's all because of you and your team hard work that sweat is going higher🤩🤩
moving on to the 3rd question
Q3. Can you tell us more about Sweat Hero? Why did you build it? Why is it relevant for the Sweat community?
[Oleg]
No no and no!!! It is because of the community and pretty clever token economics … most of the decisions are already taken by voting!
[Ella]
ohh that's nice
🤩🤩🤩
it's amazing you guys consider your community that much🥺😌
[Oleg]
We had the ambition to innovate in this field from very early days. In fact it brings three innovations in one:
1. It is an amazing GAME, not WEB3 game - we focus on the game play and engagement above anything else!!! This is the metric that this whole team is valuing themselves on!
2. Our NFTs are FREE … not like most of our competitors that ask you to pay a bunch of cash at the door … they are “pay-to-play”, not “move to earn’ 🙂
3. Our tokenomics is sustainable - the more pople play and the more games they have - the better the token will feel!
So go in and test it, but remember - this is early days of OPEN BETA!
There is a lot more to come still:
- music
- more complex gameplay (three lanes)
- matchmaking - PLEASE JOIN AND PLAY TO GIVE US MORE DATA TO PERFECT IT
- arenas
- etc etc…
We built the Sweat Hero NFT game as a token sink approach for the $SWEAT token, and further motivates users to walk more with a gamification approach.
As users play the game and battle each other, 20% Battle Coins (1,000 Battle Coins = 1 $SWEAT) will be taken out of circulating supply. The more battles, the more token sinks for $SWEAT.
In the upcoming feature, users will be able to walk more to level up the NFT Power of the Legs to get an additional advantage in the game. In this way, we motivate people to walk more.
Phew!
[Ella]
quite a long one😅
🙌🏻🙌🏻
[Oleg]
fingers are on fire
[Ella]
yaa can see that! Love the energy🤩🤩
[Ella]
Q4. Could you elaborate on how Sweat Economy utilizes the SWEAT token as an incentive to promote physical fitness and a healthy lifestyle among its users?
[Oleg]
Very simple - the only way how $SWEAT comes into existence is by you sweating. You sweat - you mint $SWEAT, you sit - you do not. Simples!
Every $SWEAT in existence has what we call a “walkchain” behind it - the sequence of steps that someone, somewhere, somewhen has taken in order for this $SWEAT to exist.
Think of it as a central bank of a country where how much money to print is not decided by some shady group of people pursuing their untransparent interests, but by YOU!
The trick is that every next $SWEAT takes more steps to mint. We call this an escalating step value of $SWEAT. Basically, in economic theory this is called increasing marginal cost of production - like halving of Bitcoin, but happening in real time.
The result of this decision is that PEOPLE WHO WALK MORE AND EARLIER get better ROI … and the other benefit is that $SWEAT’s inflation is constantly reducing and will approach zero in purputuity.
So, start walking now … 1 $SWEAT is already taking 4,200 steps to mint.
✅
I love this GIF
[Ella]
hahahha! 😌
Great! 🔥
moving on to the last question from seg-1
Q5. What are the major milestones Sweat Economy project has achieved so far? what are your further Marketing plans and roadmap for the project?
[Oleg]
Sweat Economy launched Sweat Wallet and $SWEAT token in September 2022.
It has only been 10 months!
And $SWEAT is
Our token holders account for 80.4% of all Near accounts globally.
$SWEAT is the 9th most-widely held token in the world with more than 10 million wallets
$SWEAT is the 13th most actively used token in the world
And adding ~10,000 token holders a DAY!
And Sweat Wallet is the 4th ranked dapp on ALL CHAINS … pretty phenomenal!
Ahh yes, we held the biggest ever DAO vote in history with 355k people participating!
$SWEAT is listed on 17 CEXs including the top ones: OKX, Bitfinex, Crypto.com, Kucoin, Bybit
We’re launching Trade feature later this month to allow users to trade $SWEAT for other crypto within the app.
By Q4 2023, the Sweat Hero Legs NFT will be dynamic and users will be able to level up their NFTs and make them unique collectibles based on their gameplay, step counts, wallet activities.
Soon, you will also be able to pay gas fees with $SWEAT, you’ll be able to pay for gas fees of transactions with your steps, literally. More exciting features to come!
✅
[Ella]
guest your explanation is amazinggggg
🤩🤩
[Oleg]
OH NO … I FORGOT THE MAIN THING - WE ARE LAUNCHING $SWEAT AND SWEAT WALLET IN THE US IN SEPTEMBER THIS YEAR!!!
I am flattered - thank you!
[Ella]
ohhhh! nicee Looking forward to the launch!🤩
With this we have came to an end of segment 1
Let’s now take some questions from our Twitter community!
Q1) How much initial investment do I need to start playing games at sweateconomy ? In the game, what type of payment do you apply to make it easier for players? Will there be an option to connect to Metamask & Wallet connect while
@shoheltanv85205
[Oleg]
Awesome question!
We demand an exorbitant amount … very few can afford it!
1,000 verified steps!!!
[Ella]
ohhh nicee
hahahahah!
[Oleg]
Hope this is the amount you can afford to invest 🙂
[Ella]
yes yess!
[Oleg]
This is the whole point of us - our mission is to make the world more physically active! And we earn by doing that! Not by asking you to pay at the door.
[Ella]
yess i really loved the concept🔥🔥🔥
[Oleg]
Our belief that our NFTs will become valuable and collectible, but not through the scarcity of rleeased numbers, but via their dynamic nature - they will change on the basis of your unique physical activity patterns, app engagement and onchain activity, so your NFT will be unique after a period of time … and someone will like it and would want to have it
As a fun poke we also registered legbook.com 🙂
[Ella]
🤩
[Oleg]
Zuck will need legs for his avatars … and this is where everyone will be able to see all the different and unique legs that you will create
✅
[Ella]
great great🔥🔥🔥🔥🔥🔥🔥
2) A common problem is that nowadays most investors are only interested in initial profits and ignore long-term benefits! So Can you give them Some reasons Why they Should buy and hold your Tokens in the long term?
@LavikYeha28289
[Oleg]
Absolutely love this question!
1. Because we already build long-term - we already put 9 years into the project and we have achieved a lot and will achieve a lot more with web3.
2. Because our vision is to build a movement economy - not to have a successful app or a token and this will take time AND will be huge … if attention economy is 7 trillion dollars than movemement economy will be bigger … and this will take time
3. Because the team has experience with building sustainable and profitable businesses and we understand that in web3 what matters is to become DEFLATIONARY … and we will have this from the end of this MONTH. This is your alpha righ there.
4. We are 4th biggest dapp and we know how to monetise our users, which means that in addition to being deflationary we will be generting profits which we committed 50% of to spend on token buying
… there is more, but @ella_xoxoo is going to kill me if I take any more time 🙂
✅
[Ella]
nono you can take your time😂
i am just sending this just to keep the community alive🤣
[Oleg]
Basically, long-term is the way we think and do things because our ambition is too big to get there quickly
[Ella]
Exactlyy! you guyss are doingg amazing work🔥🔥🔥🔥
[Oleg]
ok … 5. Because of the way we structured our token economics - constantly rising step value of $SWEAT is an amazing long term driver of the challenge “why does this token has value?” … short- and mid-term we are supporting this token-startup with revenues and profits.
[Ella]
wheneever you are done let me know we will move to next🙊
[Oleg]
My vision of success is in 5 years time there is a headline “On release of the latest obesity report physical activity has pumped 40%” … and when journalist writes “physical activity” they mean $SWEAT
✅
[Ella]
🔥 🔥waaaoooo Amazinggggg🤩
moving on to the next
3) A portion of projects must discuss "long-term vision and mission," but what are your short-term goals?
What are you currently focusing on?
The first step, particularly the diversion, is always critical in establishing a financial foundation for the subsequent steps? @DavidDorrie1
[Oleg]
Brilliant question - love it.
Here is the list of priorities by their horizon:
Sweat Wallet:
1. Next phase of Sweat Hero
2. Trading feature (crypto-to-crypto)
3. In-app governance (including proposals)
4. US Launch
5. Dynamic NFTs
6. Cross-chain support (EVM)
$SWEAT
1. Become deflationary - PHENOMENAL RESULT FOR A 10 MONTH OLD PROJECT
2. US Launch
3. Decentralised governance
This is, by the way, very much influenced by the community - pop in to our Discord … this is where it is at!
https://discord.gg/sweateconomy
Or Telegram group: https://t.me/sweateconomy
[Oleg]
We tend to listen really carefully to our users feedback … and many roadmap changes were driven by you!
✅
[Ella]
guyys join the Sweat discord and tg
Discord: https://discord.gg/sweateconomy
Telegram: https://t.me/sweateconomy
🔥🔥🔥🔥🔥
moving on to the last question from this segment
4) 2022-23 has been the year of an explosive market for NFT & the Move2Earn ecology. With this great feature, how will SweatEconomy
revolutionize the concept of the M2E within its platform? What gaps SweatEconomy
is filling in order to emerge as competitive player in M2E segment? @_eIIeteeh
[Oleg]
Brilliant question! thanks!
Unfortunately, many other M2E players have chosen the road of “pay-to-play” and ponzinomics instead of building something sustainable and long-term. This, sadly, has affected many people’s views of the whole segment and we are now slowly and meticulously rebuilding this impression.
1. NFTs should be free … scarcity is not going to be the only way to get value into NFTs and if we want to make NFTs truly mass-market then we have to abandon the idea of “10k collection” as the major driver of value. We believe that dynamic NFTs are the future
2. Sustainable economics - games should be token sinks rather than token emission mechanisms. If game is emitting tokens and it becomes popular then the whole project enters death spiral. We have sustainable tokenomics!
3. Games have to be games first and foremost … web3 and token mechanics are secondary. My kids should enjoy the game … or it will be next Axie infinity which my kids gave up on the second day … and this is when I knew that the project was doomed 🙁 … I also lost some money on it, but learning from my children and using them as testers really made us better off when we were working on Sweat Hero!
✅
[Ella]
Great work🔥🤩🤩
with this we have came to an end of segment 2
Time to take up some questions for segment 3 from our live audience! Guys be ready to shoot your questions😉
Dear guest,
Please pick five original questions to answer.
Try to ignore generic, vague, and copy-paste questions 😊
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[Oleg]
I am ready - bring it on!
[Ella]
Dear Guest,
Are you ready to take the question from our lovely audience
The group will be unmuted shortly 😊
🔥
We have got the lots of questions 😍😍
Guest kindly take your time to answer the 5 questions
Q1. What are the potential socioeconomic implications of making movement an integral part of global GDP, and how does SWEAT ensure inclusivity and equity in distributing rewards and benefits?
[@Parxca]
[oleg]
Ans1 Love this one!
right now everyone talks about needing to be active, your doctor tells you to be more active if you have above average BMI, Cholesterol, your health insurer knows that if you are active you are a better customer - you are sick less and you make fewwer visits to the doctor, your life insurer knows that you are a better risk because you will live longer, your employer wants you to be more active because you will be productive and in a better mood, your family wants you to be active because you are a better partner and parent … and you also look better 🙂
So, being active creates tremendous amount of value for all that we now can only TALK about … imagine this value became truly financila value! Like value of attention that we have created in the last two hundred years. Colossuses like Google and Facebook are built on that value, but it takes a lot from YOU - they benefit by YOU SPENDING MORE TIME ON YOUR SCREEN. This is not a WIN-WIN … Movement economy is better because everyone wins!
So, we know that movemement economy will be a part of global GDP and value of countries … the equity of distribution is ensured by our movement verification model and a team that is constantly making it better. Do not believe me? Try to shake your phone and get some $SWEAT for it 🙂 With 140 million + users we know how to do this best in the world and this is one of those competitive advantages that will take a long time for anyone to build.
[Ella]
1 down! Just 4 more to go🤩
Oleg! You are doing amazing🔥
You’re answer is mindblowing🤩🤩
Q2.Does the open economy of movement within SWEAT incentivize specific types of physical activities more than others? If so, what factors determine the relative attractiveness of different activities in terms of rewards?
[@Son_Adam_Sk]
[Oleg]
Ans 2. Brilliant question.
We wanted to base our platform on the heart rate to make sure we can deal with all the different types of physical activity, but hear rate monitors are not as widely accessible as smart phones, so we started with STEPS. This means we focus on anything that works on steps - walking, running, dancing … cycling is a bit harder, but would work for many of you (specific situations do not work)
We are working with a number of businesses who focus on other types of activity - HIIT, Swimming, Snowboarding, Cycling … they are interested to issue $SWEAT for their communities and we will soon be talking about alternative movement validators run by other companies - this will allow you to earn from other types of activities, for those businesses to get a business model and feed into creation of the movemement economy … and for us to add utility to $SWEAT because in order to run the validators the company will need to stake a lot of $SWEAT as a security against poor verification or nefarious behaviour.
Yes, you are spot on - we are a lot better product builders, business developers, token economists and negotiators than we are marketers. Our project and product should be in the top50 position based on the fundamentals and scale we have … all we need is some help in building a better narrative and communication, which is why we are looking for our most senior marketing person ever - Marketing Director directly working with me who will help us to build a lot more hype around us before the next bull run begins!
Apply here if you think you’ve got what it takes!
https://sweatcoin.teamtailor.com/jobs/2817426-marketing-director-sweat-economy-web3
Q3. What are the key features of @SweatEconomy that set it apart from other projects and what competitive advantage do you have? How has the experience and background of the @SweatEconomy team been effective in the project's success so far? [@febrianMaE]
[Oleg]
Ans 3
Fabulous question!
You know, we believe that the future of web3 is bringing the next billion people into it. A lot of people use this cliche, but we actually know how to make it happen because we already 14% there 🙂
And you know what? They want in … there is no resistance from people all around the world to join, BUT there are three barriers … and this is where we excel:
Barrier 1: Most projects flog some incomprehensible benefit for the person - how can a masai, who owns a basic Android phone and has 5 dollars to their soul engage with “yield farming” or “liquid staking”? And especially on Ethereum or another EVM where two to three transactions will eat away all of his wealth?
So, the answer is that we need more projects that can be understood and engaged with by anyone who has a smart phone
Barrier 2: Language and UX - people run away from “hodl”, “Budl”, “consensus algorythm”, etc … staking = savings account (or in our case “grow jar”), NFT = collectible or avatar or profile pic.
UX - most projects build for desktop web … next billion people do not use desktops or laptops. They do not have money for this. They use simple apps. Even apps have to be simplified. Look at Whatsapp and Facebook - this is how we need to deliver our products - and here we excel with an experience of building apps for 100M+ people with 4.5 star ratings.
Barrier 3: money at risk - people are worried about pulling out the card and having to spend hundreds of dollars to LEARN THE ROPES. They hear about cons and hacks from mass media. They want in, but they want minimum risk - this is where our proposition is spot on - WE LITERALLY LET YOU WALK INTO CRYPTO. And the magic is that when people learn and understand then they become your customer, pull their card out and do a lot more than one would expect them to.
[Ella]
2 more to go!
Q4.Is project an audited and secure project? When was it last audited? Were any major vulnerabilities found in the report?Is project an audited and secure project? When was it last audited? Were any major vulnerabilities found in the report?https://t.me/JeasonHolder1
[Oleg]
Love it - yes! Here is the link to our audits - https://sweateconomy.com/assets/pessimistic_sweat_economy_security_analysis.pdf and
[ella]
1 more!🤩
Q5. Do you have Whitepaper if yes, please share it with as secondly do you have plans for pre-sale? Now where can we join it? @Half_Girlfirend
[Oleg]
Ans5 Sure - here is the link to the Litepaper. https://drive.google.com/file/d/1IPklRcEQvgJkCaeYvGh43yjWl-Dj5_6i/view
The token is traded on 20+ exchanges already - check here for the full list!
https://www.coingecko.com/en/coins/sweat-economy
[ella]
Done! Guest do you want to answer more?
[Oleg]
Phew 🙂 It was soooo hard to choose the best … just to read all the questions would be hard - massive thanks for so much curiosity and thoughtful analysis that have gone into asking all of your questions!
[ella]
😂😂 i totallly get it!
[Oleg]
To be honest I am sweating like crazy - it is on brand, I know, but I probably need a break 🙂
[ella]
okay okayy let's wrap then!
Your answers were brillant!🤩🔥 Loved to know about sweat economy!
Thank you for your time 😊
Cheers to you and your team for their time and effort in making this project a success!🥂
[Oleg]
Thank you for having me and … Get Moving = GM!!!
Hope to see you all in Sweat Wallet getting your steps converted into the currency of the future movement economy!