Try Quests to earn SOLIt's All About Sweatcoin!
Introduction
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Insight of the Week is Sweatcoin. Why? During the last two weeks, the Sweat token has grown by more than 25%, while the Near token has grown by only 3%.
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During the past two weeks, Coinsweat seems to have had a positive impact on the Near chain. To understand Sweat's growth, I compared its price with GMT (STEPN and GENOPETs on Solana).
As a result, I went through Sweatcoin and analyzed these parameters:
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Sweat Price
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Users/Transactions
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Minted Sweat
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Staked Sweat
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Analyzed by Hess - Reading Time Almost 8 Min.
What is Sweatcoin?
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This is a play-to-earn project that believes movement and an active lifestyle can be worth money. Using non-fungible tokens (NFTs) and decentralized finance, Sweatcoin unlocks value and returns it to its users. In the meantime, the Sweatcoin DAO allows users to take part in its governance, development, and decision-making process.
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In the project, users can earn through their movements recorded on the app, opening up a new avenue for value creation. Additionally, Sweatcoin is an open-source project, meaning anyone can contribute.
New Wallets
- It was interesting to see Sweatcoin's numbers. In the past 14 days, about 192K Sweat wallets have been created. Over the last eight weeks, they have maintained their growth. Between January 16 and 22, 201K Sweat wallets were created. In the following two weeks, 90K and 87K joined Sweatcoin.
About two weeks ago, the Sweat Token price was 0.013. Sweat's price began to rise after January 25. It only took two weeks for the Sweat Token to reach 0.018. The sweat token increased by 32%. In contrast, the Near token hasn't grown much and has increased only 3.3%. It was 2.6$ two weeks ago and is still around that level.
On Solana, Genopets and Stepn are popular move-to-earn projects. They both have similar tokens to Sweat. Based on the current price, GMT had a 9.7% increase, and Ki had a 5.3% increase. The highest increase was seen in sweat.
What is Near Chain?
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NEAR is a decentralized application (dApp) platform developed by the NEAR Collective to compete against Ethereum, EOS, and Polkadot. Transaction fees and storage are paid with NEAR's native token, also known as NEAR.
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Additionally, token holders who act as transaction validators may stake NEAR tokens to achieve network consensus.
Method
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First, I should mention that I analyzed Sweatcoin about four months ago. Part of this dashboard comes from my old dashboard: . This analysis is totally different from the previous one. Since the Sweat token has increased by more than 25% in the last two weeks, I chose it for Insight the week.
Sweat Token Price:
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Sweat token calculation was a little challenging. The Sweat token cannot be found in the Price table. Due to the low swaps to stablecoins, the Sweat token couldn't be extracted from the Swap table. As a first step, I calculated the sweat token price based on Near. In the next step, I extract the Near price and combine it with my findings. Using Near as a base, I multiplied Sweat with Near. As a result, I have Sweat's price.
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with price as ( select date(block_timestamp) as date, token_in , (sum(AMOUNT_OUT)/sum(AMOUNT_IN)) as price from near.core.ez_dex_swaps where TOKEN_OUT in ('wNEAR') and date >= CURRENT_DATE - 14 and AMOUNT_OUT > 0 and AMOUNT_IN > 0 and token_in ilike '%sweat%' group by 1,2 ) , -
near_price as ( select timestamp::date as date,'Near' as symbol, avg(price_usd) as near_price from near.core.fact_prices where token = 'LiNEAR' and timestamp >= CURRENT_DATE - 14 group by 1,2) , -
sweat_price as ( select a.date, price*near_price as sweat_price from near_price a left outer join price b on a.date = b.date)select a.date, sweat_price, Near_price from near_price a left outer join sweat_price b on a.date = b.date\
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Note: Staking Part credited to the old dashboard of #pinehearst.
Full Analysis
Users and Transactions
- In the following charts, I compare the number of users and transactions by Sweat wallets and Non-Sweat wallets, known as Near. On Near chain, 84% of transactions were made with Sweatcoin wallets. Only 15.9% of wallets were non-Sweat. However, non-Sweat wallets had the highest number of transactions per day. Sweatcoin wallets processed 100K-136K transactions per day, while Non-Sweat wallets processed 290K-330K transactions per day.
Activities based on Hours and Days of the week
- Sweatcoin seems to be less popular after the weekend. On Mondays, there was a decrease in the lowest minted sweat and the number of active users. Additionally, the number of walkers and sweat minted during the weekend was lower than on other days. Instead of moving and earning money, users prefer to rest. Thursdays, Fridays, Tuesdays, and Wednesdays are when the most sweat is minted. In addition, the highest number of walkers use Sweatcoin on Fridays, Tuesdays, Wednesdays, and Thursdays.
Users Breakdown
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There was a similar amount of sweat among top users. Top users have minted 30 sweats over the past two weeks.
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Approximately 16 to 20 Sweat tokens were minted by a large group of users. 973K users out of all users minted 11-15 Sweat after this group. Minting more than 26 sweats is quite difficult when you consider the number of users and the amount of sweat minted.
Like previous metrics, the total number of stakers and staked amount were pretty high.
- A total of 26.4M Sweat tokens were staked by nearly 151K users in the last two weeks, and A total of 142 Sweats were staked on average.
- Over the last two weeks, there were between 10K and 14K stakers daily. Like the Total minted Sweat token, The total daily staked Sweat amount decreased between January 26 and 29. By February 5, the total staked sweat had decreased from 2 million to 1.5 million.
Conclusion
- It seems Sweatcoin is on fire. I don’t know about other projects on Near right now, But In my opinion and based on daily active wallets, Sweatcoin had a huge share of activities on the Near chain over the last two weeks. Let’s review a summary of the finding:
- The Sweat price increased by 32%, while Near increased by 3.3%.
- Over 190K new Sweat wallets have been created in the last two weeks.
- Nearly 80% of users on Near chain were from Sweat wallet.
- Over 4.7M walkers used the Swaet app in two weeks and minted 54M Sweats.
- The lowest activities on the Sweat app are on Weekends and Mondays.
- The large group of users ( over 1M ) minted between 16-20 Sweat. Minting more than 26 Sweats is pretty challenging.
- A total of 26.4M Sweat tokens were staked by nearly 151K users in the last two weeks, and A total of 142 Sweats were staked on average.
ALL CODES AND CONTENTS WERE WRITTEN BY HESS