In this analysis, you will learn about one of the largest projects on the NEAR chain, known as "Sweat." The SWEAT Economy represents an ecosystem where individuals can earn rewards through exercising, built on the NEAR Protocol, and utilizes cryptocurrency rewards to incentivize physical activity. Recently, the community voted in favor of burning 2 billion tokens. To facilitate this, I delved into the Sweat project and examined the following parameters:

• The number of attracted users

• The activity levels of Sweat users on both the Sweat platform and other protocols

• The token holdings of these users

• The degree of user engagement with Sweat and other decentralized applications (dApps)

• The performance and analysis of the Sweat token.

Let's initiate by comparing the price of the Sweat token with that of Near, which serves as the native token for the NEAR chain, as well as with two other analogous platforms on different blockchain networks, GMT and KI. The latter are two tokens associated with "move-to-earn" initiatives within the Solana ecosystem.

When juxtaposed with the Near token, it is evident that from January 2023 to February 2023, the fluctuations in the price of the Sweat token closely mirrored those of Near. Subsequent to this period, however, a discernible divergence emerged. Nevertheless, up until the present moment, the Sweat token has largely tracked the Near token's price movements. Notably, whenever the Near token witnessed an upsurge, the Sweat token also exhibited a corresponding increase, and conversely, when the former experienced a downturn, the latter followed suit.

In comparison to GMT and KI tokens, which bear similarities to Sweat but exist on alternative blockchain networks like Solana, it proves challenging to definitively assess the performance of the Sweat token. In terms of price fluctuations since January 2023, GMT demonstrated a decline of -11%, whereas Sweat experienced a more pronounced drop of -28%.

In stark contrast, KI underwent a substantial decrease of -55%. Meanwhile, over the same period, the Near token managed to achieve a growth rate of +13%.

Having explored the price dynamics of the Sweat token, let's now delve into the swapping activities involving the Sweat token on the NEAR chain. In general, a significantly larger proportion of users opted to exchange their Sweat tokens for other tokens, as opposed to those who conducted the reverse transaction – converting other tokens into Sweat. Notably, approximately 63% of users engaged in swapping away from Sweat tokens. When considering the weekly swapping patterns, a range of 150 to 300 distinct users were observed who participated in the exchange between Sweat tokens and other assets.

Examining the recent trends, it becomes evident that in the past few weeks, the count of individuals swapping away from Sweat tokens has declined, while the count of those swapping into Sweat tokens has remained relatively stable.

Unlike the variation in the number of people swapping from and to Sweat tokens, the amount of tokens swapped in and out of Sweat showed a similar pattern. Approximately 558,000 US dollars' worth of tokens were swapped from Sweat, while about 537,000 US dollars' worth were swapped into Sweat tokens.

Looking at the weekly chart, it's clear that the highest swapping activity occurred in January 2023. During that time, the volume of tokens swapped to Sweat increased significantly, even reaching up to 100,000 US dollars in just one week. One reason for this increase was that the price of Sweat went up during that period.

Just like the number of users, the recent trend shows a decrease in the swapping volume from Sweat tokens, while the swapping volume to Sweat tokens hasn't changed much.

In the chart below, you can see a list of the top tokens held by Sweat users on the Near chain. This indicates the tokens they have acquired since January 2023. wNear, USDt.e, USDC.e, Meta, and Ref are the five popular tokens that Sweat users have accumulated or swapped over time.