Case Study: Sweat Economy
Sweat Economy's Trek To Web3 Security with Qredo
In an ever-expanding digital world where physical activity starts to intersect with digital finance, Sweat Economy is pioneering a change in thinking.
Their Web2 ecosystem, launched in 2015, boasts an impressive 140M+ registered users, over 7 million Web2 users were onboarded to Web3 with Sweat Wallet. The project has taken a unique approach converting physical activity of steps per day into tangible value through their token, $SWEAT.
Sweat Economy not only promises healthier lifestyles but also facilitates one of the most substantial onboardings in Web3 history with their decentralized application (dApp), Sweat Wallet, becoming a top five global dApp.
🚀 Journey and Challenges
Sweat Economy's mission has unfolded in two pivotal parts:
Tokenize physical activities, thereby creating a movement economy.
Advocating for a more physically active world.
Despite the overwhelming success, the platform has encountered challenges like managing their increasing volume of transactions as well as simplifying multi-sig solutions.
Although Sweat Economy utilizes multiple solutions to disperse risk, the need for a robust system that could effortlessly handle transactions, offer flexibility, and assure safety is of paramount importance to them. This crucial need brought Sweat Economy to explore fresh solutions, leading them to Qredo.
🛠️ Discovering Qredo
Discovered through the crypto grapevine and then carefully vetted by the founders, Qredo secured Sweat's interest due to its notable flexibility, competitive pricing, and smooth interoperability.
What significantly distinguished Qredo from its competitors was its exceptional flexibility and its capacity to bring more agility and security to Sweat Economy's transaction processes.
Qredo's implementation allowed Sweat Economy a degree of automation, notably curtailing manual work, reducing the margin for human error, and speeding up processes, thereby enabling more strategic allocation of resources and focus on core activities.
🔐 Qredo's Adaptability and Usage
Sweat Economy employs Qredo primarily through Wallets with multiple approvers, resonating with the needs of their founders and Finance / Treasury departments, who use Qredo on a daily basis.
Particularly instrumental for smaller, regular transactions, Qredo transactions can be approved via mobile app, rendering the process more seamless and efficient. Qredo has been indispensable in managing Sweat Economy's growing number of transactions.
📈 Fruits of Collaboration: Outcomes and Forward Paths
Sweat Economy's integration with Qredo facilitated a simplified approval system, enhancing the pace at which transactions were processed and approved, crucial for a fast-paced Web3 environment.
Head of Treasury at Sweat Economy, Nik Pletikos, encapsulates this sentiment succinctly:
“With its flexibility and fast performance, Qredo is definitely one of the key tools every treasury manager should have in their stack.”
Head of Treasury at Sweat Economy, Nik Pletikos
✒️ Written in Sweat: A Testament to Digital and Physical Connection
With a steady gaze forward, the Sweat Economy and Qredo collaboration took us forward into a more sure-footed digital and financial future. $SWEAT stands not only as a token but a symbol – a secure transition from physical activity to the digitized movement economy of the future.
As Sweat Economy continues to bridge the gap between physical activity and decentralized finance, their integration of Qredo has not only alleviated transactional hurdles but also empowered them to manage their treasury proficiently, cementing their standing in the competitive landscape of the Web3 world.
Get in touch
For secure and flexibly managed digital asset self-custody, get in touch with our team at Qredo today.