Moonwalk Fitness Coin Review: Can You Really Earn Through Physical Activity?

Remember Stepn? Sweatcoin? Those projects helped kick off the huge Move-2-Earn (M2E) movement that created meaningful touchpoints between on and off-chain life.

Both projects are still going, but they’ve got a major new competitor in the form of Moonwalk Fitness.

At one point in time, projects like this were all the rage, before engagement fell off something of a cliff.

Can Moonwalk Fitness bring physical activity for token rewards back into the current crypto zeitgeist? Read on to find out.

What is Moonwalk Fitness?

Moonwalk Fitness is unusual for a crypto project, in that its goal is to create financial accountability amongst friends. What does that mean?

In a nutshell, the Solana-based platform enables groups of friends and fitness enthusiasts to pool resources and incentivize fitness through challenges.

These challenges feature rewarding, token-based incentives.

Setting goals via an app is nothing new, but paying compensation to friends if you don’t meet them and they do, is.

Similarly, for the competitive amongst us, the ability to earn compensation from those who don’t meet their goals when you do is potentially quite exciting.

Anyone holding BONK, SOL or USDC on Solana can create a pool and invite their friends to a gamified, IRL but also on-chain experience.

This is a positive for Moonwalk Fitness as it does not rely on inflationary token rewards that can create negative price action.

Though Moonwalk Fitness has launched a token, the official whitepaper does not mention it and the initial utility is a little unclear.

The current market cap, according to data from CoinMarketCap and Coingecko, is around $5 million, making Moonwalk Fitness a much smaller project at the moment, despite listings on major platforms such as Kucoin, Kraken, Gate, and Orca.

The MF token launch

The Moonwalk Fitness $MF token launched on October 6, reaching a peak of over 6 cents before falling to below 2 cents. It is now trading around 3 cents.

1 billion tokens were generated, with under 200 million supply currently circulating.

The Moonwalk Fitness Foundation’s official X account states that the token will provide utility to users for the next five years (or more, presumably).

Being Solana-based memes token holders can expect low fees, fast transactions and the ability to stake the token.

Solana’s unique consensus mechanism, “Proof of History”, which is a lot like a digital clock that captures the time of every event that happens, makes it a more appropriate blockchain than, for instance, Ethereum, for proving physical activity.

Was there an airdrop?

There was indeed an airdrop at the conclusion of Rewards Season 0. Throughout October, users of Moonwalk Fitness accrued XP that directly translated to $MF tokens at TGE.

41% of the total $MF supply has been earmarked for community airdrops, with 10% of this initial figure (so, 4.1%) comprising the first drop for anyone who reached level 10.

Claimants could choose whether to lock up their tokens for additional perks and bonuses, or simply sell them at launch.

Rewards Season 1 is now underway and offers new ways to earn future token rewards.

Token utility 

The official X account has revealed more than a quarter of airdropped tokens have been locked up by users who want to receive increased XP for future challenge completions.

The $MF token now joins Bonk, Sol and USDC as a token users can commit to their challenges, and may offer higher rewards.

Because users already have these tokens in most cases, Moonwalk Fitness do not need to mint more, which means they are not inflationary.

The $MF token is also used across various decentralized finance integrations and earning campaigns, post-launch.

Roadmap

In future, the $MF token will likely enjoy increased features and functionality as its utility and ecosystem both grow.

Roadmap examples include expansion from walking to running and cycling, increased volume of integrations, and becoming a more comprehensive, financially incentivized health platform.

Improved community features, onboarding processes and global expansion are also future targets.

A focus on non-crypto users could see Moonwalk Fitness both grow and support the growth of the Solana ecosystem through the obfuscation of the blockchain side of the platform.

The inclusion of fiat payment rails is another way that Moonwalk Fitness can onboard volume from web2 to web3 in potentially significant volumes. This could grow the project’s market cap and translate into positive price action.

Team & funding 

Moonwalk Fitness received funding from the influential Yzi Labs (Formerly Binance Labs), as well as Hack VC, raising over $3.4 million.

The team is comprised of notable names within the Solana ecosystem, with alumni from Bonk and Quekz.

Final thoughts

Expect to see and hear much more about Moonwalk Fitness as they work hard to avoid fading into obscurity.

A focus on delivering a great product, merging on and off-chain experiences with friends, and incentivizing movement will be key to sustainable positive growth.

However, if the platform fails or the token performs poorly, the Moonwalk Fitness team will need to be ready to adapt to new challenges as and when they arise.

A black swan event, like another round of global lockdowns in response to a pandemic, would be disastrous.

Chatter on X suggests that airdrop claimants are both happy with the gamified walking experience, and their airdrop allocations (some users have earned thousands of dollars for walking they might well have been doing anyway) – that’s pretty unusual.

Well done to Moonwalk Fitness, onwards and upwards!