Binance Labs has announced its investment in Moonwalk Fitness, the sports gaming app on Solana that promotes a healthier life by obtaining crypto incentives. Thanks to the funding, the app aims to accelerate product development to make its upcoming iOS and Android app more accessible to non-crypto users.
Binance Labs invests in Moonwalk Fitness: the sport gaming app on Solana blockchain
Binance Labs announced that it has invested in Moonwalk Fitness, the sports gaming app developed on Solana Blockchain.
We’ve invested in @moonwalkfitness
Moonwalk Fitness is a fitness accountability app on Solana that combines gamification and financial incentives to promote healthier lifestyles.
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https://t.co/zxZjqrV12h
— Binance Labs Fund (@BinanceLabs) October 24, 2024
“We have invested in @moonwalkfitness. Moonwalk Fitness is a fitness accountability app on Solana that combines gamification and financial incentives to promote healthier lifestyles.”
Moonwalk Fitness promotes healthier lifestyles by offering cryptocurrency incentives. Specifically, the sports gaming app offers gamified challenges that allow users to gain value both in terms of health and in their wallets.
At the moment, the challenge of the app is the one in which a user stakes their USDC, SOL, or BONK on the goal they intend to achieve for daily steps. To win, users must reach the step goal of their group or keep pace with the highest days completed by the leader. Otherwise, users lose a portion of their stake, which is then redistributed among the winners.
Thanks to the funding from Binance Labs, Moonwalk Fitness intends to accelerate product development to make its upcoming iOS and Android app more accessible to non-crypto users.
Not only that, the app aims to expand the challenges beyond the daily steps one, including other health-focused activities and promoting the growth of the mass market through its reward system.
Binance Labs and Moonwalk Fitness: the investment in the sports gaming app on Solana
In general, Binance Labs supports some projects like Moonwalk Fitness that are in their initial phase, and that prioritize innovation and crypto adoption in the real world.
In this regard, Max Coniglio, Investment Director at Binance Labs, said:
“Combining fitness with financial incentives, Moonwalk Fitness not only promotes healthier lifestyles, but also demonstrates how blockchain can offer real utility in an intuitive and accessible way. We at Binance Labs support early-stage projects that prioritize meaningful innovation and real-world adoption, and we are excited to help Moonwalk Fitness bring Web3 to the masses”
In fact, Moonwalk Fitness emerges as that blockchain app that also involves non-crypto users, in a simple and accessible way. The financial incentive in cryptocurrency combined with challenges on healthy lifestyles allows the app’s users to enter the Web3 world more smoothly.
Sol, co-founder of Moonwalk Fitness, emphasized that the support of Binance Labs will help the app bring Solana to the mainstream, along with more fun, engaging, and financially rewarding fitness activities.
The investment in Solayer and the price of SOL
Last August, Binance Labs had invested in Solayer, a restaking network also on the Solana blockchain, which, however, focuses on enhancing the security of dApps.
The objective of Solayer is to provide dApps on Solana with a greater probability of securing block space and prioritizing the inclusion of transactions. Thanks to Solayer, users can participate in the network of validators, contributing to the security and vibrancy of the Solana ecosystem.
Therefore, while Binance Labs supports projects also on Solana Blockchain, recently there is a need to take a look at the price of the crypto SOL.
At the time of writing, SOL is worth $173.58 and is in a bull pump of +13% compared to a week ago, when it was worth $153.
This price performance of SOL has been attributed to the memecoin sector which seems to have attracted large capital into the network.
