Speaker Interview: Oleg Fomenko l KBW2024

[Music] it is going for a run in Richmond Park because I need to clear my head um after a very unfortunate demise of my previous business and I need to think some difficult thoughts and I couldn't even complete 5K even though 3 years before I was climbing some of the highest mountains in the world and that made me think holy I lost all my fitness and in very short period of time why did that happen how does it happen and then I started talking to people about it and I realized that it's Universal that everyone wants to be more physically active but nobody is satisfied with the current level of physical activity and they dawned on me or us because I was already con conversing with my co-founders that the reason why we're not active is because nature did not build us to be active nature build us to survive which means we should preserve calories as opposed to spend them and it is very difficult to fight nature and this is basically what we do when we push ourselves to go in the gym or go for a run and natural behavior is to sit as opposed to walk or do exercises and that's where the idea that we need to create a reward mechanism for physical activity came from and what's the easiest dist to communicate money we didn't have money we needed to create our own money so we called it sweatcoin and now sweat is the ticker and the rest is [Music] history I think that I climbed four out of Seven Summits probably El Bruce kilero Denali and aaga it's a it's a very difficult question to answer because this is like what's the source of your being but I've always been curious and I always wanted to make an impact and I think that web 3 right now is the place where the biggest change is happening because we are on the brink of the biggest narrative shift that you know in 10 years this time we're going to be looking back and thinking Ah that's when the infrastructure Bubble Burst and consumer crypto era began and I really want to bring that consumer crypto into existence and be one of the biggest players in it because we're not about money only we're actually about making the world more active and healthier and wealth here so societal impact is great and financial impact is humongous because Humanity has built over the last 20 years a tension economy worth $7 trillion been physically active and paying attention are very similar actions both valuable to you both have third parties willing to pay for them and both as cars and if we build $7 trillion economy around paying attention then why on Earth don't we have even bigger economy around being physically active and that's our ambition to turn physical activity into movement economy worth trillions of [Music] dollars I think what excites me the most is Block Chain brought in ability to create new asset classes so for example sweat is a tokenized physical activity think of it as commodity electricity gas oil these are calories physical activity is calories burned the world right now has way too many calories consumed and way too few calories burned I feel that we've created a new class commodity or physical activity that I believe in the future is not going to be traded only on crypto exchanges but it will be traded on commodity exchanges next to oil gas electricity and other commodities the most annoying question that I get asked frequently is aren't you aren't you like steepen that is the most annoying one because yeah no fair enough we are and a lot of people probably heard of us um after they learned about steppen and the reality is that you know kind of we came up with the concept of moved to earn because we launched in 2014 we came into web 3 a little bit later than them but we now have 16 million token holders and 3 million active users and Steen no longer exists because they really didn't figure out their business model they didn't understand what tokenomics are how to generate revenue and how to manage demand of their token so that's why we're here and leading the segment and these guys are trying to [Music] Pivot I think my favorite and it's not a meme but it still makes me laugh when people pitch me another layer too and this happened today already once so it just absolutely phenomenal how many layer twos do we have do we need or we don't need just absolutely flabbergasting for me that we continue investing into building infrastructure when we have more than thousand chains but if you look at daps with any meaningful number of uses it's less than 600 so if we call chains rails then thousand rail companies are chasing 600 carriages to run on them 0.6 Carriage per Railway company it's crazy we have way too many rails and too few carriages that's all building carriages trains and making those Railways used is the only thing that we need to be talking about and we still talking about investing into infrastructure [Music]