These 2 billion SWEAT tokens, which make up around 13% of the total supply, have been locked in inactive user accounts under a 24-month contract.
In a groundbreaking move, Sweat Economy, the trailblazing move-to-earn project, is putting the destiny of 2 billion dormant SWEAT tokens in the hands of its community through a new governance vote on the Sweat Wallet application.
These 2 billion SWEAT tokens, which make up around 13% of the total supply, have been locked in inactive user accounts under a 24-month contract.
Following a successful Token Generation Event last year, a significant number of users have yet to activate the Sweat Wallet application and claim their tokens, despite repeated reminders.
The purpose of the new governance vote is to address the lingering question surrounding these idle tokens: What should be done with them? Sweat Economy is now empowering token holders to directly participate in the decision-making process, embracing the principle of one person, one vote, and democratizing the token’s future.
Participants in the vote have two options: They can vote in favour of recovering the 2 billion idle SWEAT tokens and transferring them back to the Sweat Treasury for potential future distribution or other uses determined by subsequent votes. Alternatively, they can vote in favour of leaving these tokens in the inactive user accounts.
To ensure fairness and allow everyone to have their say, a minimum of 75,000 votes is required for the proposal to be accepted or denied. The voting period will run for at least seven days, with the potential for a three-day extension if there is a continuous influx of votes.
The significance of this governance vote lies in the large number of SWEAT tokens at stake and Sweat Economy’s commitment to community-centred decision-making. The platform is dedicated to ensuring that every voice is heard, irrespective of the amount of SWEAT they hold. This commitment has resonated well with the community, as expressed through user feedback:
“It’s an excellent proposal! I can’t wait to see what they plan to do with over 2 billion $SWEAT!”
The previous vote witnessed an impressive turnout of 153,783 participants, and Sweat Economy is optimistic about even higher engagement numbers this time, given the magnitude of the SWEAT tokens involved.
This milestone event further strengthens Sweat Economy’s mission to establish a more inclusive, transparent, and democratic ecosystem, where the community has a significant say in crucial decisions.
About Sweat Economy
Since its establishment in 2015, Sweat Economy has been promoting healthier lifestyles by encouraging people to be more physically active. The Sweatcoin app, the most popular health and fitness app globally in 2022, incentivizes over 130 million users to move more by earning sweatcoins, referred to as ‘Airmiles for steps.’ Users can redeem these in-app currencies for branded products, and digital services, or donate them to various charities.
Last summer, Sweat Economy launched the Sweat Wallet app and introduced its cryptocurrency, $SWEAT, to further reward users and establish a tangible financial unit of value for movement. In the largest crypto giveaway ever, over 14 million users received airdropped tokens. By harnessing the decentralized power of Web3, the company is making significant strides towards creating a true economy of movement, where health and wealth intersect.