The Sweat Wallet app is introducing a new governance vote today, a first for the move-to-earn project, Sweat Economy. Two billion SWEAT tokens are currently sitting in dormant user accounts; and the community will vote on what to do with them. Presently, inactive user accounts hold SWEAT tokens, amounting to about 13% of the entire supply, which are locked in a 24-month contract.
Despite numerous reminders, many users still haven’t opened the Sweat Wallet app and claimed their tokens from the successful Token Generation Event in September. With this new governance vote, the community hopes to finally decide what to do with all these unused tokens.
What the vote means for Sweat Economy
There will be a vote to determine whether or not the 2 billion unused SWEAT tokens should be retrieved from inactive user accounts and returned to the Sweat Treasury for possible future distribution (or other purposes as decided by further votes). The significant number of SWEAT tokens at risk in this new governance vote highlights Sweat Economy’s growing dedication to decentralised, community-driven governance.
Sweat Economy has made it possible for token holders to have a voice in the development of the token by voting on important issues directly. According to the platform, everyone’s opinion counts, regardless of how much SWEAT they have. Also, given the size of the SWEAT tokens at stake, Sweat Economy is hopeful that voter turnout will exceed the previous vote’s total of 153,783.
The proposal will be open for voting for at least seven days, with the option of a three-day extension in the event of a continued influx of votes; this is to ensure that everyone has a fair chance to have their voice heard.
Sweat Economy encourages people to lead healthier lives by motivating them to move about more. Over 130 million users are already on the platform, where they are motivated to increase their physical activity by in exchange for earning sweatcoins. Sweatcoin’s model has evidently won many supporters, and it was the most downloaded health and fitness app worldwide in 2022. The major development in governance voting furthers Sweat Economy’s goal of making the economy more democratic, open, and accessible to everybody.