There are 2 billion idle SWEAT tokens in inactive user accounts.
These idle tokens constitute approximately 13% of the SWEAT token total supply.
Sweat Economy has launched a new Governance Vote to decide the fate of these idle tokens.
Pioneering move-to-earn project Sweat Economy is today launching a new governance vote in the Sweat Wallet application, which is set to launch in the US this year. The vote to allow the community to decide the fate of 2 billion idle SWEAT tokens in inactive user accounts.
The idle tokens were locked up in a 24-month contract in the inactive user accounts. However, it is not clear what should happen to the tokens once the lock-up time ends.
The tokens were left unclaimed after the Token Generation Event (TGE) that took place last September. A number of Sweat Economy users did not activate their Sweat Wallet application to claim the tokens.
The new Sweat Economy governance vote
The new governance vote will give SWEAT token holders an opportunity of participating in answering the lingering question of what should be done with these idle tokens.
Users will be deciding on whether to have the 2 billion idle SWEAT tokens recovered and transferred back to the Sweat Treasury for potential future distribution or other uses as decided in future votes or to leave these tokens in the inactive user accounts.
75,000 votes will have to be cast for the proposal to be accepted or denied. The voting process which begins today will run for seven days to give everyone a fair opportunity to participate. There is also a possibility of the vote being extended if there will be an n influx of voters.
There were 153,783 participants in the most recent voting process which makes Sweat Economy believe it could see even higher engagement given the number of tokens at stake.
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META ARTICLE: Sweat Economy to decide the fate of 2B idle SWEAT tokens via Governance Vote PUBLISHED: 2023-06-07 13:51:13 SOURCE: https://coinjournal.net/news/sweat-economy-to-decide-the-fate-of-2b-idle-sweat-tokens-via-governance-vote/