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Health and Fitness App Sweat Economy to Vote on 'Reallocating' 2.5B Inactive Tokens
The 2.5 billion “abandoned” SWEAT tokens, which constitute around 13% of the total supply, were allocated to users at the app's conception last September.
Updated Jun 7, 2023, 3:30 p.m. Published Jun 7, 2023, 3:29 p.m.
Fitness-focused decentralized application Sweat Economy is to take a governance vote on what do with 2.5 billion tokens that are currently sitting inactive in user accounts.
The SWEAT tokens, which constitute around 13% of the total supply, were allocated to users at the app's conception last September but these users have not downloaded the wallet nor followed any of the other steps required to claim them, making them "abandoned" or "idle," according to a blog post.
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Sweat users can vote on whether to recover the tokens and transfer them to the protocol's treasury for a potential future distribution. The vote will also decide what the Sweat Foundation will do with them in the future, including "burning a percentage, funding operational costs, or supporting future product launches," the blog post said.
A minimum of 75,000 votes are required for the proposal to be accepted or denied. The vote will last for seven days with the possibility of a three-day extension and follow the one-person-one-vote-format introduced for a previous poll in April.
Sweat Economy is a "move to earn" platform, in which users are encouraged to keep active by converting the steps they take into SWEAT tokens which they can convert into other cryptos or use to buy products.
Read More: Stepn Was a Runaway Success During COVID but Can It Keep Moving Forward?
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