In an effort to address the issue of abandoned SWEAT tokens, fitness platform Sweat Economy has put forward a governance vote to reassign over 2 billion idle tokens.
Background
During the token generation event (TGE), Sweat Economy had allocated a significant number of SWEAT tokens to users who signed up for the platform. However, it was discovered that many of these users never downloaded the Sweat Wallet app, leaving approximately 2.5 billion SWEAT tokens (equivalent to 13% of the total token supply) unused and abandoned.
Sweat Economy: “We have made fruitless efforts to contact the owners of the idle SWEAT tokens for over a year, but unfortunately, we have had no success in recovering them.”
The Proposal
In order to recover and reallocate these abandoned tokens, Sweat Economy has proposed a two-step approach:
- An in-app vote will be conducted, allowing the Sweat Foundation to unlock the locked, idle SWEAT tokens and transfer them to a treasury wallet.
- Once the tokens are in the foundation’s treasury, a future proposal will outline potential reallocation plans, which could involve burning a percentage of the tokens, funding operational costs, or supporting future product launches.
Sweat Economy: “It is important to note that these actions will not impact Sweat Wallet users. This proposal solely aims to unlock and reassign the idle tokens that have remained dormant since the TGE.”
Voting Details
The in-app vote will commence immediately after this proposal is made, and a minimum of 75,000 votes will be required to accept or deny it. The voting period will last for seven days, with a possible three-day extension depending on the initial outcome.
Sweat Economy: “Every user will be entitled to one vote, which will require a fee of 0.1 SWEAT token per vote.”
