What Exactly is the Proposed Governance?
The entire supply of $SWEAT allotted for these accounts is around 2.5 billion tokens or nearly 13% of the total supply. Under normal conditions, the project and the community have no recourse for reclaiming these tokens.
In our instance, however, 90% of the TGE tokens were locked up in a lockup contract that was meant to release the remaining tokens over the course of 24 months, and the foundation retains the keys to this contract, offering us a unique chance to repurpose these “abandoned” tokens.
This suggestion is a stage of a two-phase process. We have already finished the first stage and saw incredible community involvement. For outcomes, see below.
Community Members Have Two Options:
If you vote “Yes,” the 2 billion idle SWEAT tokens will be retrieved and returned to the Sweat Treasury for possible future distribution (or other uses as determined by further votes in #2 below), and if you vote “No,” the tokens will remain in dormant user accounts.
At the Start of the Voting, the Community Provided the Following Feedback:
The outcomes:
(The in-app live result is shown upon the casting of the vote; the screenshot above displays the outcome.)
The whole user experience takes place inside the Sweat Wallet app. Users are not needed to link their wallets or do any cross-platform operations.
Between June 7 at 1 PM UTC and June 14 at 1 PM UTC, 355,506 votes were cast in the election. The majority of respondents (83%) supported the release of idle tokens that were kept in dormant user accounts.
We will now transfer 2.4 billion SWEAT tokens (precise quantity to be updated) from tge-lockup.sweat to governance.treasury.sweat (execution in process, on-chain evidence to be updated) in order to respect the outcome.
These tokens will be kept by us in a governance.treasury.sweat; they won’t be used in any manner till the second portion of the proposal is finished (see below).
Next, What?
We’ll present it to the community for a vote in a subsequent vote on whether to distribute the 2B tokens to our US launch in September 2023. More information is coming.
What do we believe?
Our target was 350,000 votes, but we exceeded it by 5,506 after receiving 355,506 in only 7 days.
Oleg Fomenko, a co-founder of Sweat Economy, stated:
Our system of governance is built on the tenet that each token holder has one vote, and everyone is allowed to have an impact on the project as long as they have any SWEAT.
Following the vote, our technical team updated the lockup contracts, which generated a lot of activity on the NEAR blockchain. To maintain stability on the mainnet, we carefully collaborated with the NEAR team (see also Oleg Fomenko’s tweet).
How did we manage it?
- In our last vote for governance, 153,783 people participated.
- Increased participation of over +130% was seen this time around because of the larger amount of SWEAT tokens involved, pre-launch socializing of the issue via Discord AMA, and enhanced UX in the app.
- We’ve provided enough time and chances for the community to learn about the proposal and voice questions before the launch.