Charting the Course: Sway in 2024
Crypto is on the cusp of mainstream adoption. With the emergence of ETFs, signalling a pivotal shift in the financial landscape, we’re likely to see web3 become an integral part of the technology stack for products we use every day.
We look at 2024 as an important year to take a step forward. Here are four things happening to Sway in the first half of this year.
1. Sunsetting Creator Pools
We have decided to sunset the existing Creator Pools dapp and concentrate on areas where our technology can have the most impact. Creator Pools will be deactivated by the end of January 2024. All existing positions and accrued rewards will be automatically withdrawn and sent to the originating wallets.
Read more here.
2. Token Burn
It’s time to burn some SWAY 🔥
Out of the total supply of 100,000,000 SWAY, around 40% is presently in circulation, while the remaining amount is either locked in the treasury or unclaimed in Xportal.
A portion of the ~40,000,000 SWAY tokens in the treasury will be reserved for future strategic partnerships, but our primary goal is to systematically reduce the overall supply of SWAY by burning the majority of our reserves. This strategic measure aims to enhance scarcity, potentially leading to increased value appreciation over time.
Token burning will commence in January 2024 and will last throughout the year with no predefined schedule.
3. Transition to Hedera
With a new product and partnership in the pipeline, we intend to migrate SWAY completely to the Hedera Hashgraph network. Hedera is a well known industry player with high throughput, low transaction fees and an amazing community that we’ve been part of since 2022.
In the process, users will be required to interact with a smart contract that will burn tokens on Polygon and issue new tokens on Hedera network. More information to follow by end of Q1.
4. Strategic Partnership
As mentioned above, we are working on a new product that is due to be released in partnership with a niche wallet provider and utilizes reputation based systems we have developed over the last two years for our proxy staking pools.
While this moves the narrative away from creators, we believe it can have a great impact on the project and putting our technology to use.
Entering 2024, we are filled with excitement and a highly optimistic perspective on both our project and the broader web3 industry. Let’s turn this vision into reality!
