Distribute or Burn: You decide
We believe that it is you, the community, whose voice matters most. As such, we are giving the community the authority to decide how the project deals with the 100 million $SWEAT tokens accumulated since the start of this year. This continues our plans for decentralization.
This is an exciting vote for Web3, not just Sweat Economy. With 2M+ monthly active users, there is the potential for this to be the largest governance vote in the history of Web3 user governance.
Accessible Governance
In the rapidly evolving world of decentralized finance, user governance has become a crucial aspect for maintaining transparency and keeping users at the center of the project.
As such, a new approach to voting has been launched in the Sweat Wallet app, allowing for any and all $SWEAT holders to vote without unnecessary barriers, simply covering a 0.1 $SWEAT voting fee.
By participating in this vote, users will have a direct say in the fate of 100 million $SWEAT. It’s important to note that while all users can participate in the vote, only users who have a “12 Month Growth Jar” by the end of the vote on April 25 will receive a proportional share of the tokens.
What are the options?
This proposal offers two options for users to choose from, which will determine the percentage of tokens to be distributed and burned. The final outcome will be proportional to the voting results, so that the decision reflects the collective preference of the community.
In short, a mixed voting outcome can occur. The two options are:
- Vote towards Burn
In this option, you support burning 100M $SWEAT. - Vote towards Distribution
In this option, you support distributing 100M $SWEAT to 12 month Growth Jar holders.
By adopting this proportional voting system, the governance vote truly allows each user to play an active role, shaping the future of the $SWEAT ecosystem, ensuring a transparent and equitable process. Remember, it can be a mixture of both options.
What is Distribution?
Through this proposal, Sweat Economy is trialing a new distribution method to reward the long term holders and investors of $SWEAT. If you have a 12 Month Growth Jar in the Sweat Wallet app, you will receive a share of the percentage to be distributed.
The more you have in Growth Jars, the higher your share will be.
The distributed $SWEAT will be added to a new 12 Month Growth Jar in your Sweat Wallet app, free of charge. So not only do you get extra $SWEAT, but 12% yield too!
What is Burning?
“Burning” crypto is when the coin is permanently removed from supply. This is often described as destroying tokens. This is performed by written code executed on a blockchain, or by sending tokens to a dedicated “Burn” address.
Burn events often increase the value of the remaining tokens as they become more scarce, allowing for “Supply and Demand” to take control. A significant amount of tokens would need to be burned to influence the token price.
Sweat Economy has pledged to use at least 50% of its profits to buy back tokens from the secondary market, to put towards community votes. You can decide, do we burn 100M $SWEAT, or distribute?
How do I cast my vote?
Simple! Follow these steps and have 0.1 $SWEAT ready to vote!
- Open the Sweat Wallet
- Tap the “Voting Proposal” card
- Read the information to ensure you make an educated decision
- Select your choice and cast the vote!
The outcome of this vote will determine how much is being Distributed, and how much is to be Burned. Both of which reward you, the community, in some way.
You could receive extra $SWEAT and / or support the ecosystem in maintaining value.
