You decide: Burn Unclaimed TGE Token Allocations?

There could be 500M+ $SWEAT to burn! TL:DR at bottom.

On September 12th, 2022, during our Token Generation Event (TGE), over 13 million users were allocated more than 5 billion $SWEAT tokens. These tokens were securely locked in a smart contract, set to unlock linearly over 24 months, with the final unlock scheduled for September 12th, 2024.

However, to date, 1.5 billion of these tokens remain unclaimed. We estimate that ~500 million $SWEAT tokens are now abandoned due to lost wallets or inactive users.

In line with our mission to make the world more active, this upcoming vote is an essential step in re-engaging our community, particularly among those users who have become inactive. It’s crucial that all $SWEAT holders remain active and involved in the Sweat Wallet, where they can be motivated to move more.

What is the Proposal?

We are proposing to implement the following actions:

1. 30-Day Grace Period: Users who have not yet claimed their TGE token allocations will be given a 30-day grace period to do so. This period allows ample time for those who may have missed earlier communications to secure their unclaimed $SWEAT.
2. Burning Unclaimed Tokens: After the grace period of 30 days ends, any unclaimed $SWEAT remaining in the tge-lockup.sweat smart contract will be permanently burned. This ensures that these tokens are removed from circulation, preventing inflation and maintaining the long term value of $SWEAT.
3. Burning the Smart Contract: Alongside any unclaimed $SWEAT, we will also burn the tge-lockup.sweat smart contract itself.

Voting Rules and Timeline

• Voting Period: The vote will be open until September 13th, giving our community ample time to participate.
• Minimum Participation: Following past DAO Votes, we are setting a minimum of 75,000 votes. Reaching this threshold is crucial for the proposal to be accepted or denied.
• Participation Fee: Each person is entitled to one vote, with a small fee of 0.1 $SWEAT charged per vote.

The criteria mentioned above must be met for the proposal to move forward. This vote will be accessible through the Sweat Wallet app, where you can easily cast your vote from the home screen.

Community Feedback

As always, the Sweat Economy community is at the heart of everything we do. We encourage you to share your thoughts, suggestions, and feedback on this proposal.

A discussion will be held in an upcoming X Space, on Thursday 29th at 13:00 UTC, where you can ask questions and engage directly with the team.

Additionally, there is a dedicated channel on Discord for ongoing discussions about the proposal. Your input is invaluable as we strive to make decisions that benefit the entire community.

Ensuring Active Participation Moving Forward

To facilitate the claiming process, we will release a new claim button in the Sweat Wallet app. This feature will make it easier for users to retrieve their unclaimed $SWEAT tokens.

By implementing this vote and its proposed actions, we aim to ensure that all $SWEAT tokens are in the hands of active, engaged users. This not only strengthens our community but also supports the long-term health and sustainability of the Sweat Economy and the $SWEAT tokenomics.

TL;DR

• 30-Day Grace Period for claiming TGE allocations.
• New Claim Button to simplify the claiming process.
• Burning Unclaimed $SWEAT, alongside the Smart Contract after the grace period ends.
• Vote runs until September 13th with a minimum of 75,000 participants.
• 0.1 $SWEAT fee per vote, one vote per person.

Got any questions? Don’t hesitate to head to our Discord to chat with David, our Head of Community.

The Sweat Team

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