• Sweat Economy is introducing a new Web3 governance proposal allowing the community to decide on the disposal of 100 million SWEAT tokens.
• All holders of liquid tokens will be able to vote, with each token representing one vote.
• The community will decide what part of those funds should go to rewards and which part should be burned.
Sweat Economy Proposes Community Vote
Sweat Economy has proposed a new Web3 governance proposal that would enable the holders of liquid SWEAT tokens to vote on how 100 million of its native tokens should be disposed of. This vote is set to take place on April 18th and could result in either rewarding long-term stakers or burning some of those tokens.
Voting Process & Representation
All holders of liquid SWEAT tokens are eligible for voting in this process, with each token representing one vote. There will be five denominations denoted in percentages: 0%, 25%, 50%, 75%, and 100%. If the result is to distribute a part of the funds, then an average will be calculated post voting windup from these selected denominations.
Oleg Fomenk’s Statement
Oleg Fomenk, co-founder at Sweat Economy said: “We believe that everyone should have a say in the direction of our company, regardless of the amount of tokens they hold, their knowledge of Web3 governance or wallet connection. Our innovative vote mechanism will make it easy for anyone to have a voice and participate in the decision-making process.”
Incentive For Voting
The team behind SWEAT has also announced that they’ll reward all voters who choose any denomination other than 0% with 5 extra SWATTs per voting token as incentive for taking part in this event.
Final Thoughts
This upcoming community vote presents an opportunity for all holders of liquid SWEAT tokens to have their say about how 100 million SWEAT tokens should be disposed off, whether it’d be rewarding long-term stakers or burning them instead – depending on what most people choose via their votes!