The Future of SWEAT Token in the Hands of the Community
The community is set to determine the future of the SWEAT token, as a new Web3 governance proposal gives them the power to decide on the fate of 100 million tokens. The vote, which takes place on April 18th, will allow token holders to decide whether to burn the tokens, reward long-term stakers, or a combination of both. The innovative voting mechanism ensures that everyone with liquid tokens can participate and have a voice in the decision-making process.
Voting Mechanism – One Token, One Vote
Token holders with liquid SWEAT tokens will be able to vote in the governance proposal, with each token representing one vote. Staked tokens will not be eligible for voting. The inclusive voting system aims to give every token holder a say in the direction of the Sweat Economy, regardless of the size of their holdings or their knowledge of Web3 governance.
Token Distribution Denominations and Calculation
Voters will be able to choose from five different denominations, represented as percentages: 0%, 25%, 50%, 75%, and 100%. After the voting window closes, the average of the selected denominations will be calculated to determine the final distribution. If the community decides to distribute a portion of the 100 million tokens, they will be allocated proportionally to users who have staked their tokens in the app for a 12-month period.
A Pivotal Moment for the SWEAT Token and Sweat Economy
The outcome of this governance proposal will have a significant impact on the future of the SWEAT token and the Sweat Economy. Co-founder Oleg Fomenk emphasizes the importance of community participation, stating, “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.” As the community prepares to vote, the future of the SWEAT token hangs in the balance.
