Sweatcoin's proposal for token redistribution for users who do not use the Sweat Wallet app
The 2.5B $SWEAT tokens allocated to millions of users during the TGE will be redistributed to users who have not used the Sweat Wallet app, subject to in-app voting confirmation.Author: Sweatcoin
Compiled by: ChainCatcher
Before our launch in September 2022, millions of users signed up for the TGE and were allocated their $SWEAT tokens.
However, during our TGE, as of today, a portion of these users have not downloaded the Sweat Wallet app, generated any steps, or responded to our emails or push notifications in the past 12 months.
The $SWEAT tokens allocated to these users during the TGE remain unclaimed, and thus these tokens are considered "abandoned" or "idle."
The total amount of $SWEAT allocated to these accounts is approximately 2.5 billion $SWEAT tokens, accounting for about 13% of the total supply, and under normal circumstances, the project and community cannot reclaim these tokens.
However, in our case, 90% of the tokens from the TGE were placed in a locked contract, designed to unlock the remaining tokens over 24 months, with the foundation holding the keys to this contract, giving us a unique opportunity to repurpose these "abandoned" tokens.
This proposal is part of a two-step process. First, we will conduct an in-app vote to allow the following:
This proposal will enable us to transfer from tge-lockup.sweat to governance.treasury.sweat.
We will store these tokens in a dedicated treasury wallet. They will not be used in any way until we complete the second proposal and you and the community have approved any actions.
The fact that you are reading this blog post may mean that you have used the Sweat Wallet app at some point after its release, so you will not be affected.
As mentioned above, approximately 2.5B $SWEAT will be redistributed from unclaimed TGE matches. This will only affect the following users:
If you are one of the users who have not used the Sweat Wallet app since opting in, simply download the app and log in immediately—it's not too late!
The deadline for claiming tokens will take effect immediately after the in-app voting ends. This is also why we do not have exact numbers, as the amount of unclaimed tokens may vary.
You may also remember our recent vote on the $100 million SWEAT, whether to burn or distribute. We believe this vote was an incredible success, attracting over 150,000 community members! Therefore, we have established some criteria for the upcoming vote:
The above conditions must be met for this proposal to be accepted.
Voting will take place in the Sweat Wallet app, and our millions of users can easily access it from the main screen.
As always, the community is at the core of everything we do. Therefore, we will hold a call in our Discord community on Monday, June 5th at 2 PM UTC.
This will allow you to raise any suggestions and feedback regarding the proposal, in-app design, and anything else you want to mention before the in-app voting begins.
Additionally, there will be a new dedicated channel for discussing proposals and asking questions, which we will introduce during Monday's call.
While we can address 13% of the total supply that is abandoned, this is not something we want to repeat. Ideally, the Sweat Foundation should not have to intervene at any time.
Therefore, you may have heard about our latest feature, "Minting Pause." In short, the "Minting Pause" for inactive users will ensure that there will not be a large influx of abandoned $SWEAT tokens, thereby preventing supply inflation.
