The Sweat Economy platform is repurposing over 2 billion $SWEAT tokens that were locked up in inactive user accounts following a token airdrop event in September 2022. The tokens, valued at around $10 billion, were left frozen in inactive accounts after users failed to claim them. The platform’s foundation controls the keys to the lockup contract responsible for the token generation event, allowing for the tokens to be repurposed.
– The Sweat Economy platform is repurposing over 2 billion $SWEAT tokens that were locked up in inactive user accounts.
– The tokens, valued at around $10 billion, were left frozen in inactive accounts after users failed to claim them.
– The platform’s foundation controls the keys to the lockup contract responsible for the token generation event, allowing for the tokens to be repurposed.
Key points:
– The tokens were locked up in dormant user accounts following a token airdrop event in Sep. 2022.
– Users that failed to install the Sweat Wallet over the past year and claim locked tokens essentially left a sizable portion of the ecosystem’s token supply frozen in inactive accounts.
– Sweat Economy users were invited to take part in a decentralized autonomous organization (DAO) voting process to decide the fate of the locked $SWEAT tokens.
– Over 355,000 users voted between June 7 and 14, with 83 percent of voters supporting the reclamation of idle tokens.
– Sweat Economy will transfer an estimated 2.4 billion tokens from the lockup contract to its governance treasury contract.
– The foundation intends to propose a new community vote to allocate the recovered tokens to its U.S. platform launched earmarked for September 2023.
– The Sweatcoin web1 and web3 mobile app records users daily step count and rewards $SWEAT tokens for activity, with 4,033.93 steps generating 1 $SWEAT token.
