Sweat Economy – the team behind the SWEAT token revealed that there’s a brand new Web3 governance proposal aimed at enabling the community decide the faith of a whopping 100 million of its native tokens.
- The vote is set to take place on April 18th, and it will give the community the authority to determine how to deal with 100 million SWEAT tokens.
- The community will decide what part of that should go to reward long-term stakers and what part of it will be burned.
- The interesting thing is that everyone with liquid tokens will be able to vote, meaning that those who have their SWEAT staked won’t be able to participate. One token will represent one vote.
- Speaking on the matter, Oleg Fomenk, co-founder of 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.”
- According to the press release shared with CryptoPotato, there will be five denominations denoted in percentages: 0%, 25%, 50%, 75%, and 100%. If the result of that vote is to distribute a part of the funds, the average of the selected denominations will be calculated post the voting window. Those who stake in the app for a 12-month period will receive a proportional amount of tokens from the 100M token pool.