A Pioneering Project in the Web3 Space
Sweat Economy, a groundbreaking project in the decentralized web, has made history by carrying out the largest governance vote ever recorded. With a focus on tokenizing physical activity and making it valuable through the $SWEAT token, this community-driven project demonstrates the power of decentralized decision-making.
I remember when I first heard about Sweat Economy and its innovative approach to rewarding physical activity with tokens. It was a refreshing concept that instantly piqued my interest. Little did I know that this project would grow into a massive decentralized autonomous organization (DAO) with an unprecedented level of community involvement.
Community Participation Shines Through
The recent governance vote saw 355,506 votes cast between June 7th and June 14th, 2023. This impressive turnout exceeded Sweat Economy’s initial goal of 350,000 votes by roughly 5,000 votes – a testament to the dedication and engagement of its community members.
The proposal involved recovering approximately 2.5 billion idle $SWEAT tokens locked up in inactive user accounts. With no conventional means to access these tokens, the foundation held keys to a lockup contract that would gradually unlock them over 24 months. This unique circumstance presented an opportunity for the community to decide on repurposing these seemingly abandoned tokens.
As someone who has been following Sweat Economy since its inception, I was thrilled to see such strong participation from fellow community members during this critical vote.
A DAO Like No Other
With more than 350,000 members participating in the governance vote, Sweat Economy has become not only the largest on-ramp in Web3 history but also solidified its position as the most prominent DAO to date.
Oleg Fomenko, Co-founder of Sweat Economy, shared his excitement for this milestone:
“With more than 350,000 members taking part in the governance vote, Sweat Economy has become not only the biggest on-ramp in Web3 history…
The results of this vote have led to the transfer of approximately 2.4 billion $SWEAT tokens from the lockup contract to the governance treasury. Looking ahead, community members will have the opportunity to vote on allocating these tokens for Sweat Economy’s US launch in September 2023.
Commitment to Robust Infrastructure
Following the conclusion of the vote, Sweat Economy’s tech team executed necessary updates to lockup contracts. This successful execution highlights their dedication to maintaining a reliable infrastructure for its community.
As a long-time supporter of decentralized projects, it’s always inspiring to witness such commitment from project teams – especially when it comes to ensuring a secure and trustworthy environment for users.
A Significant Milestone in Decentralized Governance
Sweat Economy’s record-breaking governance vote marks a major milestone in the evolution of decentralized governance. It reinforces their dedication to community-driven decision-making and token holder empowerment.
As an avid enthusiast of blockchain technology and decentralization, I am excited about what this achievement means for Sweat Economy and future DAOs. It is a shining example of how decentralized communities can come together and make their voices heard in shaping the future of Web3 projects.
Learn more about Sweat Economy and their commitment to decentralized decision-making.