If you're a Sweatcoin user and you hold a sweat wallet, as well as tokens in a 12 month grow jar you may have noticed some additional information inside your wallet this week. SWEAT, held a distributed governance event where they asked holders to participate in a poll that would provide the outcome of what would happen to 100m SWEAT tokens that were being held by the developers.
The poll was reasonably simple asking just a few questions. Distribute or Burn, and if so, how much.
With a cost of 1 token and a requirement to be holding SWEAT in a 12 month jar to be eligible, its reasonable to assume that not every holder participated in the vote and may have been passive in regards to the outcome. The poll was conducted over such time frame that enough time should have been allocated to give wallet holders the option of at least seeing it prior to closure.
Well, the poll results are in. There was 1,294,226 qualifying users for the poll. 153,620 users actively voted on the proposal.
The results are for burn vs distribute were:
Burn: 62,238
Distribute: 91,382
WINNER: DISTRIBUTE
Dist Percentage: 59%
As you can see, the clear winner was Distribute. The ratio of distributed tokens was 59% meaning that 59m tokens are scheduled to be distributed to eligible users. The users should receive these tokens added to their wallet in a 12 month growth jar. These are staked tokens meaning the earliest withdrawal will be April 2024.
Lastly, the current mint price of sweat is 3,596.67 steps at the time of article writing, while the token price is $0.008344. Meaning that for a non premium Sweatcoin user the distribute event should add roughly a day's minting to your portfolio for free. Its interesting to note after the results that the price of SWEAT remains down .33 percent.
Have you received tokens or participated in this governance event?? Let us know in the comments.