Vote on Sweat Wallet’s burning mechanism

Update: As of Dec 14, 2023, the polls are closed and more than 160K of you voted in favor of automatic burning!

Are you ready to take control of the future of token burning?

Do you believe in the power of automation to streamline the process?

The community has spoken before, but now, it’s time to decide: Should fees be automatically burned at a regular interval, or are manual burns after community discussions the way to go?

Your vote could shape the future of our project. Let’s dig in.

Proposal

The community has expressed a desire for a more transparent and efficient mechanism to burn $SWEAT. Right now, the Sweat Foundation collects the following fees:

Transaction fees
Gas fees when you send $SWEAT to a friend
Trade fees — only $SWEAT fees, not dollar revenue
Reward opt-in fees
Governance fees

Some fees are collected and used to self-fund cool features and activities within Sweat Wallet. For example, Spin the Wheel collects fees but also rewards $SWEAT to users. Fees like these are not included in the burning proposals described below.

Option 1: Automatic fee burning

The fees listed above will be collected and automatically burned on a monthly basis (subject to research and development).

Good news: you won’t need to engage and spend nominal amounts of $SWEAT from your wallets to vote on a regular basis on what to do with the $SWEAT revenues.

This will help to prevent “voting fatigue” and will ensure that other important matters get high levels of attention and engagement from the community.

Option 2: Continue manual burns as directed by the Community

The fees listed above will be collected and maintained in treasuries. The community will be polled about the use of $SWEAT collected in treasuries.

These polls will cover things like whether we should burn all or a portion of the $SWEAT or whether we should use a portion of the $SWEAT in treasuries for a certain purpose.

Good news: you will have hands-on control over each burn decision carried out.

Implementation

Once the voting period is over, the option with the majority of votes will be implemented.

In the case of automatic burning, research and development will be required by The Sweat Foundation in order to implement the outcome.

If the manual burning option wins, no additional research and development will be required.

For both outcomes, the current balance of the listed wallets will be burned on the completion of this vote.

Voting rules

• A simple majority (51%) will determine the winning option.
• The voting period will run throughout November and last for three weeks.
• The minimum voting threshold is set at 75,000
• Votes will open until 11:59 p.m. UTC on December 13, 2023

Why is there a fee?

Charging a fee for voting encourages community members to be active and engaged in the voting process while discouraging spamming and ensuring full on-chain transparency of the process.

There are different ways for you to earn the required tokens (in this case, $SWEAT) to pay for your voting fee. For example, you can participate in activities like Learn & Earn or battle your friends in Sweat Hero to earn more $SWEAT.

• Currently, voting is done by making transactions to a public address. In the future, the plan is to introduce smart contracts that can accept digital signatures as a way to represent votes. This could make the voting process more efficient and secure.

Cast your vote
Open the Sweat Wallet app and navigate to the home screen.

There you will see the option to cast your vote.

Follow along

Check out more of the community contributions in the #governance-proposals channel on Discord and in our Telegram channels.