Sweat Economy, a Move-to-earn platform, will reuse over 2 billion native Sweatcoin tokens which were a part of inactive user wallets, stated Cointelegraph.
Sources revealed that the tokens were valued at $10 million and were locked up in inactive user accounts after the value of the tokens decreased on September 2022. The platform also mentions that Sweatcoin (SWEAT) users who chose the Web3.0 move-to-earn’s crypto offering received SWEAT tokens which was secured in a 24 months contract, Cointelegraph added.
It is expected that over 355,000 users which is about 83% of voters, voted for the reuse of the inactive tokens between June 7, 2023 to June 14, 2023. Supposedly, Sweat Economy will send about 2.4 billion tokens from the blocked contract to a government regulated contract, Cointelegraph highlighted.
Furthermore, “It is a notable and groundbreaking change in the industry, as most projects give power to tokenholders in proportion to their holdings,” a member of Sweat Economy told Cointelegraph.
(With insights from Cointelegraph)