- What was the TGE (Token Generation Event) on September 12th, 2022?
The TGE was an event where over 5 billion $SWEAT tokens were allocated to over 13 million users. These tokens were locked in a smart contract, set to unlock over 24 months, with the final unlock on September 12th, 2024.
- Why was a community vote held on unclaimed TGE tokens?
The vote was to decide on the fate of unclaimed tokens from the TGE. By voting, the community determined that unclaimed tokens would be permanently burned, thus supporting the token’s value and ensuring only active users hold $SWEAT.
- What happened to the unclaimed tokens?
Following the vote, all unclaimed tokens, approximately 1.5 billion $SWEAT, were permanently burned, and the TGE lockup smart contract itself was destroyed, making future claims impossible.
- Why are these tokens no longer accessible?
With the destruction of the TGE smart contract, all unclaimed tokens have been removed from circulation as per the community’s decision. This action was taken to prevent inflation and support $SWEAT's long-term value.
Post-Burn Details
- Can I still claim my TGE tokens if I missed the grace period?
No, the deadline for claiming TGE tokens has passed. Unclaimed tokens were burned, and the smart contract was destroyed, so further claims are no longer possible.
- How did the burn affect my balance?
If you did not claim your TGE allocation in time, those unclaimed tokens were burned and are no longer part of your balance.
- Why was the TGE contract burned?
Destroying the TGE contract ensures that unclaimed tokens are permanently removed from circulation, preventing inflation and maintaining the value of $SWEAT for engaged users.
- Will this token burn affect $SWEAT’s value?
Yes, reducing the circulating supply by burning unclaimed tokens over a period of time helps maintain $SWEAT’s value, supporting the long-term sustainability of the Sweat Economy.
Miscellaneous
- What if I didn’t know about the TGE claiming deadline?
Multiple notifications were sent to inform users of the deadline, and a 30-day grace period was provided. If you missed this, the unclaimed tokens were burned per the community’s vote.
- How can I prevent missing future deadlines?
Stay engaged by regularly checking updates in the Sweat Wallet app, subscribing to notifications, and participating in community announcements.
- Where can I find more information about Sweat Wallet’s initiatives?
Visit the official Sweat Wallet website or app for the latest information on features, updates, and opportunities for active engagement within the Sweat Economy.