As Sponge V2 gains momentum in its transition, investors’ confidence in the Sponge project grows, resulting in week-on-week gains for the $SPONGE token.
Sponge V2 has migrated to the Polygon network, hoping to benefit from faster transaction speeds and lower fees compared to Ethereum.
This move also addresses security concerns from a previous liquidity pool attack. With staking rewards, a growing community, and upcoming developments like a Play-to-Earn racing game, Sponge V2 hopes to capitalize on the meme coin trend despite inherent risks.
New meme coin launched on Polygon Network
In response to a liquidity pool attack on Ethereum, the Sponge team swiftly announced their move to the Polygon network, introducing Sponge V2. This transition occurred on February 5th, 2024, effectively discontinuing Sponge V1 and offering holders the chance to claim Sponge V2 tokens through staking.
Learn more about the token details below https://t.co/TCdxgXx40w
— $SPONGE (@spongeoneth) February 6, 2024
To ensure a seamless shift, users were encouraged to stake their existing $SPONGE tokens before February 5th. This not only facilitated the automatic switch to the new Polygon staking contract but also remained the sole method for earning Sponge V2 tokens.
For those with $SPONGE on centralized exchanges, the deadline to withdraw and stake for rewards also fell on February 5th, as trading on these platforms ceased.
While non-custodial holders missing the staking deadline wouldn’t lose their tokens, they were automatically placed in a 0% rewards pool. They eventually had the choice to join the new staking contract for future rewards or claim their tokens outright.
This migration aimed to achieve several objectives:
- Enhanced Security: By moving to Polygon, Sponge aimed to minimize the impact of the previous attack and leverage the network’s security benefits.
- Faster Transactions & Lower Fees: Utilizing Polygon’s faster transaction speeds and lower fees compared to Ethereum was expected to improve gameplay for their upcoming Play-to-Earn game.
- Community Building: Encouraging participation through staking aimed to strengthen the Sponge community and ensure its continuity on the new platform.
While the core vision for Sponge V2 remained unchanged, the migration marked a significant shift in its technical foundation and offered investors a chance to engage in the new chapter on Polygon.
Can Sponge V2 be the next meme coin gem? High APY, growing community, and big plans
The Stake-to-Bridge is gaining popularity, with 8.1 billion $SPONGE tokens already set for the transition to Sponge V2, amounting to a substantial $8.4 million. This innovative staking system offers an appealing 198% staking APY on Ethereum, providing a chance for significant returns in a short time.
Furthermore, the staking APY rewards on Polygon are attractive at 1602%, with a large number of tokens staked. However, this rate will decrease as more tokens are staked in the pool. Analyzing Sponge V1’s price movement shows promising upward momentum, with the market cap reaching $40 million.
Notably, there has been an over 30% price increase since this movement began, highlighting its potential. With $475k in liquidity and 50,000 holders, there is anticipation for further growth and liquidity in the Sponge ecosystem.
Exciting developments lie ahead for Sponge V2, including the launch of a race game and upcoming listings on tier one centralized exchanges. These developments are generating high anticipation for Sponge V2’s future.
Looking ahead, the focus remains on the ongoing development and expansion of Sponge V2, with expectations of sustained trading volume and liquidity. To acquire $SPONGEV2 token visit spongetoken.vip.
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