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As Sponge V2 beneficial properties momentum in its transition, traders’ confidence within the Sponge undertaking grows, leading to week-on-week beneficial properties for the $SPONGE token.
Sponge V2 has migrated to the Polygon community, hoping to profit from quicker transaction speeds and decrease charges in comparison with Ethereum.
This transfer additionally addresses safety issues from a earlier liquidity pool assault. With staking rewards, a rising group, and upcoming developments like a Play-to-Earn racing recreation, Sponge V2 hopes to capitalize on the meme coin pattern regardless of inherent dangers.
New meme coin launched on Polygon Community
In response to a liquidity pool assault on Ethereum, the Sponge staff swiftly introduced their transfer to the Polygon community, introducing Sponge V2. This transition occurred on February fifth, 2024, successfully discontinuing Sponge V1 and providing holders the possibility to say Sponge V2 tokens by way of staking.
📣 Consideration, #SPONGERS!
Right here is a few vital data to recollect about $SPONGE V2!$SPONGE V1 has formally been discontinued, and V2 has been launched on #Polygon! 🔥
Be taught extra concerning the token particulars beneath 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
To make sure a seamless shift, customers have been inspired to stake their current $SPONGE tokens earlier than February fifth. This not solely facilitated the automated change to the brand new Polygon staking contract but in addition remained the only methodology for incomes Sponge V2 tokens.
For these with $SPONGE on centralized exchanges, the deadline to withdraw and stake for rewards additionally fell on February fifth, as buying and selling on these platforms ceased.
Whereas non-custodial holders lacking the staking deadline wouldn’t lose their tokens, they have been robotically positioned in a 0% rewards pool. They ultimately had the selection to affix the brand new staking contract for future rewards or declare their tokens outright.
This migration aimed to realize a number of targets:
Enhanced Safety: By shifting to Polygon, Sponge aimed to reduce the impression of the earlier assault and leverage the community’s safety advantages.
Quicker Transactions & Decrease Charges: Using Polygon’s quicker transaction speeds and decrease charges in comparison with Ethereum was anticipated to enhance gameplay for his or her upcoming Play-to-Earn recreation.
Neighborhood Constructing: Encouraging participation by way of staking aimed to strengthen the Sponge group and guarantee its continuity on the brand new platform.
Whereas the core imaginative and prescient for Sponge V2 remained unchanged, the migration marked a big shift in its technical basis and provided traders an opportunity to interact within the new chapter on Polygon.
Can Sponge V2 be the following meme coin gem? Excessive APY, rising group, and massive plans
The Stake-to-Bridge is gaining recognition, with 8.1 billion $SPONGE tokens already set for the transition to Sponge V2, amounting to a considerable $8.4 million. This progressive staking system presents an interesting 198% staking APY on Ethereum, offering an opportunity for important returns in a short while.
Moreover, the staking APY rewards on Polygon are engaging at 1602%, with numerous tokens staked. Nonetheless, this charge will lower as extra tokens are staked within the pool. Analyzing Sponge V1’s worth motion reveals promising upward momentum, with the market cap reaching $40 million.
Notably, there was an over 30% worth improve since this motion started, highlighting its potential. With $475k in liquidity and 50,000 holders, there’s anticipation for additional progress and liquidity within the Sponge ecosystem.
Thrilling developments lie forward for Sponge V2, together with the launch of a race recreation and upcoming listings on tier one centralized exchanges. These developments are producing excessive anticipation for Sponge V2’s future.
Wanting forward, the main target stays on the continued growth and enlargement of Sponge V2, with expectations of sustained buying and selling quantity and liquidity. To accumulate $SPONGEV2 token go to spongetoken.vip.
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