$SPONGE Migration Full - Will It Attain 10x, 100x Potential On Polygon?

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As Sponge V2 good points momentum in its transition, traders’ confidence within the Sponge challenge grows, leading to week-on-week good points for the $SPONGE token.

Sponge V2 has migrated to the Polygon community, hoping to learn from sooner 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 neighborhood, 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 group 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 prospect to assert Sponge V2 tokens via staking.

📣 Consideration, #SPONGERS!

Right here is a few vital info 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 under 👇https://t.co/TCdxgXx40w

🧵1/3 pic.twitter.com/YZzXOlKmHY

— $SPONGE (@spongeoneth) February 6, 2024

To make sure a seamless shift, customers had been inspired to stake their present $SPONGE tokens earlier than February fifth. This not solely facilitated the automated swap to the brand new Polygon staking contract but in addition remained the only technique 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 had been routinely 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 goals:

Enhanced Safety: By transferring to Polygon, Sponge aimed to reduce the affect of the earlier assault and leverage the community’s safety advantages.
Quicker Transactions & Decrease Charges: Using Polygon’s sooner transaction speeds and decrease charges in comparison with Ethereum was anticipated to enhance gameplay for his or her upcoming Play-to-Earn recreation.
Group Constructing: Encouraging participation via staking aimed to strengthen the Sponge neighborhood 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 have interaction within the new chapter on Polygon.

Can Sponge V2 be the following meme coin gem? Excessive APY, rising neighborhood, and large 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.four million. This progressive staking system provides an interesting 198% staking APY on Ethereum, offering an opportunity for vital returns in a short while.

Moreover, the staking APY rewards on Polygon are enticing at 1602%, with a lot of tokens staked. Nevertheless, this price will lower as extra tokens are staked within the pool. Analyzing Sponge V1’s worth motion exhibits promising upward momentum, with the market cap reaching $40 million.

Notably, there was an over 30% worth enhance since this motion started, highlighting its potential. With $475ok in liquidity and 50,000 holders, there’s anticipation for additional development 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.

Trying 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 amass $SPONGEV2 token go to spongetoken.vip.