$SPONGE Migration Completed – Can we reach our 10x and 100x potential in Polygon?

adminFebruary 11, 2024

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As Sponge V2 gains momentum in its transition, investor confidence in the Sponge project increases, resulting in weekly gains for the $SPONGE token.

Sponge V2 migrated to the Polygon network to benefit from faster transaction speeds and lower fees compared to Ethereum.

This move also addresses security concerns caused by previous liquidity pool attacks. With future developments such as staking rewards, a growing community, and a Play-to-Earn racing game, Sponge V2 hopes to capitalize on the meme coin trend despite the inherent risks.

Polygon Network Launches New Meme Coin

In response to the liquidity pool attack on Ethereum, the Sponge team quickly announced a move to the Polygon network with the introduction of Sponge V2. This transition occurred on February 5, 2024, effectively discontinuing Sponge V1 and giving holders the opportunity to claim Sponge V2 tokens through staking.

📣 Caution, #Sponger!
Here is some important information to remember: $sponge V2!$sponge V1 has been officially discontinued and V2 has been released. #polygon! 🔥
Learn more about token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024

To ensure a smooth transition, users are encouraged to stake their existing $SPONGE tokens before February 5th. Not only did this facilitate the automatic transition to the new Polygon staking contract, it also remained the only way to acquire Sponge V2 tokens.

For those holding $SPONGE on centralized exchanges, the withdrawal and staking deadline for rewards has also been dropped to February 5 as trading on those platforms has been halted.

Non-custodial holders who miss the staking deadline will not lose their tokens, but will automatically be placed in the 0% rewards pool. They eventually had the choice to either participate in a new staking contract for future rewards or claim their tokens outright.

This migration aimed to achieve several goals:

Enhanced Security: By switching to Polygon, Sponge aimed to minimize the impact of previous attacks and leverage the network’s security benefits.
Faster Transactions and Lower Fees: Leveraging Polygon’s faster transaction speeds and lower fees compared to Ethereum was expected to improve gameplay for upcoming Play-to-Earn games.
Community Building: We encourage participation through staking, with the goal of strengthening the Sponge community and ensuring continuity on the new platform.

While the core vision of Sponge V2 remained unchanged, the migration brought significant changes to the technology foundation and provided investors with an opportunity to participate in a new chapter for Polygon.

Could Sponge V2 be the next meme coin gem? High APY, growing community, big plans

Stake-to-Bridge is gaining popularity with 8.1 billion $SPONGE tokens already set for conversion to Sponge V2, which amounts to a significant amount of $8.4 million. This innovative staking system offers an attractive 198% staking APY on Ethereum, giving you the opportunity to earn significant profits in a short period of time.

Additionally, Polygon’s APY staking reward is an attractive 1602% and there is a large number of tokens staked. However, this rate decreases as more tokens are staked in the pool. Analyzing the price movement of Sponge V1, we can see promising upward momentum, with a market capitalization of $40 million.

Its potential has been particularly highlighted by price increases of more than 30% since the move began. With $475,000 in liquidity and 50,000 holders, there are expectations for further growth and liquidity in the Sponge ecosystem.

Exciting developments await Sponge V2, including the launch of a racing game and the first stage of listing on the central exchange. These developments raise high expectations for the future of Sponge V2.

Going forward, the focus is on the continued development and expansion of Sponge V2, with expectations of continued trading volume and liquidity. To earn $SPONGEV2 tokens, visit Spongetoken.vip.

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