Sponge Stake and Bridging surpassed $10 million, while Ethereum and Polygon SPONGE V2 recorded returns of 190% and 968%.

Top meme coin Sponge is currently staking and bridging over $10.18 million after announcing the launch of the V2 Polygon network version of the coin earlier this month.

Sponge’s strategic shift to Polygon aligns perfectly with the Ethereum Dencun upgrade. One of the results will be reduced gas fees and faster transaction times for Ethereum Layer 2 networks like Polygon.

Polygon’s low fees and superior transaction speeds compared to Ethereum make it ideal for emerging gaming platforms like Sponge.

The ERC20 V1 token has now been discontinued as Sponge is taking the cryptocurrency game by storm. The well-executed migration process resulted in 8.55 billion $SPONGE V2 tokens being staked, representing nearly 20% of the circulating supply. Stakers are receiving token rewards of 189% per year on Ethereum and 909% per year on Polygon.

Market participants do not have much time to get one last opportunity to purchase $SPONGE V2 before the centralized exchange listing begins.

This is what happens if you miss it #SpongeV2 🤷‍♂️🧽$sponge #pepe #viceroy #Shiba #100x #stress #Cryptocurrency #memecoin pic.twitter.com/EJwBFTM5FJ

— $SPONGE (@spongeoneth) February 22, 2024

$SPONGE V2 price soared 4,917% from the V1 token launch price. It is expected to increase further in the future.

This means that the conversion to Polygon was successful and the price of $SPONGE V2 reached $0.001254, an increase of 4,917% from the V1 launch price of $0.000025.

$SPONGE V2 has already surpassed $SPONGE V1’s all-time high of $0.0012 and currently sits at a diluted (distributing supply) market cap valuation of $49.5 million. On a diluted basis, measured using the entire token supply, $SPONGE V2 is valued at $183.9 million. The liquidity of the SPONGE/WMATIC pair is healthy at $558,670.

The transition to Sponge V2 took place on Monday, February 5th, and the price has continued to rise for token holders since then, as you can see in the chart below.

$SPONGEV2 is now in a consolidation channel threatening to form a bull flag before the next explosion.

Sponge is making the right move and becoming layer 3 for cryptocurrency gaming.

Gaming is still a cryptocurrency area of ​​great interest, but poor user experience and slow transaction speeds have hampered much of its potential, forcing certain activities off-chain and negating the usefulness of blockchain architecture.

Polygon can scale up to 7,000 tps, while Ethereum is currently stuck at 1-25 tps. Polygon could theoretically hit 65,000 tps and publish a higher Dencun upgrade, so Sponge has made the right move to secure its gaming future.

With a view to overcoming the current usability issues, Sponge has made a very reasonable decision to maintain security and upgrade the roadmap improvements to Ethereum Layer 1, but also with the added benefit of a Polygon Layer 2 scaling solution, as Sponge is expected to position itself. . Layer 3 for crypto gaming.

The exact details of what this emerging architecture will look like have not yet been revealed, but it’s clear that excitement in the Sponge market is growing as altcoin season begins. The Sponge game app, currently in Phase 2 of the roadmap, will be released in Phase 3.

when you have nothing $sponge pic.twitter.com/hp4uz4KHZ6

— Moonpie666 (@mushmoonz) May 13, 2023

Sponge V2: Where the Smart Money in Crypto Gaming Is Heading

Veteran players in the cryptocurrency space, such as Axie Infinity and Decentraland, have underperformed relatively among altcoins, in part due to legacy baggage. This means they are relatively slow to upgrade their roadmap to keep up with technological changes.

In contrast, Sponge has shown himself to be an agile and flexible player who can demonstrate the agility necessary to seize opportunities through sharp strategic turns, as seen in Polygon’s pivot.

Meanwhile, Sponge’s Play-to-Earn game hasn’t been released yet, but there are hints from the team that the game is in development beyond the scoping stage.

In the new $SPONGE V2 token economics, 4.47% of the total token supply of 150,000,000,000 is allocated to game development. Staking rewards are allocated at 43.09% and distributed over 4 years. 7.5% for marketing, 8% for P2E rewards, 26.93% for $SPONGE, and 10% for centralized exchange liquidity.

The project has gone through all its hardships as it prepares to hit the gaming world with its first P2E game release in the coming years. There couldn’t be a better time to buy the Sponge V2.

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