Sponge to Distribute Staking Rewards Instantly, Community Votes in Favor

by Arthur Herring
in Action, News, PC, Release
on 27 May 2024

Sponge ($SPONGE), a popular meme coin that has seen significant returns for early supporters, has decided to distribute its staking rewards instantly. After a community vote, it was determined that all accrued staking rewards will be paid out to $SPONGE holders when the claim goes live on May 30 at 10AM UTC.

Previously, Sponge asked its followers to vote on whether they preferred to access the staking rewards immediately, lock them for a month, or have them vested linearly over six months or a year. However, an overwhelming 85.5% of participants voted for instant claims in order to take advantage of the project’s impressive dynamic rewards rate, which currently offers a 326% APY for stakers on Polygon.

The token migration from Ethereum to Polygon has also provided an opportunity for different groups to claim tokens. Those who bought tokens through the presale widget, bridged to Polygon before February 5th, or held the V1 token on centralized exchanges before the discontinuation will all have the chance to claim tokens. However, only the last group will not receive any extra staking rewards.

Sponge’s popularity stems from its unique approach of building a staking and video gaming community through word-of-mouth, lucrative incentives, and viral marketing. The upcoming release of a Sponge video game, along with listings on major exchanges, makes it an enticing investment for many.

Since its launch in May 2023, the price of $SPONGE has skyrocketed, experiencing returns of around 10,000%. Its recent upgrade to a V2 on Polygon has further boosted its value, with the token currently priced at $0.002103.

With the distribution of staking rewards and potential listings on major exchanges, $SPONGE is set to attract even more attention and increase its value. Investors are encouraged to take advantage of this opportunity before exchange listings bring the project into the mainstream. Stay updated with the community of over 36,500 followers on X.

Additional relevant facts about Sponge and its staking rewards distribution:

1. Sponge is built on the Polygon network, also known as the Matic network, which is a scaling solution for Ethereum. By migrating to Polygon, Sponge aims to provide faster and cheaper transactions for its users.

2. The decision to distribute staking rewards instantly was made through a community vote, indicating the project’s emphasis on decentralized decision-making and aligning with the preferences of its supporters.

3. Staking rewards allow $SPONGE holders to earn passive income by locking up their tokens and participating in the network’s consensus mechanism. The rewards are typically distributed based on the amount of tokens staked.

4. The impressive dynamic rewards rate of 326% APY on Polygon is a significant factor that influenced the community’s preference for instant claims of staking rewards.

5. The token migration from Ethereum to Polygon allows different groups, such as those who participated in the presale, bridged to Polygon before a specific date, or held the V1 token on centralized exchanges, to have the opportunity to claim tokens.

6. However, only the group that held the V1 token on centralized exchanges before the discontinuation will not receive additional staking rewards when claiming tokens.

Key questions and answers:

1. What is Sponge?
Sponge ($SPONGE) is a popular meme coin that has gained attention by building a staking and video gaming community through word-of-mouth, incentives, and viral marketing.

2. Why did the community vote for instant claims of staking rewards?
The overwhelming majority (85.5%) of participants voted for instant claims to take advantage of the project’s high dynamic rewards rate, which currently offers a 326% APY for stakers on Polygon.

3. What is the value of $SPONGE after its upgrade to V2 on Polygon?
The current price of $SPONGE after the upgrade to V2 on Polygon is $0.002103.

Advantages of Sponge:

1. Instant distribution of staking rewards provides immediate financial benefits to $SPONGE holders, allowing them to earn passive income without delays or vesting periods.

2. The high dynamic rewards rate on Polygon offers attractive staking opportunities for investors, potentially leading to increased participation and demand for $SPONGE.

Disadvantages of Sponge:

1. The volatility and speculative nature of meme coins like $SPONGE can pose risks to investors, as the market value can fluctuate significantly.

2. While the project’s popularity and upcoming releases create excitement, it also raises concerns about the sustainability and long-term viability of Sponge as an investment.