Sponge V2 ($SPONGEV2) is poised to launch as a follow-up to the original Sponge ($SPONGE) meme coin that debuted during the bear market in May 2023. Sponge V1 managed to achieve a market capitalization of nearly $100 million at its peak before retracing. Over 13,000 holders accumulate Sponge V1 tokens, paired with listings on 10 centralized exchanges (CEXs) including LBank, Toobit, CoinW, BTCEX, Poloniex, MEXC, Gate.io, Bitget, BitKan, and BitMart.
Staking Sponge V1 Rewards V2 Tokens
Sponge V2 tokens can be acquired by buying and staking Sponge V1 through the Sponge.vip website. The amount of V2 tokens earned depends on how many and for how long V1 tokens are staked. Unlike liquidity pools, 100% of staking rewards are generated by the protocol. V1 tokens converted to V2 tokens will be permanently “locked,” meaning they will no longer be supported after the Sponge V2 launch.
Play-to-Earn Game Utility
Sponge V2 incorporates play-to-earn (P2E) utility through an associated game that will allow users to earn tokens. The game will offer both free and paid versions.
Noteworthy features of Sponge V2 cited in the announcement include: earning tokens by staking V1 tokens, a buy and stake bonus, and passive rewards of at least 40% annually over a 4-year staking period.
Sponge V2’s roadmap entails a staking program launch, development of the utility game, securing 10,000 token holders, and listings on tier 1 CEXs to reach a $100 million market cap.
Sponge V2 is garnering initial attention for its team’s focus on utility through staking, game integration and P2E features @MewsyYT notes.
The cryptocurrency market remains volatile and high-risk. This article is for informational purposes only and should not be considered investment advice.