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By migrating to Polygon, Sponge V2 tokens have obtained entry to a resilient network known for its scalability and minimal transaction expenses.
On Monday, February 5th, at 11pm UTC, Sponge V2 migrated to the Polygon network, signaling a crucial step toward a safer and more efficient blockchain ecosystem. Consequently, Sponge V1 was phased out, effective immediately after February 5th, due to security concerns stemming from malicious attacks on its liquidity pool.
Sponge Security Update – Countermeasures and Token Migration to Polygon Network
In response to the recent security breach, Sponge swiftly implemented protective measures to uphold community and network integrity.
While specific details of the breach remain undisclosed for security purposes, the team diligently enacted strong countermeasures and conducted thorough static analysis testing to strengthen defenses against potential vulnerabilities.
As Sponge V1 phases out, token holders must proactively adapt to new developments within the ecosystem. Exchanges suspended Sponge V1 trading upon the team’s announcement of the shift to the Polygon network.
Consequently, V1 holders must withdraw and stake their tokens via the spongetokn.vip website to acquire new V2 tokens. Currently, over 8 billion $SPONGE tokens are staked, offering an impressive Annual Percentage Yield (APY) of at least 200%.
Decentralized holders who stake before February 5th will continue to receive staking APY as usual, ensuring a seamless 1:1 swap ratio without additional rewards from the staking pool.
Non-custodial holders who fail to stake by this deadline will be transferred to a 0% APY staking contract based on a snapshot taken at 11pm UTC on February 5th.
For Sponge community members who have already staked their Sponge V1 tokens, a smooth transition is assured as these staked tokens will automatically migrate to the new Polygon staking contract.
Check out the video above for additional information on the Sponge V2 migration to the Polygon network. Don’t forget to subscribe to Jacob Crypto Bury’s YouTube channel for further crypto-related content. Jacob also manages a Discord channel with over 20,000 members, providing trading tips and insights for upcoming crypto presales.
Sponge V2 Transitions to Polygon Network for Efficiency
Sponge is accelerating the transition of Sponge V1 holders to Sponge V2, now on the Polygon network. This expedited migration not only addresses the aftermath of recent attacks but also paves the way for the launch of Sponge V2’s play-to-earn (P2E) game.
As a result, users can expect faster and more cost-effective in-game transactions. As Sponge embraces the scalability advantages offered by Polygon as a Layer 2 network, it underscores the project’s commitment to delivering efficient solutions to its community.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Transaction fees on Polygon typically range from 0.1 to 0.5 MATIC (less than $1), markedly lower than Ethereum’s fees, which range from $2.5 to $20.
The significantly reduced transaction fees on Polygon compared to Ethereum further enhance accessibility and affordability for users, ensuring a seamless and cost-effective gaming experience. As Sponge continues to evolve and innovate, the future looks promising for the project and its community.
A High-Potential Opportunity in 2024
Investors were impressed by the early gains of the $SPONGEV2 token following its launch on the Polygon network. With its innovative features, play-to-earn game, and the possibility of listing on Binance, it holds the potential for substantial long-term returns, possibly reaching 100X.
Sponge V2 aims to help investors achieve financial independence. Don’t miss out on the chance to join the Sponge community and gain early rewards by investing in $SPONGEV2 tokens for bullish returns. To acquire $SPONGEV2 token visit spongetoken.vip.
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