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Top meme coin Sponge now has more than $10.18 million staked and bridged after announcing the launch of the V2 Polygon network version of the coin at the beginning of this month.
Sponge’s strategic shift to Polygon is timed perfectly for the Ethereum Dencun upgrade, one of the results of which will be reduced gas fees and faster transaction times for Ethereum Layer 2 networks like Polygon.
Polygon is ideally suited for up-and-coming games platforms such as Sponge because of its low fees and superior transaction speed compared to Ethereum.
As Sponge gears up to take crypto gaming by storm, the ERC20 V1 token has now been discontinued. The well-executed migration process has led to 8.55 billion $SPONGE V2 tokens being staked, amounting to nearly 20% of circulating supply. Stakers are earning token rewards at 189% per annum on Ethereum and 909% per annum on Polygon.
Market participants don’t have much time left to take their last chance to buy $SPONGE V2 before centralized exchange listings begin.
This is what happens when you miss out on #SpongeV2 🤷♂️🧽$SPONGE #PEPE #DOGE #SHIBA #100x #Bullish #Crypto #MemeCoin pic.twitter.com/EJwBFTM5FJ
— $SPONGE (@spongeoneth) February 22, 2024
$SPONGE V2 Price Skyrocketed 4,917% From The V1 Token Launch Price – More To Come
Such has been the success of the transition to Polygon, the price of $SPONGE V2 has reached $0.001254, representing a 4,917% increase on the V1 launch price of $0.000025.
$SPONGE V2 has already surpassed the $SPONGE V1 all-time high of $0.0012, and is currently on a diluted (circulating supply) market capitalization valuation of $49.5 million. In undiluted terms, measured using the total token supply, the $SPONGE V2 valuation is $183.9 million. Liquidity in the SPONGE/WMATIC pair is healthy at $558,670.
The transition to Sponge V2 took place on Monday February 5, and as the chart below shows, the price has been an onward and upwards ride for token holders ever since.
$SPONGEV2 is now in a consolidation channel that is threatening to form a bull flag before the next blast higher.
Sponge Makes All The Right Moves, Becomes Go-To Layer 3 For Crypto Gaming
Although gaming remains a keenly followed crypto sector, much of its promise has been stymied by a poor user experience and slow transaction speeds, forcing certain activities off-chain, thereby negating the usefulness of the blockchain architecture.
Polygon is able to scale to as much as 7,000 tps while Ethereum, for now, languishes on 1 to 25 tps. With Polygon theoretically able to achieve 65,000 tps – and post the Dencun upgrade that could be even higher – Sponge has made the right move to secure its gaming future.
Looking ahead with a view to overcoming current usability issues, Sponge has made the eminently sensible decision to stick with the security and upgrade roadmap improvements of Ethereum’s Layer 1, but with the added benefits of the Polygon Layer 2 scaling solution, as Sponge looks to position itself as a Layer 3 for crypto gaming.
The exact details on what this emerging architecture looks like are yet to be divulged, but it has certainly led to growing excitement in the Sponge market as the altcoin season kicks off. Currently in Stage 2 of its roadmap, the Sponge game app is slated to be launched in Stage 3.
When you don’t have any $sponge pic.twitter.com/hp4uz4KHZ6
— moonpie666 (@mushmoonz) May 13, 2023
Sponge V2: Where The Smart Money In Crypto Gaming Is Headed
Gaming old hands in the crypto space such as Axie Infinity and Decentraland have been relative underperformers among altcoins, in part because of their legacy baggage, which means they have been relatively slow to upgrade their roadmaps to keep up with technological change.
Sponge, by contrast, has shown itself to be a nimble and flexible player able to display the necessary agility to seize opportunities by making sharp strategic turns, such as seen in the pivot to Polygon.
Meanwhile, although Sponge’s Play-to-Earn game has not yet been released, there are hints from the team that the game is past the scoping stage and development is underway.
In the new $SPONGE V2 tokenomics, game development has been allocated 4.47% of the total token supply of 150,000,000,000. Staking rewards have been allocated 43.09% – to be distributed over four years – marketing 7.5%, P2E rewards 8%, bridged $SPONGE 26.93% and 10% for centralized exchange liquidity.
The project has got all its ducks in a row as it prepares to assault the gaming world with the future launch of its first P2E game. There probably isn’t a better time to buy Sponge V2.
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