{"id":479255,"date":"2024-02-09T09:32:36","date_gmt":"2024-02-09T09:32:36","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=479255"},"modified":"2024-02-09T09:32:36","modified_gmt":"2024-02-09T09:32:36","slug":"sponge-meme-coin-launched-on-polygon-network-is-this-the-next-100x-token","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sponge-meme-coin-launched-on-polygon-network-is-this-the-next-100x-token","title":{"rendered":"$SPONGE Meme Coin Launched on Polygon Network \u2013 Is This The Next 100x Token?"},"content":{"rendered":"

By migrating to Polygon, Sponge V2<\/a> tokens have obtained entry to a resilient network known for its scalability and minimal transaction expenses.<\/p>\n

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.<\/p>\n

Sponge Security Update – Countermeasures and Token Migration to Polygon Network<\/h2>\n

In response to the recent security breach, Sponge swiftly implemented protective measures to uphold community and network integrity.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Consequently, V1 holders must withdraw and stake their tokens via the spongetokn.vip<\/a> 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%.<\/p>\n