Sponge Project Initiates Survey on Staking Rewards

The team behind the meme token Sponge has launched a survey on X regarding the distribution of staking rewards. This was reported to ForkLog by representatives of the project.

It’s time to vote, #SPONGERS!! ?

Vote on the $SPONGE staking rewards claim structure below!

The poll closes on the 21st of May. ⏰

Absorb that DAMP! ?? ? #SpongeV2 #Polygon #MemeCoins

— $SPONGE (@spongeoneth) May 16, 2024

The survey will conclude on May 21. In a separate thread, the team explained the advantages of each option:

• Year-long distribution ― will reduce SPONGE volatility through gradual reward accrual;
• Six-month distribution ― provides quicker access to tokens without a sharp increase in volatility;
• One-month lock ― will reduce market supply through temporary locking post-reward accrual;
• Instant claim ― allows immediate access to SPONGE, but may lead to a rapid price drop due to increased supply volume.

Earlier this month, the project announced the launch of staking for the second version of tokens (V2). To obtain Sponge V2, one must stake Sponge V1 on the Sponge website. The smart contract will accrue rewards in Sponge V2.

“In the coming weeks, users can expect two significant events: the SPONGE token claim on Polygon and the release of the P2E Sponge game,” commented project representatives.

Sponge is a meme token launched in May 2023 on the Ethereum network. In February 2024, the project migrated to Polygon. The asset is traded on Poloniex, Bitget, MEXC, and other centralized exchanges, as well as on the DEX Uniswap.

Last week, meme coins outperformed the rest of the cryptocurrency market.