Sponge Project Launches Staking for Second Version Token

The team behind the meme token Sponge has announced the launch of staking for the second version of its tokens (V2), according to a press release.

To obtain Sponge V2, one must stake Sponge V1 on the Sponge website. The smart contract will reward users with Sponge V2.

“All V1 tokens staked will reserve an equivalent amount of new tokens and allow users to earn additional Sponge V2. The more funds staked, the greater the earnings,” the press release states.

The first version tokens will be permanently locked: they cannot be withdrawn or sold. Following the launch of Sponge V2, the project team will cease support for Sponge V1.

V1 tokens can be purchased on Sponge using Ethereum (ETH), Polygon (MATIC), or Tether (USDT) by connecting a MetaMask wallet or WalletConnect protocol. Purchased tokens will be automatically staked.

Sponge is a meme token launched in May 2023 on the Ethereum and Polygon networks. It is traded on Poloniex, Bitget, MEXC, and other centralized exchanges, as well as on the DEX Uniswap. Over the past week, the token’s price increased by 20%, reaching $0.0001.

Alongside the launch of Sponge V2, developers plan to introduce a P2E game. More details on the second version of the token can be found in the Sponge V2 white paper.

Previously, ForkLog published an article on the most interesting Web3 initiatives helping animals.