Sponge Token, also known as $SPONGE, is a cryptocurrency that operates on the blockchain. It is a meme token that gained popularity in the cryptocurrency market. In this article, we will explore how Sponge Token works and its key features.

Introduction to Sponge Token:
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Sponge Token is built on the Ethereum blockchain and operates as an ERC-20 token. It was launched in May 2023 and gained significant attention due to its meme coin status. The token has experienced price surges and has a growing community of investors.

Staking and Locking Mechanism:
‍
Sponge Token operates on a staking and locking mechanism. In the transition from Sponge Token v1 to v2, investors are required to stake and lock their v1 tokens in the new v2 smart contract. By doing so, they receive v2 tokens as staking rewards for a specific period, typically three years, starting from the official launch of the v2 token.Staking Rewards:
‍
Investors who stake their v1 tokens receive staking rewards in the form of v2 tokens. The number of v2 tokens received is proportional to the number of v1 tokens staked. The staking rewards are designed to incentivize investors to participate in the transition from v1 to v2 and to hold their tokens for the specified period.Bridging Mechanism:
Existing v1 token holders also have the option to bridge their holdings to v2 through a simple staking mechanism [2]. This allows them to convert their v1 tokens into v2 tokens, ensuring that they have an equal amount of v2 tokens in their wallets post-launch.Permanently Locked Tokens:
‍
Once v1 tokens are staked and locked, they cannot be sold or withdrawn. This ensures the transition from v1 to v2 and prevents the selling pressure on v1 tokens after the launch of v2. It also encourages long-term holding and commitment from investors.Staking APY:
‍
Sponge Token offers a variable Annual Percentage Yield (APY) for staking rewards. Currently, the staking APY is around 189% for a period of four years [2]. This means that investors who stake more v1 tokens will receive a higher number of v2 tokens as rewards.Utility and Rewards:
‍
Sponge Token aims to provide more utility and rewards to its holders. The project is working on a Play-to-Earn (P2E) game where players can earn $SPONGEV2 tokens by participating and achieving high rankings on the leaderboard [2]. This game is expected to add significant utility to the token and attract more users.Growth Plans and Milestones:
‍
Sponge Token has a roadmap with three crucial stages to drive its growth. These stages include the announcement and launch of staking, the claim and listing of v2 tokens, and the achievement of milestones such as Tier 1 CEX listings and a $100 million market cap [2]. These milestones are expected to contribute to the token's momentum and increase its value.In summary, Sponge Token operates on a staking and locking mechanism where investors stake their v1 tokens to receive v2 tokens as rewards. The transition from v1 to v2 is designed to incentivize long-term holding and commitment. The token also offers staking rewards, a variable APY, and plans for a P2E game to provide utility and rewards to its holders.Sponge Token, also known as $SPONGE, is a cryptocurrency that operates on the blockchain. It is a meme token that gained popularity in the cryptocurrency market. In this article, we will explore how Sponge Token works and its key features.Introduction to Sponge Token:
‍
Sponge Token is built on the Ethereum blockchain and operates as an ERC-20 token. It was launched in May 2023 and gained significant attention due to its meme coin status. The token has experienced price surges and has a growing community of investors.Staking and Locking Mechanism:
‍
Sponge Token operates on a staking and locking mechanism. In the transition from Sponge Token v1 to v2, investors are required to stake and lock their v1 tokens in the new v2 smart contract [1]. By doing so, they receive v2 tokens as staking rewards for a specific period, typically three years, starting from the official launch of the v2 token.Staking Rewards:
‍
Investors who stake their v1 tokens receive staking rewards in the form of v2 tokens. The number of v2 tokens received is proportional to the number of v1 tokens staked. The staking rewards are designed to incentivize investors to participate in the transition from v1 to v2 and to hold their tokens for the specified period.Bridging Mechanism:
Existing v1 token holders also have the option to bridge their holdings to v2 through a simple staking mechanism [2]. This allows them to convert their v1 tokens into v2 tokens, ensuring that they have an equal amount of v2 tokens in their wallets post-launch.Permanently Locked Tokens:
‍
Once v1 tokens are staked and locked, they cannot be sold or withdrawn. This ensures the transition from v1 to v2 and prevents the selling pressure on v1 tokens after the launch of v2. It also encourages long-term holding and commitment from investors.Staking APY:
‍
Sponge Token offers a variable Annual Percentage Yield (APY) for staking rewards. Currently, the staking APY is around 189% for a period of four years [2]. This means that investors who stake more v1 tokens will receive a higher number of v2 tokens as rewards.Utility and Rewards:
‍
Sponge Token aims to provide more utility and rewards to its holders. The project is working on a Play-to-Earn (P2E) game where players can earn $SPONGEV2 tokens by participating and achieving high rankings on the leaderboard [2]. This game is expected to add significant utility to the token and attract more users.Growth Plans and Milestones:
‍
Sponge Token has a roadmap with three crucial stages to drive its growth. These stages include the announcement and launch of staking, the claim and listing of v2 tokens, and the achievement of milestones such as Tier 1 CEX listings and a $100 million market cap [2]. These milestones are expected to contribute to the token's momentum and increase its value.In summary, Sponge Token operates on a staking and locking mechanism where investors stake their v1 tokens to receive v2 tokens as rewards. The transition from v1 to v2 is designed to incentivize long-term holding and commitment. The token also offers staking rewards, a variable APY, and plans for a P2E game to provide utility and rewards to its holders.Sponge Token, also known as $SPONGE, is a cryptocurrency that operates on the blockchain. It is a meme token that gained popularity in the cryptocurrency market. In this article, we will explore how Sponge Token works and its key features.Introduction to Sponge Token:
‍
Sponge Token is built on the Ethereum blockchain and operates as an ERC-20 token. It was launched in May 2023 and gained significant attention due to its meme coin status. The token has experienced price surges and has a growing community of investors.Staking and Locking Mechanism:
‍
Sponge Token operates on a staking and locking mechanism. In the transition from Sponge Token v1 to v2, investors are required to stake and lock their v1 tokens in the new v2 smart contract [1]. By doing so, they receive v2 tokens as staking rewards for a specific period, typically three years, starting from the official launch of the v2 token.Staking Rewards:
‍
Investors who stake their v1 tokens receive staking rewards in the form of v2 tokens. The number of v2 tokens received is proportional to the number of v1 tokens staked. The staking rewards are designed to incentivize investors to participate in the transition from v1 to v2 and to hold their tokens for the specified period.Bridging Mechanism:
Existing v1 token holders also have the option to bridge their holdings to v2 through a simple staking mechanism [2]. This allows them to convert their v1 tokens into v2 tokens, ensuring that they have an equal amount of v2 tokens in their wallets post-launch.Permanently Locked Tokens:
‍
Once v1 tokens are staked and locked, they cannot be sold or withdrawn. This ensures the transition from v1 to v2 and prevents the selling pressure on v1 tokens after the launch of v2. It also encourages long-term holding and commitment from investors.Staking APY:
‍
Sponge Token offers a variable Annual Percentage Yield (APY) for staking rewards. Currently, the staking APY is around 189% for a period of four years [2]. This means that investors who stake more v1 tokens will receive a higher number of v2 tokens as rewards.Utility and Rewards:
‍
Sponge Token aims to provide more utility and rewards to its holders. The project is working on a Play-to-Earn (P2E) game where players can earn $SPONGEV2 tokens by participating and achieving high rankings on the leaderboard [2]. This game is expected to add significant utility to the token and attract more users.Growth Plans and Milestones:
‍
Sponge Token has a roadmap with three crucial stages to drive its growth. These stages include the announcement and launch of staking, the claim and listing of v2 tokens, and the achievement of milestones such as Tier 1 CEX listings and a $100 million market cap [2]. These milestones are expected to contribute to the token's momentum and increase its value.In summary, Sponge Token operates on a staking and locking mechanism where investors stake their v1 tokens to receive v2 tokens as rewards. The transition from v1 to v2 is designed to incentivize long-term holding and commitment. The token also offers staking rewards, a variable APY, and plans for a P2E game to provide utility and rewards to its holders.Sponge Token, also known as $SPONGE, is a cryptocurrency that operates on the blockchain. It is a meme token that gained popularity in the cryptocurrency market. In this article, we will explore how Sponge Token works and its key features.Introduction to Sponge Token:
Sponge Token is built on the Ethereum blockchain and operates as an ERC-20 token. It was launched in May 2023 and gained significant attention due to its meme coin status. The token has experienced price surges and has a growing community of investors.Staking and Locking Mechanism:
Sponge Token operates on a staking and locking mechanism. In the transition from Sponge Token v1 to v2, investors are required to stake and lock their v1 tokens in the new v2 smart contract [1]. By doing so, they receive v2 tokens as staking rewards for a specific period, typically three years, starting from the official launch of the v2 token.Staking Rewards:
Investors who stake their v1 tokens receive staking rewards in the form of v2 tokens. The number of v2 tokens received is proportional to the number of v1 tokens staked. The staking rewards are designed to incentivize investors to participate in the transition from v1 to v2 and to hold their tokens for the specified period.Bridging Mechanism:
Existing v1 token holders also have the option to bridge their holdings to v2 through a simple staking mechanism [2]. This allows them to convert their v1 tokens into v2 tokens, ensuring that they have an equal amount of v2 tokens in their wallets post-launch.Permanently Locked Tokens:
Once v1 tokens are staked and locked, they cannot be sold or withdrawn. This ensures the transition from v1 to v2 and prevents the selling pressure on v1 tokens after the launch of v2. It also encourages long-term holding and commitment from investors.Staking APY:
Sponge Token offers a variable Annual Percentage Yield (APY) for staking rewards. Currently, the staking APY is around 189% for a period of four years [2]. This means that investors who stake more v1 tokens will receive a higher number of v2 tokens as rewards.Utility and Rewards:
Sponge Token aims to provide more utility and rewards to its holders. The project is working on a Play-to-Earn (P2E) game where players can earn $SPONGEV2 tokens by participating and achieving high rankings on the leaderboard [2]. This game is expected to add significant utility to the token and attract more users.Growth Plans and Milestones:
Sponge Token has a roadmap with three crucial stages to drive its growth. These stages include the announcement and launch of staking, the claim and listing of v2 tokens, and the achievement of milestones such as Tier 1 CEX listings and a $100 million market cap [2]. These milestones are expected to contribute to the token's momentum and increase its value.In summary, Sponge Token operates on a staking and locking mechanism where investors stake their v1 tokens to receive v2 tokens as rewards. The transition from v1 to v2 is designed to incentivize long-term holding and commitment. The token also offers staking rewards, a variable APY, and plans for a P2E game to provide utility and rewards to its holders.Sponge Token, also known as $SPONGE, is a cryptocurrency that operates on the blockchain. It is a meme token that gained popularity in the cryptocurrency market. In this article, we will explore how Sponge Token works and its key features.Introduction to Sponge Token:
Sponge Token is built on the Ethereum blockchain and operates as an ERC-20 token. It was launched in May 2023 and gained significant attention due to its meme coin status. The token has experienced price surges and has a growing community of investors.Staking and Locking Mechanism:
Sponge Token operates on a staking and locking mechanism. In the transition from Sponge Token v1 to v2, investors are required to stake and lock their v1 tokens in the new v2 smart contract [1]. By doing so, they receive v2 tokens as staking rewards for a specific period, typically three years, starting from the official launch of the v2 token.Staking Rewards:
Investors who stake their v1 tokens receive staking rewards in the form of v2 tokens. The number of v2 tokens received is proportional to the number of v1 tokens staked. The staking rewards are designed to incentivize investors to participate in the transition from v1 to v2 and to hold their tokens for the specified period.Bridging Mechanism:
Existing v1 token holders also have the option to bridge their holdings to v2 through a simple staking mechanism [2]. This allows them to convert their v1 tokens into v2 tokens, ensuring that they have an equal amount of v2 tokens in their wallets post-launch.Permanently Locked Tokens:
Once v1 tokens are staked and locked, they cannot be sold or withdrawn. This ensures the transition from v1 to v2 and prevents the selling pressure on v1 tokens after the launch of v2. It also encourages long-term holding and commitment from investors.Staking APY:
Sponge Token offers a variable Annual Percentage Yield (APY) for staking rewards. Currently, the staking APY is around 189% for a period of four years [2]. This means that investors who stake more v1 tokens will receive a higher number of v2 tokens as rewards.Utility and Rewards:
Sponge Token aims to provide more utility and rewards to its holders. The project is working on a Play-to-Earn (P2E) game where players can earn $SPONGEV2 tokens by participating and achieving high rankings on the leaderboard [2]. This game is expected to add significant utility to the token and attract more users.Growth Plans and Milestones:
Sponge Token has a roadmap with three crucial stages to drive its growth. These stages include the announcement and launch of staking, the claim and listing of v2 tokens, and the achievement of milestones such as Tier 1 CEX listings and a $100 million market cap [2]. These milestones are expected to contribute to the token's momentum and increase its value.In summary, Sponge Token operates on a staking and locking mechanism where investors stake their v1 tokens to receive v2 tokens as rewards. The transition from v1 to v2 is designed to incentivize long-term holding and commitment. The token also offers staking rewards, a variable APY, and plans for a P2E game to provide utility and rewards to its holders.Sponge Token, also known as $SPONGE, is a cryptocurrency that operates on the blockchain. It is a meme token that gained popularity in the cryptocurrency market. In this article, we will explore how Sponge Token works and its key features.Introduction to Sponge Token:
Sponge Token is built on the Ethereum blockchain and operates as an ERC-20 token. It was launched in May 2023 and gained significant attention due to its meme coin status. The token has experienced price surges and has a growing community of investors.Staking and Locking Mechanism:
Sponge Token operates on a staking and locking mechanism. In the transition from Sponge Token v1 to v2, investors are required to stake and lock their v1 tokens in the new v2 smart contract [1]. By doing so, they receive v2 tokens as staking rewards for a specific period, typically three years, starting from the official launch of the v2 token.Staking Rewards:
Investors who stake their v1 tokens receive staking rewards in the form of v2 tokens. The number of v2 tokens received is proportional to the number of v1 tokens staked. The staking rewards are designed to incentivize investors to participate in the transition from v1 to v2 and to hold their tokens for the specified period.Bridging Mechanism:
Existing v1 token holders also have the option to bridge their holdings to v2 through a simple staking mechanism [2]. This allows them to convert their v1 tokens into v2 tokens, ensuring that they have an equal amount of v2 tokens in their wallets post-launch.Permanently Locked Tokens:
Once v1 tokens are staked and locked, they cannot be sold or withdrawn. This ensures the transition from v1 to v2 and prevents the selling pressure on v1 tokens after the launch of v2. It also encourages long-term holding and commitment from investors.Staking APY:
Sponge Token offers a variable Annual Percentage Yield (APY) for staking rewards. Currently, the staking APY is around 189% for a period of four years [2]. This means that investors who stake more v1 tokens will receive a higher number of v2 tokens as rewards.Utility and Rewards:
Sponge Token aims to provide more utility and rewards to its holders. The project is working on a Play-to-Earn (P2E) game where players can earn $SPONGEV2 tokens by participating and achieving high rankings on the leaderboard [2]. This game is expected to add significant utility to the token and attract more users.Growth Plans and Milestones:
Sponge Token has a roadmap with three crucial stages to drive its growth. These stages include the announcement and launch of staking, the claim and listing of v2 tokens, and the achievement of milestones such as Tier 1 CEX listings and a $100 million market cap [2]. These milestones are expected to contribute to the token's momentum and increase its value.In summary, Sponge Token operates on a staking and locking mechanism where investors stake their v1 tokens to receive v2 tokens as rewards. The transition from v1 to v2 is designed to incentivize long-term holding and commitment. The token also offers staking rewards, a variable APY, and plans for a P2E game to provide utility and rewards to its holders.