Sponge Announces Strategic Transition to SPONGE V2 on Polygon Network After Liquidity Pool Attack

Sponge Broadcasts Strategic Transition to SPONGE V2 on Polygon Community After Liquidity Pool Assault

Thursday, February 1st, 2024 – Meme coin Sponge has launched the discontinuation of Sponge V1 because it quickens its migration to the SPONGE V2 Polygon model of the digital asset.

The pivot to a solid structure for gaming, which the instant-rising and scalable Polygon network provides, provides the final portion in the puzzle, following the news launched in January of the project’s migration plans.

Sponge’s team has decided to raise ahead its plans in accordance with a fresh malicious assault on its liquidity pool. All $SPONGE V1 holders are being moved to the more exact, ambiance pleasant (faster) and more cost-effective to transact $SPONGE V2 on the Polygon network.

This strategic shift not only aims to limit the assault’s impression but can even expedite the starting up of a fully decentralized Play-to-Develop game with tremendously lower transaction expenses.

At the moment, MATIC transactions most incessantly payment between 0.1 and nil.5 MATIC ($0.077-$0.38), while Ethereum transactions are spherical $2.5 to $20. Sponge gamers will have the flexibility to peek ahead to substantial potential on-chain savings.

Consult with Sponge V2

When will the transition to SPONGE V2 start and shatter?

The transition to SPONGE V2 will happen on Monday February fifth at 11:00pm UTC, marking a important milestone in the platform’s fling in opposition to a more exact and ambiance pleasant blockchain ambiance.

Effective straight away, $SPONGE V1 shall be phased out, rendering it nugatory post-February fifth. This decision comes as a instruct response to the assault to present protection to the Sponge neighborhood’s interests and sources the uppermost precedence.

The have to transfer at tempo used to be also necessitated by the distinctive contract in discovering wherein the liquidity used to be region to free up on February sixth.

Strategic advantages of the accelerated transition to SPONGE V2 on the Polygon Community

Sponge is expediting the transfer of SPONGE V1 holders to SPONGE V2, hosted on the Polygon network.

The need for a swift and seamless transition has the fortuitous outcome of rushing up the strategic migration.

The Sponge enhance direction of thus must be viewed not purely as a response to the assault, but besides as a ahead-looking out transfer to leverage Polygon’s lower transaction expenses for Sponge’s Play-to-Develop game.

Polygon is what’s identified as a Layer 2 network because it sits on prime of an contemporary blockchain – in this case – in inform to give enhancements, in general linked with scalability, as measured in transactions per 2d (tps).

For event, Polygon can scale to a tps of as grand as 7,000 tps while Ethereum languishes on 1–25 tps. Polygon can theoretically make 65,000 tps, even supposing exact-world bottlenecks may maybe perhaps perhaps prevent this, reckoning on the server structure and diverse components.

Sponge took instantaneous circulation to mitigate wretchedness

Consistent with the fresh security breach, Sponge reacted swiftly to successfully arrangement a cordon sanitaire to insulate token holders from detrimental impacts and to limit any potential wretchedness to its network.

Though the team, for security causes, has not printed any particulars about the exploit or vector of assault, sturdy counter-measures and rigorous static diagnosis attempting out to title and shut any diverse potential vulnerabilities score been applied on an ongoing basis.

Soundless, the assign of the token suffered since the detrimental news. On the different hand, the SPONGE assign has returned to the reinforce ranges it used to be with ease sitting at in December, creating a brand unique approach-timeframe backside for the assign.

At one diploma this doesn’t topic since the V1 coin is being retired, but its termination assign is a important point of assign discovery for the unique SPONGE V2, which is currently being staked in paunchy numbers.

What token holders have to attain now – stake SPONGE V1 this day for a seamless transition

Sponge is working closely with its change companions to slump all trading of SPONGE V1 on the fifth of February at 11:00 PM UTC.

Holders of SPONGE V1 on centralized exchanges are urged to withdraw and stake their tokens thru the Sponge internet purpose before the cutoff to compose APY and notify SPONGE V2.

For these maintaining SPONGE V1 in non-custodial wallets, staking thru the Sponge internet purpose will be urged.

For decentralized holders, staking before February fifth ensures the receipt of staking APY as neatly-liked. Non-custodial holders who attain not stake by this point in time shall be transferred to a 0% APY staking contract from a snapshot taken at 11:00pm UTC on February fifth.

For the Sponge neighborhood contributors who score already staked their SPONGE V1 tokens, there shall be a seamless transition. These staked tokens will automatically be transferred to the unique Polygon staking contract.

To this point, $3.36 million rate of SPONGE V1 has been staked and is currently earning an APY of 244%.

SPONGE V1 launched at a assign of $0.000025 and is on the time of writing priced at $0.000509 – that quantities to a ROI of two,034%.

The probability of SPONGE V2 exploding in assign to surpass the outdated SPONGE V1 all-time high of $0.0012 on January eighth are extremely high, given the network transition to Polygon.

Consult with Sponge V2 Here

Source : cryptonews.com