Rumours on XRP’s new staking option triggers excitement and investors are bullish on SPONGE V2 as it arrives on Polygon, boasting high-yield staking.
Two recent developments in the staking market – XRP’s potential Automated Market Maker (AMM) and SPONGE’s relaunch on the Polygon network – have garnered attention as the most enticing pass income opportunities for 2024.
On 6 February 2024, influencer Jack Straw announced the possibility of an AMM launching on the XRP ledger. This AMM could enable XRP holders to contribute liquidity and earn rewards, albeit sharing the associated exchange risk.
While details remain scarce, the news fuelled a 1% increase in the XRP price within 24 hours, reaching $0.5295 as of 14 February 2024.
Key considerations regarding XRP staking:
- Limited information: Specific details regarding the AMM’s design, staking mechanics and potential rewards are yet to be unveiled.
- Shared exchange risk: While staking through the AMM offers potential returns, investors must remember to factor in the shared exchange risk.
- Uncertain impact on price: Predicting the long-term impact of the AMM on the XRP price requires careful analysis of various factors, making definitive statements challenging.
SPONGE V2 on Polygon
Sponge, a project focused on regulatory compliance and innovation, recently relaunched on the Polygon network (February 6, 2024) as version 2 (V2). This relaunch introduces several new features.
A key selling point to Sponge V2 is its attractive staking feature that’s not mostly speculative compared to XRP’s new rumoured staking feature. Sponge staking offers a system that allows users to earn rewards on a rolling basis. Reported returns on the Polygon network exceed 7,000%, incentivising long-term holding and participation.
The $SPONGE token reportedly surged 40% within 24 hours of its Polygon launch. Key long-term goals have been planned to give investor’s trust in the meme coins development, this includes a project roadmap that outlines goals such as Tier 1 CEX listings, game app launch and achieving a $100 million market cap.
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Additionally, Sponge prioritises adherence to regulatory guidelines and ethical standards, fostering trust and confidence among users and regulators.
Sponge has implemented a system enabling community members to participate in decision-making processes, bringing decentralised governance to the meme coins development.
A play-to-earn game is also in the works, integrating a racing game, potentially boosting token demand through player participation.
What to Expect from Sponge
Trading of Sponge V1 ended 5th February 2024. A smooth transition to Sponge V2 unfolded, allowing stakeholders to stake their V1 holdings on the official website for a seamless 1:1 exchange.
Even if you missed that window, you can still acquire Sponge V2 tokens directly from the website at the same price.
The Sponge community is optimistic for Sponge V2, aiming to eclipse its previous all-time high of $0.0012. This isn’t just wishful thinking – fuelled by the several factors as discussed:
- Staking Rewards: The revamped staking model offers high-value rewards, encouraging long-term holding.
- Polygon Power: Moving to the Polygon network brings faster transactions and lower fees, making staking and playing even smoother.
- Game On!: The play-to-earn racing game in development will add a fun twist to the ecosystem.
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Rumours of industry heavy hitter Justin Sun, founder of TRON, potentially taking an interest in Sponge V2 have sent ripples of excitement through the community. Sun’s past involvement with meme coins adds fuel to the fire, sparking speculation about even greater market gains.
As $SPONGE tokens gain traction on Polygon, the community eagerly watches its progress, eyes glued to the chart and dreams of a potential 100x return likely to become a reality.
