Tuesday, November 7, 2023 – The much-awaited Sponge token ($SPONGE) Season 1 airdrop dropped today, in a move that saw around $100K distributed between participants.
The competitive Season 1 airdrop enticed more than 20,000 active participants to compete in a series of Sponge challenges tied to engagement, trading and $SPONGE token holding.
Participants were able to accrue both holding points (H Points) based on the quantity of $SPONGE held in wallets, alongside trading points (T Points), which rewarded high $SPONGE trading volume on Uniswap.
The combined total points score (H Points + T Points) was then converted into an equivalent amount of $SPONGE tokens distributed in the airdrop.
Exciting news, #SPONGERS!
— $SPONGE (@spongeoneth) November 7, 2023
Sponge Series 1 Airdrop: A Breakdown of The Biggest Winners
With more than 20,000 participants competing to secure their slice of the pie, a spot in the top 3 emerged as a highly-contested prize – with three participants amassing a combined 58M $SPONGE tokens (equivalent to 6% of the airdrop).
Leading the pack, in first place the top participant managed to accrue a jaw-dropping 41M total points (valued at $6,104), as they emerged as a major whale in the lucrative competition.
The second place participant managed to secure a whopping 10M total points (valued at $1151), while the third place participant managed to gain 7M total points (netting a value of $1053).
In testament to $SPONGE tokens grass-roots project, the fair distribution of more than 833,000,000 ensured no participant was left behind, with all 747 participants receiving a share in the $100k airdrop.
All of the airdrop transactions are trackable on Etherscan, ensuring complete transparency as Season 1 closes to an end.
$SPONGE holders now look forward to the next airdrop, which is teased for Season 2 next year.
Sponge Token Airdrop Follows Successful Launch of $SPONGE Staking
The airdrop distribution follows the successful launch of the equally anticipated $SPONGE staking launch last week, which saw the doors open to more than 11,000 Sponge token holders (according to DEXtools).
Looking at the details, the Sponge token staking APY % is set at a variable rate that adjusts in real-time to the quantity of $SPONGE staked through the dashboard.
Yet, despite the variability, it is expected that the Sponge staking APY will remain high, and this is reflected in the current staking yield – which stands at an attractive 724% APY, offering an alluring incentive for Sponge holders to stake their bags and freshly airdropped tokens.
Staking lock-up periods offer a number of opportunities to holders with a minimum 7-day lock-up period offering standard APY rates.
Longer periods include a 30 day lock-up offering 1.5x rewards, a 60 day lock-up period offering 2x rewards, and for the seriously committed a 90 day lock-up period offering 3x staking rewards.
$SPONGE holders can access the now-live staking facility through the Sponge token staking dashboard.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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