Already one week with $SPG ! So what is coming now ?
So before talking about the future stuff, let’s have a look to what happened already !
Sponge token was launched one week ago at 0.2$ it mooned to 8$ and is not back around 2$… And still with some insane Quad APR% I would say this is a really nice start, and NoJob.Finance team is really happy with the results.
We also had some good stuff done this week :
- 3 Twitter contests with free $SPG to win. We will do more so come and follow us →https://twitter.com/nojobfinance
- $SPG listing at CoinGecko →https://www.coingecko.com/en/coins/sponge
- http://sponge.finance farming listed in bscscan yield farming list →https://bscscan.com/yieldfarms
And we had our first partnership with https://traphouse.vip/ offering you two things :
Farming $SPG/$BNB for $drugs
$Hoes stacking for $SPG
But we also had some failures, and we insist on transparency, so it will be mentionned here also :
- Tenet choice for our farming wasn’t as good as we expected, this choice was made to have fully audited and secured farming for our users. But interface and features were not as good as we expect. And we expect the best for you guyz ! Basically the UI bug on the claim button was very bad for user experience even, if it’s now fixed and that your funds and rewards were 100% safu. And the dual farming with $Ten rewards was unexpectedly low ! For more than 80 bnb worth LP, the rewards in the pool were only 4.5$Ten/day. After asking to the community we decided to put those LP somewhere else and to do some buy back on $SPG with the rewards. We are still figuring out where this money could be the more profitable for $SPG.
- Second thing is probably worst and I haven’t communicated yet on it… So basically as I mentionned it multiple times on telegram, LP also get the 5% redistribution from $SPG transactions. But this mechanism was not helping the price or the LP providers at all ! Let me give you an example : the pool is composed by 100 BNB and 1000 $SPG (fake values ofc), if the pool get 100 $SPG from redistribution, then the pool is now composed of 100 BNB and 1100 $SPG… So $SPG price is now lower than before redistribution (before 1BNB = 10 $SPG, after 1BNB = 11 $SPG). And yes LP providers were getting $SPG but with a lower price… So this was wrong and we have been fighting all the week with this mechanism lowering the price… So team wants to give its mea culpa for this, we are sorry… The good news is that it is solved now as we excluded LP from redistribution. Which means a much higher passive % yield for $SPG holders, because they don’t share with LPs now (which was the major part of the holders).
What is coming now ?!
On the dev side we have been super active ! As we had some ‘not so good’ feedbacks from the Tenet platform, we decided we will get our own platform !
It will be a PCS dapp fork, and it’s very close to be ready !! There will be new farming options but also expect some $SPG staking !!
But stacking $SPG for what 👀 ? What is the best way to fill a sponge ? …
We will also introduce a new token the ‘water coin’ (let’s call it $WATR but name might change, as someone created $WTR water token this night and it wasn’t us… ) which will be here to back up $SPG !
Here is the ‘to be confirmed’ tokenomic (understand that we are still running some tests and it might change a bit)
- No max supply but ‘main concept’, to come in the future, will heavily burn the $WATR
- 1.5% of all $WATR transaction will buy back $SPG and put it into a special reserve address used later for the ‘main concept’
- Another 0.5% of all $WATR transaction will be used to provide liquidity for $SPG/BNB
So understand that $WATR is here to empower value of $SPG… Holding $SPG is still and will stay the main focus action of our financial ecosystem.
But that’s not all, $WATR will be used later to generate some huge redistribution events, but this feature is still in dev and we are working hard on it !
Besides this, a co-sponsored quizz is coming next week, with some nice rewards, be sure to be up-to-date with $SPG tokenomic !!
That’s all for now, I’ll give you ETA of release as soon as I can but I need you to be more patient. See you soon Spongers !