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.

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 :

  • 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 !

  • 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