SPG unchained, SOAK emission reduction, layered farming … Here are the latest news of Sponge Finance !
Hello Spongers ! I think it’s time for a new Medium article, explaining a few changes and the next steps coming for Sponge Finance !
First something we are waiting for 2 months now ! SPG/BNB Tenet farming is finally over !!
Yeah we finally made it ! SPG supply has been finally 100% released !
If you remember 2 months ago we provided 80% of SPG supply to the Tenet farm. Now that the farming is finished this means no more new SPG emitted by farming, which means much less sell pressure !
What does it really means ? Basically now $SPG is a fully circulating with limited supply coin, with a passive yield via redistribution, with some buyback coming from $SOAK transactions, and of course deflationary via the burn mechanism ! This means $SPG should grow in number in your wallet and in value by itself !
And as the farming phase has ended, it’s not possible to farm and dump it anymore !
Team is super excited to see how $SPG price will evolve !
One last thing you have to know about $SPG is that the team as accumulated a loooot (via SOAK buyback and farming) and thos $SPG will be used for $STEAM pool if needed, or for the V… 🤫 the after-next feature coming 😂 !
Ok cool for SPG … But what about $SOAK ?
Ok so first know that the team is very concerned by the price fall of $SOAK. And our main focus is to revive $SOAK it will maybe take weeks or months but we will do our best to make it happen !
$STEAM did a lot of benefit to $SOAK, almost half of $SOAK supply was burnt into $STEAM, and remember that $STEAM is doing buyback on $SOAK every transactions !
But anyway we have to admit that it is not enough for now !
So what’s next ?
First we will, in the coming days, cut $SOAK emission BY HALF !!! Yeah we are moving from 1 per block to 0.5 per block emission, which means $SOAK gonna be two time harder to get ! We told you to enjoy easy $SOAK while you could when we released $SOAK !
And know that emission will probably be lowered again in the next months !
Emission reduction is nice ! But we also want to give more value to $SOAK with the next coming feature : Layered Farming !
I have spoke about it a bit on telegram, and yes our next feature will be layered farming. It will be done using the best ideas of our competitors but also avoiding their mistakes !
Our goal is to create layered farming that benefits to $SOAK (and also a bit $SPG with the Sponge house, that I will explain in next article) but also to layer farmers. And finding the right balance is not an easy task !
Basically to make it short fees from the layered farming will buyback and burn $SOAK, but also give as much value possible to the current layer token !
To achieve that we will try to find the perfect ratio, but know that team will also take a way less fees for dev team than competitors do ! This should help a lot with the sustainability of the layers !
I’ll talk about the specific ratio of fees in the next article.
So the question is : WEN LAYERS WEN MOON SIR ?!
Well this one is a tough one, we are still on early stage and we don’t want to just copy paste competitors contacts… It takes some time, and much more time than expected.
And also for full transparency, one team member that is probably the main dev of the project is very very busy with personal stuff these days, which is slowing everything for now. I don’t blame him, and I know he will be back with us very soon, so I’m not worried !
So to be realistic I would not expect anything before April… This is not a race… We are trying to create a fully sustainable environment with Sponge Finance, and it takes time ! Thanks for your patience !
That’s all for now !