On Tuesday, November 7, 2023, the much-anticipated Sponge token ($SPONGE) Season 1 airdrop took place, with over $100K distributed among participants. This competitive airdrop attracted more than 20,000 active participants who engaged in a series of Sponge challenges related to trading, engagement, and $SPONGE token holding. In this article, we will analyze the results of the Season 1 airdrop and explore the winners and their rewards.
A Highly-Contested Competition
The airdrop competition was intense, as participants raced to claim their share of the rewards. The top 3 spots were particularly sought-after, with three participants accumulating a combined 58M $SPONGE tokens, equivalent to 6% of the total airdrop. The first-place participant managed to amass a staggering 41M total points, valued at $6,104. This participant emerged as a major whale in the competition, showcasing their significant influence and commitment to the project. The second-place participant secured an impressive 10M total points, valued at $1151, while the third-place participant gained 7M total points, with a value of $1053.
One of the key strengths of the $SPONGE project is its commitment to a fair distribution model. In Season 1, more than 833,000,000 $SPONGE tokens were distributed, ensuring that no participant was left behind. All 747 participants received a share of the $100K airdrop, promoting inclusivity and equal opportunities within the community. The transparency of the airdrop transactions is also noteworthy, with the ability to track all transactions on Etherscan.
Looking Ahead: Season 2
Now that Season 1 has come to a close, $SPONGE holders eagerly anticipate the next airdrop, scheduled for Season 2 next year. To stay updated and ensure they don’t miss out, participants are encouraged to follow the $SPONGE Discord channel, Telegram group, and official social media accounts. The success of Season 1’s airdrop further builds anticipation for the future of the project and its community.
In addition to the airdrop, the $SPONGE project recently launched its staking feature, attracting more than 11,000 Sponge token holders. The Sponge token staking APY % is set at a variable rate that adjusts according to the quantity of $SPONGE staked through the dashboard. Despite the variability, it is expected that the Sponge staking APY will remain high, as reflected by the current staking yield of 724% APY. This enticing incentive motivates $SPONGE holders to stake their tokens, and it offers various lock-up periods with different rewards. A minimum 7-day lock-up grants standard APY rates, while longer lock-up periods (30, 60, and 90 days) offer higher rewards of 1.5x, 2x, and 3x staking rewards, respectively.
The $SPONGE Season 1 airdrop brought excitement and rewards to more than 20,000 participants. The competition for the top spots showcased the commitment and influence of dedicated community members. With a fair distribution model and transparent transactions, the $SPONGE project demonstrated its commitment to inclusivity and community engagement. As participants eagerly await Season 2 and continue to explore the staking opportunities, the future looks promising for $SPONGE and its growing community. However, it’s important to remember that cryptocurrency investments carry risks, and investors should conduct thorough research and exercise caution before making any investment decisions.