SPONGE
Crypto Overview
Overview
Sponge is a meme cryptocurrency launched in 2023 that drew inspiration from SpongeBob SquarePants. The project recently launched SPONGE V2 in late 2023, allowing holders to migrate their V1 tokens to V2.
Purpose and Utility
The primary stated purpose of SPONGE is to serve as a community-driven meme token. While it doesn't claim complex utility, it provides basic token ownership and transfer capabilities. The project has introduced staking functionality in V2, allowing users to earn rewards by locking their tokens.
Business Model and Platform
The project operates on the Ethereum blockchain and follows a standard ERC-20 token model. The V2 implementation includes basic staking functionality and trading capabilities. There are no lending protocols or interest-bearing mechanisms involved.
Token Distribution
The token distribution appears relatively transparent, with clear migration paths from V1 to V2. The project maintains transparency about token allocations and staking mechanisms. No concerning concentration of tokens in founder wallets has been identified.
Development and Marketing
While the project is primarily marketing-focused, as expected for a meme token, it maintains basic technological functionality for token transfers and staking. The development activity is limited but sufficient for its stated purposes.
Prohibited Activities Assessment
The project does not engage in prohibited activities such as gambling, interest-based lending, or adult content. The staking mechanism appears to be a straightforward reward distribution system rather than an interest-bearing arrangement.
Crypto Impact
To assign a comfort level investing in SPONGE from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to SPONGE.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.