Sponge Swap : Effortless Asset Optimization

Sponge Swap is the 1st SuperWallet's feature : Extract More, Extract Smarter

1. Purpose and Problem Addressed:

Sponge Swap addresses the inefficiencies of individually swapping multiple tokens, streamlining asset management. It consolidates various tokens into a single output token in one operation, making portfolio management easier and clearing out small, unused assets.

2. Functionalities:

Sponge Swap utilizes the Jupiter aggregator via the jup.ag API, tapping into a wide network of liquidity pools and decentralized exchanges for SPL20 tokens.

• 2.1 Swapping feature :

-> Process: Users select tokens for conversion and output token.

-> Execution: Sponge Swap automates the conversion of input tokens into the chosen output asset in a series of transactions. -> Price: 1.5% fee applies to all swaps

• 2.2 Burning feature :

Allow users to extract value from unswappable tokens by burning them. 10 tokens per transactions maximium.

-> Process & execution: Users select tokens to be burnt and execute the burn. -> Price: Free of charge

• 2.3 Account Closure:

Includes an option to close accounts, reclaiming rent and optimizing wallet efficiency - 10 accounts per transactions maximium

-> Freeing Up Space: Reduces wallet clutter by removing unused accounts, preventing storage congestion and simplifying portfolio management

-> Reclaiming Rent: Recovers rented SOL, enhancing liquidity for reinvestment or transaction purposes within the Solana ecosystem. -> Price: Free of charge

3. Use Cases:

Sponge Swap benefits users managing multiple SPL assets:

• Portfolio Management: Simplifies consolidation of portfolios into a single asset.

• Wallet Cleanup: Swaps tokens and closes accounts to streamline and optimize wallet organization.

4. Unique Features:

• Efficiency: Executes multiple swaps in a single transaction, saving time and effort.

• Simplicity: User-friendly interface guides through each step of the swapping process.

5. Access and Availability:

Sponge Swap is available to all users, but offers unique benefits for Solana Originals holders:

• Free for Holders: SOLS holders can use Sponge Swap without fees, encouraging community participation.

• 1% Fee for Non-Holders: Non-holders can use the tool with a 1% fee on swaps, contributing to passive income for SOLS holders and funding future developments.

6. Impact and Value:

Enhances Solana ecosystem with an efficient tool for managing SPL assets:

• Community Support: Supports Solana Originals' goals of innovation and community engagement.

• Revenue Generation: Fees from non-holders contribute to SOLS treasury, funding future developments.