Sophon has recently emerged as a notable project in the blockchain space. Despite its initial mysterious presence, Sophon has successfully raised millions of dollars, and amassed nearly 100,000 Twitter followers. Let’s delve into what Sophon is, as far as we can know, who is behind it, and what it promises for the future of blockchain.
First of all, what exactly is Sophon. It is described as an entertainment-focused, modular layer 2 solution built on the ZK Sync hyperchain. Many new buzzwords getting tossed around here so let’s take a look at what this means…
A hyperchain refers to an advanced blockchain network framework designed to enhance interoperability and operational efficiency across different blockchain systems. It aims to unify liquidity, thus enhancing the flow of funds and information, reduce transaction fees significantly by leveraging technologies like Celestia for data availability.
Sophon is built on zkSync, a scaling solution for the Ethereum blockchain and offers a modular blockchain ecosystem optimized for high-throughput applications such as gaming and artificial intelligence.
To put it simply, Sophon is to ZK Sync what projects such as Base is to other Layer 2 solutions like Arbitrum and Optimism. It utilizes the ZK Sync stack to launch its own layers, which promises enhanced performance and scalability for applications. These include;
The project is co-founded by Seb, who previously contributed to ZK Sync, and Pentoshi, a prominent figure with 785,000 followers on Twitter. They are advised by Beam, a significant player in integrating Web2 financial mechanisms with Web3 infrastructures, particularly in the web 3 gaming sector, it is also our beloved partner.
These collaborations ensure that Sophon is equipped with not only cutting-edge blockchain innovations but a whole integration with established protocols and expert teams that showed their interest by raising more than $60 million through the Sophon node sale.
This review of Sophon (SOPH) was created for informational purposes. This article is not intended for promotion.
Node sales, such as the one conducted by Sophon, involve the purchase of licenses to operate network nodes. These nodes play a crucial role in decentralizing the project and enable operators to earn rewards in the project’s native tokens. Unlike traditional token sales, this approach aligns with regulatory frameworks and enhances network participation.
Sophon utilized a tiered pricing structure for their node sale, known as “Silon nodes,” that operate on a proof of authority model. The pricing was designed to escalate with each tier, incentivizing early participation.
Initially, nodes were priced at $265 each, with prices increasing in subsequent tiers. Participants who operated these nodes became eligible to earn Sophon’s native token, SOPH. To foster long-term commitment and ensure network stability, these tokens were subjected to a three-month lock-up period after being claimed.
Sophon’s node sale is structured similarly to previous successful sales, like those by Aethir.
The node sale was concluded successfully, with about 121,000 network nodes sold and generating roughly 20,391 ETH (equivalent to $62.7 million), according to data from the blockchain analytics platform Dune. Participants received Ethereum-based ERC-721 tokens, or NFTs, which enabled them to operate nodes and qualify them to earn 20% of the project’s SOPH tokens over the first 36 months following the network’s main launch.
Out of 200,000 nodes that were offered, a significant portion was acquired by venture capital firms. Notably, Beam, as a founding partner, contributed significantly to the underlying value and strategic direction of Sophon. The partnership with Beam noted a significant purchase of $1,000,000 USD invested in Sophon, which has a reported market value of $15,000,000, as mentioned in their treasury balance sheet.
Node operators will need to wait for three years to receive all their rewards, which are also subject to an additional three-month lock-up period after each claim. This is a long term play, especially in crypto.
Sophon implements a structured penalty system for early withdrawal of node rewards to encourage longer-term participation. The penalties are the following:
Participating in Sophon Farming not only allows you to earn but also contributes to the Sophon blockchain environment. This participation helps to ensure the stability and security of the network while providing financial incentives to its users.
Sophon Farming offers a straightforward and efficient registration process that takes approximately one minute to complete.
Sophon Points (SP) are a form of digital asset earned through participation in the Sophon ecosystem. Users can farm these points by engaging with various activities on the platform. Once accumulated, these points can be redeemed for SOPH, the native token of the Sophon blockchain network.
Sophon farming can be done with several big and small names of crypto that can be utilized to earn/farm SP points, which can subsequently be converted into Sophon. A significant portion of the supply, specifically 10%, is reserved for farming activities. Here is a list of the coins that you can use for SP farming:
Sophon — Farm currently supports a community of 19,497 users who are actively farming SP with a total of $309 million in cryptocurrency assets.
By incorporating a diverse selection of coins for farming, Sophon farmers can tailor their strategies based on the assets they hold or prefer to trade.
Whether you prefer stablecoins like USDC and USDT or are interested in Ethereum-based tokens such as wstETH and weETH, the Sophon farming platform accommodates a wide range of preferences and strategies.
By utilizing the Sophon Points Rewards Checker built by @sub_research, users can gain insights into their current and future SP earnings. This information is simple to attain, just put in your ETH address and see the metrics coupled to this address. Suitable for making informed decisions about deposits, withdrawals, and participation in different pools.
The Sophon Points Rewards Checker is available online and can be accessed through the following link: Sophon Farm: SP Rewards Checker.
The tokenomics of the SOPH token are as follows:
This distribution indicates that a significant majority, 80%, of the tokens are allocated to the foundation, advisors, investors, and ecosystem reserve, which could be a point of contention for those looking for more decentralized token distribution.
The vesting schedule is also designed to ensure long-term commitment from stakeholders:
Sophon hints at possible airdrop opportunities for stakeholders. For instance, those staking Beam, the native token of the Beam network, might be eligible for a SOPH token airdrop. The Sophon token airdrop is an event where participants can receive SOPH tokens by engaging in specific activities outlined by the project, such as locking up certain crypto assets.
Sophon – SOPH is not yet launched. More info on token listing will follow soon…🕒👀
Although not much information on Sophon can be found, the team behind it has expressed excitement about sharing more details soon. The blockchain community will eagerly await further announcements, which are expected to shed light on the technology behind Sophon and its applications.
The strong backing by major investors and the hinted strategic collaborations indicate there is substantial confidence in its potential. And beyond the node sale, Sophon has ambitious plans to continue circulating SOPH tokens through methods like airdrops.
With its mysterious and innovative approach and strategic collaborations with industry giants, Sophon is set to make a significant impact on the blockchain landscape. Sophon’s node sale represents a significant step forward in the integration of blockchain technology into the entertainment sector.
By utilizing the advanced capabilities of zkSync and focusing on a tiered sale approach, Sophon has set a precedent for future blockchain projects. Stay tuned for more updates on Sophon and other revolutionary blockchain projects.
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