👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

Sophon raises $60M to launch entertainment-focused zkSync Hyperchain

Published 08/05/2024, 11:04 pm
© Reuters

Blockchain entertainment specialist Sophon has raised $60 million in a node sale hosted by the zkSync Hyperchain platform, less than a week after the auction began.

The sale featured 200,000 nodes and amassed over $60 million in wrapped Ethereum (wETH). This was preceded by a $10 million funding round led by Paper Ventures and Maven 11, with additional investments from Spartan, SevenX, and OKX Ventures.

Sophon uses the modular blockchain architecture crafted by Matter Labs, which develops zk-rollup solutions for the Ethereum Layer 2 ecosystem. 

Despite selling 121,000 nodes, Sophon clarifies that not all buyers will serve as validators. Instead, they will receive ERC-721 tokens, which offer several benefits. These include acquiring Sophon tokens, with 20% of the total supply distributed to node license holders within the first 36 months post-launch. 

Furthermore, buyers can participate in network validation and earn a share of the network fees upon Sophon's anticipated Q3 2024 launch as a Layer 2 validium rollup.

“I know the product inside-out in comparison to other stacks on the market. It’s all about building for tomorrow rather than yesterday, and I'm convinced that in a few years, looking back at the design and infrastructure choices Matter Labs made will seem obvious. I will continue to work closely with the amazing Matter Labs team,” said Sophon. 

Node license holders will also play roles in indexing the chain or operating light nodes, with future plans for a decentralized consensus model requiring these licenses for network operation. Unpurchased or unused licenses at the end of the sale are set to be destroyed to ensure they do not enter circulation.

In addition, Sophon is planning a unique airdrop campaign to distribute its $SOPH token broadly. Participants can stake assets like $BEAM from the Beam network and $ZENT from Zentry, with more assets to be announced.

Co-founded by Sebastien, former Head of DeFi at zkSync, and crypto trader Pentoshi, Sophon is an entertainment-focused ecosystem using zkSync's hyperchain technology. The platform leverages zkSync's native account abstraction and other features to improve user experience and attract talent in AI, gaming, and entertainment. 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.