Bittime – Sophon, zkSync's entertainment-focused Hyperchain, raised nearly $60 million in less than a week since the start of node sales. Hyperchain uses a modular blockchain architecture developed by Matter Labs, the group behind the first zkSync-zk-rollup in the Ethereum Layer 2 space .
Sophon Node Sales Far Exceed Target
Sophon node sales quickly surpassed the target of $60 million in wETH (wrapped Ethereum) with the availability of 200,000 nodes sold in various tiers.
Previously, fundraising involving Paper Ventures and Maven 11 was known to have reached $10 million with participation from Spartan, SevenX, and OKX Ventures. Sophon launch is expected to occur in the third quarter of 2024 alongside ZK Stack's zkSync development kit as L2 rollup validium.
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Benefits of Having a Sophon Node
Although 121,000 nodes have been sold so far, ownership of users' purchased ERC-721 tokens does not necessarily make them validators on the Sophon network. The benefits of node ownership include:
1. Get Sophon Tokens
Node license holders will receive 20% of the total token supply for the first 36 months after Sophon mainnet launch.
2. Participate in Sophon Network Validation
When initially launched as an L2 validium rollup using the zkSync base code, the network will have a centralized sequencer. Node license holders can delegate their licenses to node operators to earn their fair share of network fees.
3. Participate in Sophon Governance
This includes blockchain indexing or the use of Sophon's chosen DA layer to run light nodes. Eventually, node licensing will become a necessity to run the network, in either a PoA (Proof-of-Authority) or PoS (Proof-of-Stake) configuration , if the Matter Labs team decides to decentralize their consensus.
In other words, Sophon doesn't need 200,000 nodes to operate. Users can gain benefits by delegating node ownership without having to run the node directly. Unsold node licenses at the end of the sale will be burned and will not be distributed.
Also Read: How to Transfer Assets from the Ethereum Network to zkSync Era, Easy!
$SOPH Token Distribution
$SOPH tokens will be widely distributed via a special airdrop program. Users can stake assets to earn $SOPH allocations through this program.
The first staking assets announced were $BEAM (the native token of the Beam network) and $ZENT (the token of Zentry). Other assets will be announced in the coming weeks, as will further distribution details.
Sophon was founded by several well-known semi-anonymous builders, including Pentoshi (a well-known figure and trader on Crypto Twitter, former member of the Merit Circle team) and Sebastien, former Head of DeFi at zkSync.
Tujuan Hyperchain Sophon
Hyperchain Sophon was built with the aim of creating an entertainment platform. They leverage zkSync features like native account abstraction to deliver a seamless user interface and attract new users to the world of crypto.
Sophon aspires to be at the forefront by establishing strong strategic partnerships and attracting top developers in the gaming, general entertainment and crypto x AI sectors.
The track record of the team and projects coming to the network positions Sophon as a top Hyperchain in the zkSync ecosystem.
Sebastien stated, "When I decided to build Sophon, choosing ZK Stack was the easiest decision. I really understand this product compared to other stacks on the market.
It's about building for the future, not the past, and I'm sure that in the next few years, the design and infrastructure choices that Matter Labs made will become apparent. I will continue to work closely with the incredible Matter Labs team.”
Also Read: Top 5 Most Popular Layer 2 Blockchains: zkSync Top Era, What's Next?
Challenges Sophon May Face
Sophon's successful launch and high investor interest are positive early indicators. However, Sophon needs to overcome several challenges to ensure long-term growth:
1. Tight Competition
The Layer 2 crypto space is increasingly crowded with the presence of various innovative projects. Sophon needs to continue to innovate and come up with unique features to stand out among competitors.
2. User Adoption
Attracting new users to blockchain-based entertainment platforms can be challenging. Sophon needed to offer an intuitive and useful user experience to attract a large user base.
3. Network Decentralization
Currently, the Sophon network uses a centralized sequencer. Going forward, full decentralization of the network will be crucial to building long-term trust among crypto users.
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Conclusion
Sophon, zkSync's entertainment-focused Hyperchain, has shown great potential. With strong investor support, innovative technology, and an experienced team, Sophon has the opportunity to become a leader in the blockchain-based entertainment space.
However, Sophon's long-term success will depend on its ability to overcome the challenges of competition, user adoption, and network decentralization.
Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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