Sophon is a cutting-edge layer-2 blockchain solution built on the Ethereum network, leveraging zkSync Era’s Elastic Chain technology. This positions Sophon to offer high transaction speeds, robust security, and impressive scalability potential, advantages inherent to networks utilizing the Elastic Chain framework. Currently, Sophon is running a node program for earning SOPH tokens, although participation is limited to individuals who participated in the node sale in May 2024.
Table Content:
The Sophon Interface
Sophon’s Operational Model: Harnessing the Power of zkSync
Built using zkSync’s Zk Stack toolkit, Sophon employs the Zk Rollup scaling solution. This technology aggregates numerous transactions into a single block on the network, generating off-chain proof that is then submitted to Ethereum for data verification. Zk Rollup significantly reduces user transaction costs and accelerates transaction confirmation times. The inherent use of validity proofs within Zk Rollup ensures transaction accuracy without revealing sensitive data, thereby contributing to Sophon’s high level of security.
The latest iteration of zkSync Era, featuring Zk Rollup, also grants Sophon compatibility with the Ethereum Virtual Machine (EVM). This allows developers to seamlessly deploy decentralized applications (dApps) on the network.
Mirroring Optimism’s Superchain vision, zkSync Era’s Elastic Chain aims to create an interconnected ecosystem of Layer-2 networks, enabling seamless interoperability and cross-chain transactions using SOPH tokens. While Elastic Chain is still under development, its potential to revolutionize cross-chain interactions is significant.
Elastic Chain Model. Image: Sophon.
Sophon’s Key Advantages: A Closer Look
Sophon boasts several key advantages, solidifying its position as a promising Layer-2 solution:
- zkSync Backing: Developed with zkSync Era’s toolkit and boasting leadership with ties to Matter Labs (the driving force behind zkSync Era), Sophon benefits from strong technical foundation and potential industry support.
- EVM Compatibility: This allows for seamless dApp migration and development, fostering a vibrant ecosystem.
- Inherited zkSync Era Functionality: Sophon inherits zkSync Era’s low transaction fees, high network speed, and potential for features like Account Abstraction and Paymaster, enabling gas fee payments in various tokens beyond ETH.
- Airdrop Program: Users can earn rewards by staking assets like ETH and stETH on the Sophon platform, incentivizing early adoption and participation.
Understanding the SOPH Token
SOPH Token Key Metrics
- Token Name: Sophon
- Ticker: SOPH
- Blockchain: Sophon
- Token Type: Utility, Governance
- Total Supply: Updating…
SOPH Token Allocation
- Ecosystem Reserve: 30%
- Sophon Foundation: 25%
- Investor: 20%
- Node Reward: 20%
- Advisor: 5%
SOPH Token Allocation
Sophon’s Team, Investors, and Partners
The Team
One confirmed Co-Founder is Twitter user @0xsebastiena, a prominent figure in the crypto space and Co-Founder of zkSync. However, details regarding other team members remain undisclosed.
Investors and Partners
Sophon has secured over $70 million in funding across three rounds:
- March 29, 2024: $10 million raised from prominent investors like The Spartan Group, HTX Ventures, and OKX Ventures.
- May 8, 2024: Over $60 million generated through a Node Sale, offering nodes within the network similar to Xai’s approach.
- October 3, 2024: Strategic investment from Binance Labs, with the undisclosed amount.
Sophon’s strategic partners include notable projects like Impossible Finance, zkSync, and Merit Circle.
Similar Projects in the Landscape
- Unichain: A Layer-2 blockchain developed by Uniswap Labs to enhance transaction speed and affordability on the Uniswap platform.
- Hemi Network: A Layer-2 network focused on modular blockchain architecture across Ethereum and Bitcoin.
