Everything You Need to Know About the Consumer-Focused Ethereum L2 Upstart "Sophon"
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Everything You Need to Know About the Consumer-Focused Ethereum L2 Upstart "Sophon"
Sophon does not use the Rollup architecture, but instead operates as a Validium.
Navigating Web3 tides with focused insightsSource: Bankless
Compiled by: Bitpush News
Sophon, an emerging consumer-focused L2, reached a new high of over $251 million in Total Secured Value (TVS) last week following the launch of its $SOPH token.
This relatively new blockchain has so far maintained a low profile, but it aims to sustain its momentum and establish itself firmly within crypto’s entertainment and consumer sector. This article will walk you through all the fundamentals.
What is Sophon?
As part of the ZKsync Elastic Chain ecosystem, Sophon is an Ethereum Layer 2 network built on the ZK Stack framework.
Rather than using a Rollup architecture, Sophon operates as a Validium. Specifically, it processes data off-chain via Avail and secures its transactions by submitting zero-knowledge proofs to Ethereum.
This design enables the network to maintain low transaction fees and high throughput while inheriting Ethereum's security. Additionally, its Smart Accounts and Paymaster components are designed to deliver user experiences appealing to everyday users beyond the crypto space.
Why Sophon?
Sophon’s core mission is to support widely appealing on-chain consumer applications and platforms—think use cases like gambling, collectibles, gaming, social media, ticketing, and more.
This focus places Sophon in the same category as Abstract, which has gained strong traction in the consumer crypto space since the beginning of this year.
However, the market opportunity remains vast. With over 5 billion social media users globally, the online gambling and gaming markets are projected to surpass $100 billion and $500 billion respectively this year—indicating a substantial capital landscape.
In other words, today’s early movers could become tomorrow’s consumer giants. That’s exactly what Sophon is betting on.
The $SOPH Token
$SOPH is Sophon’s native utility token. It serves as gas for paying transaction costs on the chain and provides security through staking.
Following its Token Generation Event (TGE) last week, $SOPH has a circulating supply of 2 billion tokens and a maximum supply of 10 billion. It is currently trading slightly below $0.05 per token, giving the project a market cap of $96 million and a fully diluted valuation of $479 million.
Regarding staking, users can deposit their $SOPH into Sophon’s Earn platform to help secure the network and earn a share of transaction fees. At the time of writing, over 5,000 holders have staked 2.7% of the $SOPH supply, earning a 4% annual percentage yield (APY).
How to Get Involved
Acquire $SOPH
You’ll need some tokens to cover transaction fees. If your preferred centralized exchange (CEX) doesn’t support $SOPH, one option is to obtain it via Uniswap on Ethereum.
Create a Sophon Account
Go to app.sophon.xyz and click "Log In." From there, create an account using an existing wallet, or sign up with email, Discord, Google, Telegram, or X.
Bridge Funds
If your $SOPH assets are initially on Ethereum, you'll need to transfer them to Sophon. The recommended method is using the Sophon Bridge, though third-party platforms like Orbiter Finance are also available.
Explore Sophon Apps
Sophon Home is the central hub for the Sophon community. Users can discover and try applications across categories such as DeFi, NFTs, and gaming. It's also where you can track and manage your Sophon activities and profile. To explore the ecosystem, start with Sophon Home.
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