Sophon does not use the Rollup architecture but operates as Validium.
Source: Bankless
Compiled by: BitpushNews
Sophon, an emerging consumer-focused L2, reached a new high of over $251 million in Total Secured Value (TVS) last week following the release of its $SOPH token.
This relatively new blockchain has remained low-key so far, but it is seeking to maintain its momentum and establish a foothold in the entertainment consumer sector of cryptocurrency. This article will provide you with all the basics.
What is Sophon?
As part of the ZKsync Elastic Chain ecosystem, Sophon is an Ethereum Layer 2 network built on the ZK Stack framework.
Sophon does not use the Rollup architecture but operates as Validium. Specifically, it processes data offline through Avail and ensures its transactions by submitting zero-knowledge proofs to Ethereum.
This design allows the network to maintain low transaction fees and high throughput while inheriting Ethereum's security. Additionally, its smart accounts and Paymaster pillars are designed to provide a user experience that can attract everyday users beyond the cryptocurrency space.
Why Choose Sophon?
Sophon’s core mission is to support on-chain consumer applications and platforms with broad appeal, so potential use cases include gambling, collectibles, gaming, social media, ticketing, and more.
This focus places Sophon in the same arena as Abstract, which has been gaining momentum in the consumer crypto space since the beginning of this year.
However, the market space is still vast. There are over 5 billion social media users globally, and the online gambling and gaming markets are expected to surpass $100 billion and $500 billion this year, respectively, indicating a broad capital market.
In other words, today’s pioneers could become tomorrow’s consumer giants. This is what Sophon is betting on.
$SOPH Token
$SOPH is the native utility token of Sophon. It is used to pay for on-chain transaction costs as gas and provides security through staking.
Following last week's token generation event (TGE), there is a circulating supply of 2 billion tokens, with a maximum supply of 10 billion. $SOPH 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.
As for staking, users can deposit their $SOPH into Sophon’s Earn platform to help secure the network and earn a share of its transaction fees. As of the time of writing, over 5,000 holders have staked 2.7% of the $SOPH supply, earning a 4% annualized return as a result.
How to Get Involved
Acquire $SOPH
You will need some tokens to pay for your transaction fees. If your preferred centralized exchange (CEX) does not support $SOPH, one option is to acquire it through Uniswap on Ethereum.
Create a Sophon Account
Go to app.sophon.xyz and click "Login." In the subsequent interface, create an account using an existing wallet or start with an email, Discord, Google, Telegram, or X account.
Bridge Funds
If your $SOPH funds are initially on Ethereum, you will need to transfer them to Sophon. It is recommended to use the Sophon Bridge to complete this, but third-party platforms like Orbiter Finance can also be used.
Explore Sophon Applications
Sophon Home is the homepage of the Sophon community. Users can use this hub to find and try applications in categories such as DeFi, NFTs, and gaming. It is also the place to track and manage Sophon activities and profiles. If you want to explore its ecosystem, start from Sophon Home.
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