Chainwire
Sophon Launches Liquidity Farming Allowing Everyone to Participate and Secure $SOPH Tokens
Sophon aims to democratize liquidity farming by offering inclusive access to $SOPH token rewards.
Disclaimer: This is a sponsored press release. Readers should conduct their own research prior to taking any actions related to the content mentioned in this article. Learn more ›
Tortola, BVI, June 18th, 2024, Chainwire – Sophon, the entertainment-focused blockchain network leveraging zkSync’s technology, has dedicated a full 10% of its total $SOPH supply to rewarding users that participate in Sophon’s liquidity farming period. Users who contribute to the TVL of Sophon are able to take part in these rewards by depositing certain eligible assets to the designated farming pools on Ethereum mainnet (and later Sophon mainnet when it launches). Each user who participates in the farming period is rewarded with “Sophon Points (SP)”, which accrue each block.
A key feature of Sophon’s farming pools is its booster program, an optional mechanism that allows participants to multiply the potential rewards earned by their deposit in exchange for permanently allocating some or all of their deposited assets for the purpose of providing liquidity on Sophon mainnet. This booster function will have the effect of multiplying either some or all of a user’s deposits in Sophon’s farming pools, creating even more reward potential. You can activate a booster by permanently locking any portion or all of your deposited assets. That means this liquidity is permanent to Sophon protocol, and can not be withdrawn. An activated boost multiplies your deposit by 5x (Thus, generating 5 times the original SP).
It’s important to note that the deposited assets used to activate boosters will be permanently allocated for the purpose of providing liquidity on Sophon mainnet with no option to withdraw in the future.
The primary assets users can deposit are BEAM and BEAM/ETH LP. Other farms will be released in due course.
The 10% of the total $SOPH supply dedicated to the Sophon liquidity farming period is anticipated to attract a large number of users, and an initial collection of pools will be launched, with an additional pool planned to launch in the following weeks.
SP given to participants will accrue in real-time, and users can view their accumulated rewards through Sophon’s Farming Portal. The rate of reward accrual differs by pool, but the primary rate of accrual is driven by the amount a user has deposited in a pool compared with the other deposits for that pool.
Any participation in the Sophon liquidity farming period will be subject to the user agreeing to the Token Airdrop Terms and Conditions and applicable Disclaimers, which will be published on Sophon’s website on or prior to the start of the liquidity farming period.
About Sophon
Sophon is an entertainment-focused ecosystem built as a modular rollup leveraging zkSync’s ZK Stack technology. As a ZK chain leveraging the ZK Stack, Sophon is intended to be tailored for any high throughput applications such as artificial intelligence and gaming. Sophon facilitates the connection between developers and users, backed by a robust strategic collaboration with ecosystems like zkSync, Beam, Zentry, and Aethir.
Leveraging the ZK Stack, Sophon is positioned to become a leading provider in the entertainment and blockchain space, leveraging the most future-proof Ethereum L2 out there. Node operators can engage with a blockchain network designed to shape the future of entertainment and blockchain technology, ensuring a decentralized, efficient, and user-centric environment.
Learn more: Website – Twitter – Docs
Contact
Itai Elizur
[email protected]
Share
Press Release Syndication
Broadcast your project news with guaranteed coverage on industry-leading publications like CryptoSlate.
CryptoSlate has partnered with Chainwire to deliver press releases distributed across numerous crypto media sites, including Cointelegraph, Decrypt and The Defiant.
Chainwire has been used by over 800 brands and PR agencies worldwide.
Get Started with Chainwire
