Sophon Launches Liquidity Farming, Allocating 10% Of Total SOPH Token Supply To Reward Participants
In Brief
Sophon announced that it will allocate 10% of its total SOPH supply to reward users participating in its liquidity farming period.
Entertainment-centric blockchain network utilizing ZKsync technology, Sophon (SOPH) announced that it will allocate 10% of its total SOPH supply to reward users participating in its liquidity farming period.
Individuals who contribute to the total value locked (TVL) on Sophon can take part in these rewards by depositing assets into specified farming pools on the Ethereum mainnet. Once the Sophon mainnet launches, these opportunities will extend to it as well. Participants in the farming period will earn “Sophon Points (SP)” in return, which accumulate with each block.
The farming pool will also feature a booster program. This is an optional mechanism that enables participants to increase their potential rewards by permanently committing some or all of their deposited assets to provide liquidity on the Sophon mainnet. The booster function will amplify the rewards from these deposits, enhancing the overall reward potential for participants who choose to utilize it.
Users can opt to activate a booster by permanently locking any portion or all of their deposited assets, this implies that this liquidity becomes permanent within the Sophon protocol and cannot be withdrawn. When activated, the booster multiplies the user’s deposit by five, thereby generating five times the original amount of SPs.
Assets deposited to activate boosters will be permanently allocated for liquidity provision on the Sophon mainnet, with no future withdrawal option. The main assets users can deposit include BEAM and BEAM or ETH LP tokens.
Sophon To Allocate SPs In Real Time, Enabling Users To Track Rewards Via Farming Portal
The 10% SOPH allocation to the Sophon liquidity farming period will attract many users. Initially, a collection of pools will be launched, with additional pools to become available at a later date. SPs will accrue in real-time, and users can track their rewards through Sophon’s Farming Portal. The rate of reward accrual varies by pool and is determined by the proportion of a user’s deposit relative to the total deposits in that pool.
Leveraging the ZK Stack, Sophon is specifically designed to support a diverse range of high-throughput applications, including AI and gaming. This blockchain facilitates seamless interaction between developers and users, backed by zkSync, Beam, Zentry, and Aethir.
In March, the project secured $10 million in funding from Paper Ventures and Maven11, with additional investment from Spartan, SevenX, OKX Ventures, and Huobi Ventures to further advance its decentralized infrastructure.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
