Binance Labs Invests In Sophon ‘Elastic Chain’ In Token Round

Key Points:

• Binance Labs invests in Sophon in an undisclosed sum ahead of its mainnet launch and token deployment next month.
• Sophon is a ZKsync “elastic chain,” or a Layer 2 network built using Matter Labs’ ZK Stack.

Binance Labs invests in Sophon, a ZKsync elastic chain, raising over $70M ahead of its mainnet launch and SOPH token deployment. Sophon focuses on consumer web3 apps.

Binance Labs Invests in Sophon for ZKsync Mainnet Launch

Binance Labs has invested in ZKsync elastic chain Sophon, an elastic chain, which is set to launch its mainnet the following month with the SOPH token. This latest development takes the total funding to more than $70 million.

With the use of the ZK Stack framework, Sophon wants to develop a consumer-oriented web3 ecosystem, allowing for account abstraction and gasless transactions. Its mainnet launch will be another feather on its cap in retail reach.

Read more: Binance Labs Fund Reveals Exciting Season 7 Project Lineup!

Sophon Secures Binance Labs Investment, Prepares for Mainnet

The Sophon project, which used ZKsync, raised funding from Binance Labs in front of the mainnet launch. It plans to extend its ecosystem with a total funding of $70M.

Sophon is entirely about seamless web3 experiences: with the release of its mainnet, it will include a set of blockchain-powered decentralized applications in gaming, social networks, and ticketing with the SOPH token at its core.