{"id":30409,"date":"2024-10-04T12:00:45","date_gmt":"2024-10-04T09:00:45","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=30409"},"modified":"2024-10-04T09:18:49","modified_gmt":"2024-10-04T06:18:49","slug":"binance-labs-invests-in-zksync-based-sophon","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/binance-labs-invests-in-zksync-based-sophon\/","title":{"rendered":"Binance Labs Invests in ZKsync-Based Sophon"},"content":{"rendered":"

Investing an unknown amount in Sophon<\/strong>, a ZKsync “elastic chain” or Layer 2 network being developed utilizing Matter Labs’ modular, open-source framework, Binance Labs, the $10 billion startup finance and incubator arm of the crypto exchange Binance,<\/p>\n

Talks between Binance Labs and Sophon<\/strong> started in the summer; the funding round ended in August, Sebastien (“Seb”), Sophon’s<\/strong> semi-anonymous co-founder and CEO and former head of DeFi at ZKsync, stated. The round was set up as a basic agreement for future tokens (SAFT), Seb explained, not wanting to discuss Sophon’s<\/strong> worth.<\/p>\n

With the Binance Labs investment, Sophon’s<\/strong> overall funds acquired to date come to about $70 million. Sophon<\/strong> raised $10 million in a seed round earlier this year and about $60 million in a May node auction. Seb remarked, “No more funding is expected.”<\/p>\n

\"Binance<\/p>\n

Originally branded “hyperchain,” Sophon<\/strong> is a zkSync elastic chain. Simply put, Matter Labs’ ZK Stack architecture is being used in building a Layer 2 network.<\/p>\n

When asked how developing on Sophon<\/strong> differs from building on ZKsync, Seb answered blockchains like ZKsync Era, Optimism, and Arbitrum are and will stay generalist, acting mostly as liquidity and DeFi hubs. But to really engage with retail, one must pay close attention to platform and product; Sophon<\/strong> facilitates this.<\/p>\n

“In the web 2 space, nobody cares whether they are using Amazon Web Services, Microsoft Azure, or Google Cloud Platform when they use Booking.com or Netflix; what matters is the platform experience, coupled with distribution channels and, in some cases, culture and\/or community. Our vision is to create a seamless, engaging, and culturally rich ecosystem that integrates Web3 with everyday lifestyle applications.”<\/em> Seb remarked.<\/p>\n

Since Solana and Base are the two “most retail-driven ecosystems,” Seb said he sees them as Sophon’s<\/strong> main rivals.<\/p>\n

 <\/p>\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em>the latest\u00a0news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing an unknown amount in Sophon, a ZKsync “elastic chain” or Layer 2 network being developed utilizing Matter Labs’ modular, open-source framework, Binance Labs, the $10 billion startup finance and incubator arm of the crypto exchange Binance, Talks between Binance Labs and Sophon started in the summer; the funding round ended in August, Sebastien (“Seb”),<\/p>\n","protected":false},"author":6,"featured_media":30410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1543,8895],"class_list":["post-30409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance-labs","tag-sophon"],"yoast_head":"\nBinance Labs Invests in ZKsync-Based Sophon - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/binance-labs-invests-in-zksync-based-sophon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Labs Invests in ZKsync-Based Sophon - 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