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Binance Labs has invested in Sophon's ecosystem of entertainment applications across gaming, social, AI, and prediction markets.
Sophon's vision of transforming how users "live, play, create, and connect" is achieved through the use of ZK Stack, utilizing "native account abstraction" for a gasless experience.
According to a release, the zkSync codebase is the most battle-tested zkEVM, demonstrating top level throughput and cost metrics across the entire Ethereum L2 stack.
Through this, Sophon is establishing itself as the go-to platform for developers and users alike. Sophon will use the funds for cosystem growth, attracting top talent, and supporting the development of innovative projects that integrate entertainment, creativity, and technology.
Chang, investment director at Binance Labs, highlighted how the firm was drawn towards Sophon's "strong industry partnerships and early success signal their immense potential to revolutionize the entertainment, gaming, and AI spaces."
Sophon's pseudonymous co-founder CEO, Seb, said the partnership will "make technology effortless and accessible for users while equipping developers with the tools to push boundaries and accelerate their applications like never before.”
Earlier this year, successfully concluded a node sale, raising $60 million. Sophon's node sale exemplifies a new fundraising trend within the blockchain space. The company offered 200,000 nodes, selling 121,000 for a total of $60 million in wrapped ether (wETH).
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This approach allows Sophon to secure capital while simultaneously distributing its network infrastructure. The public sale of nodes were with the lowest tier priced at 0.0813 wETH, becoming more expensive as more are sold.
Meanwhile, Binance's crypto trading volume has hit its lowest in four years. According to a CC Data report, Binance handled only 36.6% of overall spot and derivatives trading volume on centralized exchanges. The figure is the lowest since September 2020.
Spot trading on Binance dropped by nearly 23% from August, driving its spot market share down to 27%, which is its lowest since January 2021.
Last week, former Binance CEO, Changpeng Zhao (CZ), ended his four-month prison sentence. Celebrating his release, CZ remarked on X, "gm, the food taste so good... And what a luxury to be able to have more than one piece of fruit per day!"
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