This content originally appeared on HackerNoon and was authored by Ishan Pandey
Sophon, an entertainment-focused blockchain network built on zkSync's technology, has announced the launch of its liquidity farming program. The initiative aims to reward users who contribute to the Total Value Locked (TVL) of the Sophon ecosystem by allocating 10% of the total $SOPH token supply.
\ Users can participate in the liquidity farming program by depositing eligible assets into designated farming pools on the Ethereum mainnet and later on the Sophon mainnet once it launches. Participants will earn "Sophon Points (SP)" for each block in which their assets are deposited, with the accrual rate varying based on the pool and the user's share of the total deposits.
\ One notable aspect of Sophon's farming pools is the optional booster program. By permanently locking a portion or all of their deposited assets, users can multiply their potential rewards by up to 5 times. However, it is crucial to understand that assets used to activate boosters will be permanently allocated to provide liquidity on the Sophon mainnet and cannot be withdrawn in the future.
\ The primary assets accepted for deposit include BEAM and BEAM/ETH LP, with more pools expected to be added in the coming weeks. Users can monitor their accumulated rewards through Sophon's Farming Portal, and participation is subject to agreeing to the Token Airdrop Terms and Conditions and applicable Disclaimers.
Final Thoughts
Sophon's liquidity farming program is a strategic move to incentivize user participation and increase the TVL of the ecosystem. By dedicating a significant portion of the $SOPH token supply to rewards, Sophon aims to attract a large number of users and create a thriving community around its entertainment-focused blockchain.
\ The booster program is an interesting feature that encourages long-term commitment from participants. However, users should carefully consider the implications of permanently locking their assets, as this liquidity cannot be withdrawn once allocated.
\ As Sophon leverages zkSync's ZK Stack technology, it is well-positioned to offer high throughput applications in the entertainment and gaming industries. The ecosystem's partnerships with zkSync, Beam, Zentry, and Aethir further strengthen its potential to become a leading provider in the blockchain space.
\ Overall, Sophon's liquidity farming program is an exciting development that could drive significant growth and adoption for the ecosystem. As the project progresses, it will be interesting to see how the community responds and how Sophon evolves to meet the needs of its users in the ever-changing world of blockchain technology.
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:::tip Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR.
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This content originally appeared on HackerNoon and was authored by Ishan Pandey
Ishan Pandey | Sciencx (2024-06-18T16:33:50+00:00) How Sophon’s Booster Program Multiplies Liquidity Farming Rewards. Retrieved from https://www.scien.cx/2024/06/18/how-sophons-booster-program-multiplies-liquidity-farming-rewards/
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