Sophon Shuts Down Its L2 Blockchain, Turns to Base to Build Consumer Applications

CoinFeed June 26 news, according to The Block, Sophon, which has raised $70 million, is shutting down its Layer 2 blockchain and turning to Base to build consumer applications, claiming that the infrastructure era for cryptocurrency is over. Sophon co-founder Sebastien (Seb) stated that the team spends about $3.4 million annually to maintain the blockchain, and shutting it down will save about $3 million per year, directing capital directly into application development. The role of the SOPH token will shift from an on-chain gas token to a direct value accumulation instrument from product revenue, and the team will use product revenue to buy back and burn SOPH on the open market, directly linking token value to the commercial success of the product.