The Good Tech Companies - How Sophon's Booster Program Multiplies Liquidity Farming Rewards

Episode Date: June 18, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/how-sophons-booster-program-multiplies-liquidity-farming-rewards. Sophon, an entertainment-focused blockchain network built on zkSync's technology, has announced the launch of its liquidity farming program. Check more stories related to tech-stories at: https://hackernoon.com/c/tech-stories. You can also check exclusive content about #sophon, #blockchain, #dlt, #cryptocurrency, #web3, #futurism, #good-company, #decentralization, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. 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.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. How Sofon's Booster Program Multiplies Liquidity Farming Rewards by Ashan Pandey Sofon, 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 Sofon ecosystem by allocating 10% of the total dollar SOF 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 Sofon mainnet once it launches. Participants will earn Sofon 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 SOFON'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 five times. However, it is crucial to understand that assets used to activate boosters will be permanently allocated to provide liquidity

on the Sofon mainnet and cannot be withdrawn in the future. The primary assets accepted for deposit include Beam and Beam EdLP, with more pools expected to be added in the coming weeks. Users can monitor their accumulated rewards through Sofon's farming portal, and participation is subject to agreeing to the token airdrop terms and conditions and applicable disclaimers. Final thoughts. Sofon'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 $SOF token supply to rewards, SOFON 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 Sofon leverages ZK-SYNC's ZK-STACK technology, it is well-positioned to offer high-throughput applications in the entertainment and gaming industries. The ecosystem's partnerships with ZK-SYNC, Beam, Zentry, and Ether further strengthen its potential to become a leading provider in the blockchain space. Overall, Sofon'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 Sofon evolves to meet the needs of its users in the ever-changing world of blockchain technology.

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