SOPHON · 38

Binance Adds GLMR, ICX, MOVR, RARE, and SOPH to Surveillance Tags List

According to the official news, Binance will add a monitoring tag (Monitoring Tag) to Moonbeam (GLMR), ICON (ICX), Moonriver (MOVR), SuperRare (RARE), and Sophon (SOPH) from August 11, 2026. Binance said that tokens with monitoring tags have higher volatility and risk compared to other listed tokens, and the platform will closely track and regularly review these projects. There is a risk that the tokenized token will no longer meet Binance's listing standards and may be removed from the list in the future. According to Binance, factors such as the project team's level of investment in the project, the quality of development activities, transaction volume and liquidity, network and smart contract security, community communication, changes in token supply, and whether there has been any misconduct will be used as a basis for subsequent evaluations. This adjustment will not affect other services related to these tokens.

11d ago

The wave of crypto shutdowns has entered a deep bear stage: over 60 well-known projects have left the market, and the cleaning of the bear market has accelerated

Comparing the news, as time entered the second half of the bear market, the cryptocurrency market experienced a clear round of industry clearance. Today, Shaw Walters, founder of ElizaOS (formerly ai16z), announced that the AI16z/ElizaOS token has completely died, and the associated foundation will gradually cease operations. This is another iconic exit event following the shutdown of over 60 well-known crypto projects in the first half of the year. According to statistics, in 2026, more than 60 well-known crypto projects, public chain/Layer2, DeFi protocols, wallets, NFT platforms, and DAO tools have announced that they have stopped operations or filed for bankruptcy, and the pace of shutdown accelerated markedly in late July. This round of exit covered almost every track. On the PT1 side of centralized trading, derivatives pioneer BitMEX announced on July 23 that it will officially close on September 23, ending 11 years of operation; AscendEX stopped trading on July 1 due to failure to obtain an EU MiCA license; and BitMart initiated a phased shutdown. In Layer1/Layer 2 and infrastructure, Polygon zkEVM, Botanix, Sophon, Powerloom, MilkyWay, etc. have been suspended one after another. In the DeFi sector, Radiant Capital, Step Finance (after being hacked for around $40 million), Ionic Protocol, Everclear, etc. withdrew due to security incidents or liquidity exhaustion. Wallet tracks include Secondfi, Ctrl Wallet, and Leap Wallet closed due to security breaches or strategic adjustments. NFTs, games, and tool projects such as Foundation, Fishing Frenzy, Tally, and Zapper have not been spared. The main reasons focus on three points: the business model fails to generate sustainable revenue (even if some projects have had high monthly activity or transaction volume), the outflow of users and funds due to the cooling of the racetrack, and hacker attacks directly cut off the funding chain. Many projects have received millions to tens of millions of dollars in financing, but it is difficult to prove the product's market fit after the market retracted. Unlike a series of explosions in leverage in 2022, this round was more about starving to death — orderly or forced exits after running out of funds. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

17d agoburnking

Binance will stop supporting the Sophon (SOPH) mainnet

According to news, Binance will stop supporting deposit and withdrawal services on the Sophon (SOPH) mainnet at 16:00 on August 4, 2026, and will open up deposits and withdrawals through the Ethereum (ERC20) network. Sophon (SOPH) will migrate from the original main network to the Ethereum (ERC20) network according to a 1:1 ratio. Users must complete the deposit before the deadline.

25d ago
Moving out of zkSync, building its own L2, and shutting down at the speed of light: what did the $70 million financing for a chain come in exchange?

Moving out of zkSync, building its own L2, and shutting down at the speed of light: what did the $70 million financing for a chain come in exchange?

Author: Claude, Shenchao TechFlow Original title: Departing from zkSync, Building a Chain and Shutting Down the Chain at the Speed of Light: A Year of Deep Wave Guide by an L2 Founder: Sophon founder Seb was the former head of DeFi at zkSync and built his own chain a year ago with $70 million in financing ZK Stack. On June 25, he announced that he would shut down this chain and move to Base using OP Stack technology as a consumer-grade app. The SOPH token fell 94% from its all-time high, with a market capitalization of less than $20 million. Meanwhile, Sophon is not an exception: in the past two months, L2 projects such as Zero Network, Syndicate Labs, Everclear, and Redstone have been shut down intensively, while the three major chains controlled about 75% of the market share. L2's knockout tournament in the crypto bear market has gone from “who has better technology” to “who has users”. On June 25, Sophon updated the profile on the X platform. It was originally written as “zk-powered L2,” but now it's “All in on Apps.” Behind the six words is 70 million dollars and a year. Sophon founder Sebastien (pseudonym Seb) posted a long post on X announcing the shutdown of his L2 chain and a complete switch to Base for consumer-grade applications. The first product is called Pyre, and it hasn't been launched yet. Seb's resume added a layer of meaning to this matter. According to The Block, he was previously the head of DeFi at Matter Labs, the development company of zkSync. In 2024, Seb came out of zkSync and built the Sophon chain using zkSync's open source ZK Stack technology. The seed round raised $10 million, and node sales raised another 60 million, led by Binance Labs. After a year, he shut down the chain built with zkSync technology and moved to Base. Base uses OP Stack and has no technical roots with ZK. 3.4 million a year, maintain a chain that no one uses. According to The Block, Seb revealed in an interview that Sophon's annual chain maintenance costs about 3.4 million US dollars, covering the entire chain infrastructure, Rollup services, data and analysis... After shutting down the chain, the annual money-burning rate is expected to be cut by around $3 million. Seb wrote in the announcement that the team suspended for nine months and asked themselves a basic question: have they done anything worth the money by running their own chain? The answer is no. According to CMC data, the current price of SOPH tokens is about $0.0047, down about 94% from the all-time high of $0.093 when it was launched in May last year, and the market value in circulation is about $18.5 million. The annual cost of maintaining the chain of $3.4 million is higher than the market value of all tokens in circulation on this chain. What is even more embarrassing is the structural problem of supply and demand. According to 21Shares' report at the end of last year, there are currently more than 50 L2s in operation, but Base, Arbitrum, and Optimism handle about 75% of the transaction volume. According to Dune Analytics, Base alone accounts for more than 80% of L2 transaction fee revenue. Throughout 2025, Base's on-chain revenue reached $75.4 million, accounting for 62% of total L2 revenue of $120.7 million. Coinbase has 9.3 million monthly active trading users, and this distribution portal is not available to any other L2. The threshold for chain building is being lowered. After the Ethereum Dencun upgrade in March 2024, the L2 data release cost dropped drastically, and the technical and financial threshold for building a chain were lowered. The result is that there are more and more chains, and each chain is directed to fewer and fewer users. Seb put it bluntly in the announcement: Every dollar spent on the chain is a dollar not spent on the product. Three businesses shut down on May 1, and the intensive wave of L2 shutdowns Sophon wasn't the first L2 to shut down, or even the first this month. May...

57d agoburnking#DeFi #L2 #zkSync

Sophon is shutting down its Layer 2 blockchain and migrating to Base

Comparing news, Sophon, which has raised $70 million, is shutting down its Layer 2 blockchain and turning to Base to build consumer apps, claiming that the cryptocurrency infrastructure era is over. Sebastien (Seb), co-founder of Sophon, told The Block: “We believe value has never been about who runs the infrastructure, but about the products built on it. Sophon chose to develop these products in depth rather than maintain infrastructure.” Seb notes that Sophon spends around $3.4 million a year to maintain its blockchain, covering all aspects of chain infrastructure, aggregation as a service, data, analytics, and tool vendors. Seb also pointed out that shutting down the blockchain is expected to save around $3 million in operating costs each year, thereby extending the capital turnover period and freeing up funds for direct application development. As part of the new strategy, the role of the Sophon (SOPH) token will also change. Seb said the token was previously a gas token for the Sophon blockchain. As this blockchain shuts down, the focus will shift to directly accumulating value through product revenue. “The core of the new strategy is buyback and destruction,” Seb said. A significant portion of the revenue generated by Pyre, XP, SopHearn, SophPlay, and SopHai will be used to buy back SOPh tokens on the open market and destroy them — directly linking the tokens to the commercial success of the growing consumer product portfolio. The more successful the product, the more value SOPH holders get.”

58d agoWendy

Data: There are currently 109 user actions less than 1 per second out of 135 Layer 2

Comparative news, according to incomplete statistics from l2beat data, there are currently about 135 Ethereum Layer 2 networks in the market, and 109 Layer 2 user operations per second (UOPS) in the past day is less than 1. The Ethereum mainnet's UOPS for the past day was 29.94, peaking on January 16, 2026 (33.59). Here is some mainstream Layer 2 network data: · Base, the UOPS for the past day was 144.04, peaking at 213.14 (November 18, 2025) · Polygon, with a UOPS of 81.49 in the past day and a peak of 190 (November 16, 2023) · Arbitrum, UOPS of the past day was 60.13, peak was 69.35 (September 25, 2025) · OP, UOPS of the past day was 28.71, and peak was 33.81 (October 10, 2025). Among the 109 counted Layer 2 with less than 1 user operations per second (UOPS) in the past day, including ApeChain (0.73), Linea (0.73), and Blast ( 0.67), Mantle (0.54), Manta (0.52), zkSync Era (0.46), Metis (0.28), Hemi (0.1), Sophon (0.08), Zora (0.07), zkFair (0.06), Aevo (0.05), Degen Chain (0.04), Polygon zkEVM (0.04), Redstone (less than 0.01), Loopring (less than 0.01) ).

199d ago
From Savage Growth to Institutional Narrative: An Annual Review of 11 Top Crypto Projects

From Savage Growth to Institutional Narrative: An Annual Review of 11 Top Crypto Projects

Author: Nancy, PanNews Original title: When the crypto industry wears a suit, how many points can the annual questionnaire of the 11 leading projects score? The curtain of 2025 is slowly falling. Looking back on this year, the crypto world has undoubtedly ushered in a watershed. The industry officially bid farewell to the wild gold mining era in the past, took off T-shirts and put on suits, and opened the doors to mainstream financial halls. In this annual exam from crypto to the mainstream world, this article PanNews reviewed the yearly responses of 11 leading projects, covering public chains, DeFi, stablecoins, cross-chain, and AI tracks. They are not only satisfied with an arms race that is satisfied with performance indicators, but invariably switched to deep cultivation of compliance, practical use, and scale. However, the completion of infrastructure has not directly brought about great prosperity in cryptographic applications, and the industry still faces problems such as homogenized internal volume, value capture problems, and insufficient product market fit. Looking ahead to 2026, these projects are targeting the ability to integrate liquidity, break through fragmented scenarios, and a sustainable economic model. Circle: Identity “Correction” and Three Strategies Since this year, as regulations in major global markets have been clarified, Circle has promoted programmable currencies and on-chain commerce from the edge of experimentation to the mainstream of global finance around the three core strategic components of assets, applications and services (such as Circle Payment Network CPN and Circle StableFX) and infrastructure Arc. In terms of assets, Circle's subsidiary includes USDC, EURC, and USYC. Among them, USDC's market capitalization increased from 44 billion US dollars at the beginning of the year to 77 billion US dollars, with on-chain transactions exceeding 50 trillion US dollars, with native support of 30 blockchains; EURC's market value rose from 70 million euros at the beginning of the year to more than 300 million euros, making it the largest euro stablecoin; and USYC's asset management scale increased to 1.54 billion US dollars, making it the second largest TMMF (tokenized money market fund) in the world. Facing the single risk of profit models, Circle began exploring diversified applications and services this year, and launched CPN, CCTP, Gateway, Circle xReserve, Mint, StableFX, Circle Wallets, etc. For example, the payment network CPN has more than 25 design partners, and can use stablecoins such as USDC and EURC to facilitate predictable, internet-native settlement without traditional intermediaries; CCTP enables users to transfer native USDC on 17 supported blockchains, which have processed more than 126 billion US dollars in cumulative transaction volume and more than 6 million cross-chain transfers; and Circle Wallets directly embed the USDC wallet into the application, supporting two modes of developer control and user control. At the same time, Circle is targeting infrastructure. The L1 blockchain Arc launched this year aims to be an open, institutional-level native infrastructure for the Internet, tailored for lending, capital markets, foreign exchange, and payments, attracting more than 100 startup and design participants. Currently, Circle's institutional and commercial adoption is accelerating, involving consumer banking, cross-border payments, payroll, small business finance, and remittance. Cooperating institutions include Intercontinental Exchange, Deutsche Börse, Visa, Mastercard, BlackRock, HSBC, Goldman Sachs, Nubank, Binance, etc. Additionally, Circle is developing an AI proxy economy to enable AI to own funds and pay for APIs, computing power, etc. through wallets and the Arc blockchain. What is more worth mentioning is that Circle completed its IPO in June of this year. The market capitalization has now fallen back to 19.4 billion US dollars after reaching a maximum of 77 billion US dollars, and has received conditional approval from the US Monetary Supervisory Service (OCC) to establish a National Trust Bank, which will greatly enhance the security and regulatory compliance of USDC reserves. Arbitrum: Institutions are fully on the chain. Historic transactions have broken 2.1 billion this year, and the focus of Arbitrum's narrative has shifted to institutional-level financial infrastructure. From powering the world's largest retail trading platform to settling tokenized funds from the world's largest asset management companies, Arbitrum says it has become the platform of choice for major global institutions. Ecologically, Arbitrum is evolving into a huge economy, with more than 100 chains online or under development, including Ethereal Perps DEX, Zama, and Blackbird. Meanwhile, there are more than 1,000 projects supported by Arbitrum, making it by number of agreements...

240d agoLuxurytracy#zkSync
How can TGE timing be a decisive factor in the success or failure of a crypto project?

How can TGE timing be a decisive factor in the success or failure of a crypto project?

Author: Haotian Original title: Why is TGE's “Tianshi” so important? I saw a picture in the morning and saw some thoughts. I'll share: 1) Choosing TGE in a time window with plenty of liquidity is very important; it's so important that it ignores the fundamentals of the project. For example, $Pengu, an NFT community MEME token, was launched on December 17 last year, but it performed better than most projects, while $BABY and $HUMA were all projects with technical descriptions and VC layout endorsements. They went live during the phase of relative exhaustion of liquidity in April and May of this year, and the performance was very poor. 2) Projects all like to go online, but they need to consider whether they can accept market liquidity. For example, projects such as Hyperliquid, Movement, Pengu, and Morpho appeared in November-December of last year, because the performance of Zadai was uneven, but most of them ran; Babylon, Initia, Zora, Huma, and Sophon appeared again in April-April of this year. As a result, liquidity was insufficient, and their performance was unsatisfactory; 3) Under the TGE time window, some “opening is the peak” project may also appear. Some projects will take advantage of abundant market liquidity and retail Fomo's point-in-time TGE to ignore their own lack of fundamentals. For example, Trend, Berachain, and Fomo were bursting with emotion at the beginning of the market, but in the end, they all plummeted endlessly. It can only be explained that if market liquidity dividends are not supported by fundamentals, they will accelerate the “decline” of some projects. 4) Under the wrong TGE time window, fearful about some fundamentals but psychological projects are a golden opportunity to discover value. $ZORA is a typical example. It went online when the market was at its coolest and most liquid, and became the only winner in that batch of projects. The earlier $Virtual was similar. At its dimly launch, it always showed outstanding fundamental performance, leading a wave of Posolana's AI agent craze and winning the collective believer to the end. 5) Regardless of whether you are strong or weak, you can always end up with a project with excellent fundamentals. For example, Hyperliquid was able to establish a huge community of supporters, lead a wave of Perp Dex narratives, and the price of $HYPE also climbed the ladder; @flock_io另外, despite stepping on the peak of TRUMP's strong liquidity absorption last year, the minimum market value of $FLOCK fell to an exaggerated amount of more than 3 million, but with excellent fundamental performance, it almost achieved a grand slam listing on the exchange, allowing believers to win the final victory. That's it. For most retail investors, they can understand the importance of the TGE time window and use differentiated strategies: strong TGE periods may chase higher, fast forward and fast exit; weak TGE periods focus on investment and research to find underrated high-quality indices and long-term holdings; they may all become the final winners, although it is difficult. Twitter: https://twitter.com/BitpushNewsCN比推 TG Community: https://t.me/BitPushCommunity比推 TG Subscriptions:... https://t.me/bitpush

304d agoburnking#TGE

Sophon: SOPH airdrop claims will close on July 28

Comparing news, modular blockchain Sophon said that the application deadline for its SOPH airdrop is July 28. Currently, 86% of the airdrop has been collected, and tokens not received after July 28 will be returned to the ecosystem reserve for future community plans.

397d ago