Sophon, a blockchain network focused on entertainment by leveraging zkSync’s technology, has started a new endeavor. The platform disclosed that it is introducing a liquidity farming project that enables people to take part and get $SOPH coins. As per the company, it has allocated a complete ten percent of the cumulative $SOPH supply.
Sophon Starts Liquidity Farming, Letting Users Obtain $SOPH Tokens
The consumers contributing to Sophon’s total value locked can participate in the rewards. For this purpose, they can deposit particular eligible assets by leveraging the nominated farming pools. The respective farms operate on the platform. Every consumer taking part in the farming will reportedly get a reward in the form of “Sophon Points.” A chief feature of the farming pools on Sophon denotes the firm’s booster project.
It operates as an optional mechanism permitting participants to maximize the likely rewards on the deposit. In this respect, they need to permanently allocate a few or all the deposited assets to provide liquidity on Sophon. The respective booster operation will affect the multiplying of either all or a few deposits of the consumers. This creates additional reward potential.
The Booster Elevates the Value of Deposits by 5 Times
The users can start a booster by forever locking all or a portion of the deposited assets. As a result of this, the liquidity permanently works on Sophon and the depositors cannot redeem their assets. A boost multiplies the deposit by up to five times. An interesting thing is that the assets for activating the boosters will get permanently allocated to offer liquidity.
The chief assets available for deposit take into account BEAM/ETH LP and BEAM. Over time, the platform will also introduce other farms. The company is devoting up to ten percent of the entire $SHOPH token supply specified for liquidity farming. This focuses on alluring a great number of consumers.
SP provided to the people taking part will accumulate in real time. Additionally, the users will be able to see accumulated rewards via the Farming Portal of Sophon. The reward accrual rate varies by pool. Nonetheless, the amount a user deposits in a pool surely drives the chief accrual rate in comparison with the rest of that pool’s deposits.