Crypto
Sophon drops Layer 2 blockchain, moves to Base to focus on app development
Layer 2 blockchain Sophon, which has raised a total of $70 million, will shut down its own chain and migrate to Ethereum Layer 2 network Base, incubated by Coinbase, to focus on building consumer apps. Co-founder Seb said value has always been in products built on the rails, not in operating the rails. Sophon said it has spent about $3.4 million a year on chain infrastructure and expects to save about $3 million annually.
