Sophon to shut down Layer 2, migrate to Base

Sophon (SOPH) has announced it will shut down its Layer 2 chain and migrate to Base to focus on developing consumer applications. According to The Block, Sophon stated that it believes the era of cryptocurrency infrastructure has ended and that a project's value lies in its products rather than its infrastructure. The company anticipates saving approximately $3 million per year by discontinuing its chain operations. Going forward, the SOPH token will adopt a buyback-and-burn model based on product revenue. Sophon plans to build several applications on Base, including Pyre, XP, SophEarn, SophPlay, and SophAI.