Azuro Protocol Partners With zkSync Hyperchain Sophon

CryptoNews.com

2024-05-30 07:00:09

Tanzeel Akhtar

Last updated:

May 30, 2024 11:00 EDT | 1 min read

Azuro, a decentralized autonomous organization (DAO) building a protocol for blockchain-based predictions, has partnered with hyperchain Sophon to improve its prediction app development by combining technologies.

Both Azuro and Sophon plan to launch a co-sponsored grant program to support and accelerate the adoption of Sophon-run zkSync’s Hyperchain, and Azuro-built prediction apps.

Following the partnership announcement Azuro protocol said liquidity providers for the AZUR/ETH pair on decentralized exchanges will receive a $SOPH token airdrop. The firms are preparing for the launches of their tokens $AZUR and $SOPH, later this year.

Funding Secured

In April, Azuro raised $11 million with investment from SevenX Ventures and Arrington Capital. Other participants in the funding round include Fenbushi Capital, Polymorphic Capital, Red Beard Ventures, Dewhales, and G1 Ventures.

The funding is being used to further accelerate eco development during this critical phase of expansion and to intensify marketing efforts in the decentralized prediction market space.

Around 26 applications use Azuro to run an on-chain prediction market, with transaction volumes at $340 million.

In the first quarter of this year, Sophon raised $10 million in a seed funding round led by Paper Ventures and Maven 11, with participation from Spartan Group, SevenX Ventures, OKX Ventures and others.

In April, Sophon completed a node sale, raising ~21,000 ETH. Azuro said as part of the new partnership deal it joins Sophon’s other infrastructure partners, including zkSync and Beam.

VC Funding Surges 2024

Venture capital funding in the Web3, gaming, AI and crypto space has experienced a surge in the first quarter of 2024, breaking a two-year downtrend.

Both the total amount invested and the number of projects receiving VC funding have seen substantial increases since Q4 2023, according to data gathered by crypto analysis platform Crypto Koryo.

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