Azuro Protocol has announced a partnership with hyperchain Sophon to enhance the development of its prediction app. The decentralized autonomous organization (DAO) will collaborate with Sophon to launch a grant program that supports the adoption of Sophon’s zkSync’s Hyperchain and Azuro’s prediction apps. As part of the partnership, liquidity providers for the AZUR/ETH pair on decentralized exchanges will receive a $SOPH token airdrop. Azuro and Sophon are also preparing to launch their own tokens, $AZUR and $SOPH, later this year.
Azuro recently secured $11 million in funding from investors such as SevenX Ventures and Arrington Capital. The funds will be used to accelerate ecosystem development and intensify marketing efforts in the decentralized prediction market space. Currently, there are 26 applications using Azuro to run an on-chain prediction market, with transaction volumes reaching $340 million.
In the first quarter of 2024, Sophon raised $10 million in a seed funding round led by Paper Ventures and Maven 11. They also completed a node sale, raising approximately 21,000 ETH. The partnership with Azuro adds to Sophon’s infrastructure partners, including zkSync and Beam.
The first quarter of 2024 has seen a significant surge in venture capital funding in the Web3, gaming, AI, and crypto space, breaking a two-year downtrend. Data from Crypto Koryo, a crypto analysis platform, shows that both the total amount invested and the number of projects receiving VC funding have witnessed substantial increases since Q4 2023.
