Azuro Protocol has formed a partnership with hyperchain Sophon to enhance the development of its prediction app through the integration of their technologies. As part of this collaboration, Azuro and Sophon will establish a joint grant program to promote the adoption of Sophon-run zkSync’s Hyperchain and Azuro-built prediction apps. In light of this announcement, Azuro protocol has revealed that liquidity providers for the AZUR/ETH pair on decentralized exchanges will receive a $SOPH token airdrop. Both companies are also preparing for the launch of their respective tokens, $AZUR and $SOPH, later this year.
Azuro recently secured $11 million in funding from investors such as SevenX Ventures and Arrington Capital. Other participants in the funding round include Fenbushi Capital, Polymorphic Capital, Red Beard Ventures, Dewhales, and G1 Ventures. These funds will be utilized to accelerate the development of Azuro’s ecosystem during this crucial expansion phase and to intensify marketing efforts in the decentralized prediction market.
Currently, around 26 applications utilize Azuro to operate an on-chain prediction market, generating transaction volumes amounting to $340 million. On the other hand, Sophon raised $10 million in a seed funding round led by Paper Ventures and Maven 11 in the first quarter of this year. The company also completed a node sale, raising approximately 21,000 ETH. As part of the partnership, Azuro joins Sophon’s roster of infrastructure partners, which includes zkSync and Beam.
In the first quarter of 2024, venture capital funding in the Web3, gaming, AI, and crypto sectors experienced a surge, breaking a two-year decline. Data from crypto analysis platform Crypto Koryo reveals significant increases in both the total amount invested and the number of projects receiving VC funding since Q4 2023.