{
  "id": 15704061,
  "title": "Sophon sets Nov. 25 withdrawal deadline ahead of mainnet shutdown",
  "url": "https://urgent.news/2026/10/20/sophon-sets-nov-25-withdrawal-deadline-ahead-of-mainnet-shutdown",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-20T05:14:11.000Z",
  "source": {
    "name": "Cointelegraph",
    "slug": "cointelegraph",
    "url": "https://cointelegraph.com/news/sophon-sets-nov-25-withdrawal-deadline-ahead-of-mainnet-shutdown"
  },
  "original_language": "en",
  "account": "Sophon, the zero-knowledge-powered layer-2 network, has set a Nov. 25 deadline for users to withdraw their assets before its planned mainnet shutdown. The decision to halt operations comes after Sophon's developers announced in June that the costs of maintaining a standalone blockchain no longer outweighed its benefits, prompting a shift in focus to consumer finance and AI applications on Base, an Ethereum layer-2 network. The network will begin decommissioning key infrastructure and related websites on Nov. 25, rendering any remaining assets on the Sophon Chain permanently inaccessible. Users have been urged to withdraw Sophon (SOPH), Ether (ETH), USDC (USDC), and other supported assets, as well as claim any outstanding staking or Guardian rewards. This shutdown mirrors a similar move by Abstract, a consumer-focused Ethereum layer-2 network developed by Pudgy Penguins' parent company, Igloo. Abstract announced on Oct. 6 that it would close on Dec. 15, following tens of millions of dollars in losses incurred by its parent company due to the network's operation. Sophon initially raised $60 million through a node sale in 2024 and received an additional $10 million in funding.",
  "summary": "In June, Sophon’s developers said the costs of maintaining a standalone blockchain no longer justified its benefits and announced plans to focus on consumer finance and AI applications on Base.",
  "key_points": [
    "Sophon sets Nov. 25 deadline for asset withdrawals",
    "Network to decommission key infrastructure Nov. 25",
    "Users urged to withdraw SOPH, ETH, USDC, staking rewards"
  ],
  "editors_take": "The decision to shutter the network signals a broader industry trend where developers abandon standalone chains to consolidate resources within more cost-effective ecosystems like Base.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "New Straits Times",
        "title": "SKA Capital sets IPO price at 43 sen ahead Nov 11 listing",
        "url": "https://urgent.news/2026/10/20/ska-capital-sets-ipo-price-at-43-sen-ahead-nov-11-listing",
        "published": "2026-10-20T06:27:29.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}