Sophon to shut down mainnet on Nov 30 after raising over $70M

The gap between Sophon's fundraising haul and its final on-chain footprint is the story here: a project that raised over $70 million ends with TVL near $16,500, a collapse that says more about token-and-node-sale funding models than about any single technical choice. The June pivot to Base already conceded the L2 thesis; the Nov. 30 shutdown merely formalizes it. Users with assets on the network face a withdrawal deadline, not a market event. The open question is whether other modular or L2 projects with similar funding-to-usage ratios follow the same path toward consolidation on larger chains.