Sony Block Solutions Labs, a collaboration between Sony Group and Web3 infrastructure provider Startale, is set to launch an Ethereum Layer-2 (L2) blockchain called Soneium.
The company plans to leverage its expertise by focusing Soneium on practical applications in entertainment, gaming and finance.
Sony forays into blockchain world with its own Layer-2
Soneium will initially launch on a testnet in partnership with Astar Network (ASTR), known for its multi-chain capabilities. The testnet will integrate Astar’s zkEVM assets and infrastructure with Soneium to provide initial liquidity and create an environment for developers and users.
The Soneium team will build its technical infrastructure on the Superchain ecosystem platform, using Optimism’s OP Stack technology. OP Stack increases Ethereum’s scalability by coordinating multiple chains, which helps increase transaction throughput and efficiency.
“This is a HUGE initiative to bring blockchain technology into Sony products and beyond,” wrote Bitcoin veteran Kyle Chasse.
Sony’s foray into Web3 came after its 2023 acquisition of Japanese crypto exchange WhaleFin, which has since been renamed S.BLOX Co. The company made another more recent acquisition, buying Amber Japan, a digital asset trading service provider that previously operated WhaleFin.
“In the future, as a member of the Sony Group, we will work to create new added value in cryptocurrency trading services by collaborating with various group companies,” the announcement reads.
Read more: How to Fund Innovation: Web3 Grants Guide
Astar Network sees its collaboration with Soneium as a strategic opportunity to bring Web3 to mainstream users. This development has already influenced market sentiment, as BeInCrypto’s price dashboard shows that Astar’s ASTR token is up nearly 5% since the start of Friday’s trading session.
from Sony L2 to Challenge Coinbase’s Base Network
Soneium emerged in September as part of an initiative to contribute to Ethereum’s scaling efforts and achieve “internet-level scalability.” Astar Network founder Sota Watanabe, who is also CEO of Startale, envisioned Soneium as a potential competitor to Coinbase’s Base network.
“We will establish a joint venture with Sony Network Communications to jointly develop the Sony blockchain with Sony. As Coinbase’s Base gains momentum, Sony Chain has the potential to surpass it and become a world-leading project,” Watanabe said at the time.
However, Watanabe claims that Soneium and Base’s user categories will not overlap, as the future blockchain will target “a more general audience.” The Astar Network executive also stressed that “Web3 is still very early and it’s too small a market to be competitive.”
Learn more: A Beginner’s Guide to Layer 2 Scaling Solutions
L2Beat data highlights that Base is one of the leading L2 networks in terms of total value locked, just behind Arbitrum. Base, which launched in August 2023, has quickly gained popularity, reaching a total value locked of $1.537 billion. This growth is a testament to strong interest in its services and user trust in the platform.
However, Base TVL has fallen from its July peak of $1.772 billion, likely due to market volatility and concerns over meme coin vulnerabilities.
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