Sony Block Solutions Labs, a subsidiary of Sony Group, has unveiled its plans to develop Soneium, an Ethereum Layer-2 network designed to accelerate the adoption of blockchain technology, according to a statement on August 23.
The Layer 2 network, a collaboration with blockchain infrastructure provider Startale, seeks to connect blockchain technology (Web3) to everyday internet services.
The project is a testament to Sony’s continued expansion into digital assets. Sony Group has hinted that it will launch a cryptocurrency exchange in July after having acquired Amber Japan’s WhaleFin exchange. The tech giant plans to rebrand and relaunch the exchange, though the timeline remains unclear.
Soneium
The network would be designed as a versatile, general-purpose blockchain with competitive features, blending elements from entertainment, gaming, finance and other sectors.
Soneium would be based on the Op Stack and Superchain developed by the Optimism Foundation. A testnet will be launched in the coming weeks to give developers a hands-on experience.
Several crypto protocols, including Chainlink and Astar Network, are already joining the project as launch partners. Astar said its zkEVM solution will be ported to Soneium and its native token ASTR will play a vital role in the planned Layer 2 solution.
Jun Watanabe, President of Sony Block Solutions Labs, highlighted the opportunity offered by Soneium to introduce blockchain technology to a global audience by leveraging Sony’s extensive reach in entertainment, finance, electronics and gaming. He noted that Soneium will eventually integrate with Sony Group services to attract users who are unfamiliar with Web3.
Layer 2 Networks
Ethereum Layer 2 networks are designed to improve the scalability and speed of the mainnet and have seen sustained success recently.
Over the past year, the Layer 2 landscape has become crowded with large crypto companies, including Coinbase, launching their networks and achieving massive community adoption.
As a result, Layer 2 networks now handle the majority of Ethereum activity. According to available data, about 89% of blockchain transactions occur on these platforms.
Some critics, however, believe that this expansion could hurt Ethereum in the long run. These networks have already driven blockchain network fees to their lowest level in three years and could also potentially mark the end of ETH’s “ultrasound money” narrative.
