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 the Blockchain World with Their Own Layer-2
Soneium will initially launch on a testnet in partnership with the Astar (ASTR) Network, known for its multi-chain capabilities. The testnet will integrate Astar’s zkEVM assets and infrastructure with Soneium to provide initial liquidity and build an environment for developers and users.
Soneium’s 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, allowing for increased transaction throughput and efficiency.
“This is a HUGE move which aims to integrate blockchain technology into Sony products and beyond,” Bitcoin veteran Kyle Chasse wrote.
Sony’s foray into Web3 came after the 2023 acquisition of Japanese crypto exchange WhaleFin, which has since been renamed to S.BLOX Co. The company made another more recent acquisition, buying Amber Japan, a digital asset trading services provider that used to operate WhaleFin.
“Going forward, as a member of the Sony Group, we will work to create new added value in cryptocurrency trading services by collaborating with the group’s diverse businesses,” reads the announcement.
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The Astar Network views 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 Friday’s trading session began.
Sony’s L2 to Challenge Coinbase’s Base Network
Soneium first 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 also serves as the 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 Sony’s blockchain with Sony. As Coinbase’s Base gains momentum, Sony Chain has the potential to surpass it and become a world-leading project,” Watanabe shared at the time.
Nevertheless, Watanabe says Soneium and Base’s user categories will not overlap, given the prospective blockchain will target “more general people.” The Astar Network executive also highlighted that “Web3 is still very early and too small a market to compete.”
Read more: A Beginner’s Guide to Layer-2 Scaling Solutions
Data from L2Beat highlights Base as one of the leading L2 networks by total value locked, second only to Arbitrum. Base, which launched in August 2023, quickly gained traction, reaching a TVL of $1.537 billion. This growth signals strong interest in its services and user confidence in the platform.
However, Base’s TVL has dipped from its July peak of $1.772 billion, likely due to market volatility and concerns over meme coin vulnerabilities.
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