Deep into Soneium: Understanding Sony's Full Web3 Expansion
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Deep into Soneium: Understanding Sony's Full Web3 Expansion
Soneium's vision is to build an open internet that transcends cultural and geographical boundaries, fostering unrestricted innovation.
Navigating Web3 tides with focused insightsAuthor: insights4.vc
Translation: TechFlow
Soneium is an Ethereum-based public Layer 2 blockchain designed for scalability and usability, aiming to drive widespread adoption.
Soneium combines Sony’s global influence in entertainment, gaming, finance, and electronics with Startale’s blockchain expertise, striving to simplify user experiences and provide developers with a powerful platform. Soneium’s vision is to build an open internet that transcends cultural and geographical boundaries, enabling unrestricted innovation. This aligns with Sony’s core values: creating emotionally engaging environments (Emotion), inspiring creativity (Creative), and bringing Web3 technology to the mainstream (Go Mainstream).
Sony Group Corporation – Consolidated Financial Results for Q1 FY2024
This initiative comes at a time when Sony is demonstrating strong financial performance across its core businesses. In the first quarter of fiscal year 2024, both sales and operating income increased, particularly in gaming & network services and music segments. The company has raised its full-year forecast, reflecting solid financial health and strategic growth plans. Sony Group Corporation's latest financial report was released on August 7, 2024, with links available at the end of this newsletter.
Sony Group Corporation – Segment Performance for Q1 FY2024
Startale Labs
Startale Labs is advancing the Astar Network, a leading public blockchain in Japan, and providing Web3 infrastructure through Startale Web3 Cloud. In collaboration with Sony Network Communications, they launched a beta version of this cloud platform via a joint venture. On September 12, 2023, Sony Network Communications and Startale Labs announced the formation of a joint venture to develop a global Web3 infrastructure blockchain—a strategic move to enhance blockchain capabilities. The company was renamed Sony Block Solutions Labs Pte. Ltd. on August 19, 2024, reflecting its deeper focus on blockchain solutions. Shortly after, on August 23, 2024, they launched "Soneium," a new blockchain designed to integrate Web3 use cases into everyday life.
Sony Block Solutions Labs Pte. Ltd. was established in October 2023 and is located at 105 Cecil Street, Singapore. The company is 90% owned by Sony Group Corporation and 10% by Startale Labs Pte. Ltd.
Board Members of Startale Labs:
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Chairman: Jun Watanabe
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Directors: Ryohei Suzuki, Masaaki Isozu, Sota Watanabe, Takeshi Narita
Core Team of Soneium:
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Marketing Lead: Alex Preukschat
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Chief of Staff (COO of Astar Foundation): Shun Ishikawa
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Head of Protocol: Maarten Henskens
Startale Labs Funding Information
Total Raised: $7 million | Company Valuation: $63.5 million
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Undisclosed Round: Date: June 28, 2023 | Amount Raised: $3.5 million
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Series A: Date: February 6, 2024 | Amount Raised: $3.5 million
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Investors include: SamsungNext, UOB Venture Management (subsidiary of Singapore’s United Overseas Bank), Signum Capital, Sony Network Communications
Architecture Design
Modular Framework: Soneium uses the OP Stack, a modular development toolkit introduced in Optimism’s 'Bedrock' upgrade. This framework enables efficient project launches and simplifies the creation of Layer 2 (L2) blockchains.
Layered Structure
Data Availability Layer: Ensures all transaction data is published on Ethereum Layer 1 (L1), enabling public verification and censorship resistance.
Sequencing Layer: Responsible for collecting and ordering transactions into batches. Currently centralized but planned to be decentralized in the future to enhance trust.
Derivation Layer: Re-executes transaction batches on L2 to derive new state roots, ensuring consistency between L1 and L2.
Execution Layer: Uses the Ethereum Virtual Machine (EVM) to process transactions and update L2 state, ensuring smart contract compatibility.
Proving Layer: Generates and submits fraud proofs to L1 to challenge invalid L2 transactions, maintaining system integrity.
Optimism Superchain Integration
Shared Technology: Built on the OP Stack, Soneium ensures compatibility and seamless communication with other blockchains within the Superchain ecosystem.
Interoperability: Enables asset transfers and interactions between Soneium and other OP Stack-based networks, fostering cross-network connectivity.
Collective Governance: Operates under the decentralized entity Optimism Collective, which oversees ecosystem development and funds beneficial projects through a revenue-sharing mechanism.
Minato Testnet
Minato is Soneium’s public testnet where developers can test and optimize applications before mainnet launch.
Accessibility Features
Wallet Integration: Supports wallets like MetaMask and WalletConnect, allowing users to easily switch to the Minato network.
Bridging Functionality: Provides tools for users to bridge assets and interact with the testnet environment.
Block Explorer: Partnering with Blockscout, Soneium offers a blockchain explorer featuring:
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Transaction tracking and analytics.
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Gas fee metrics, including average gas limits and prices.
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Charts and statistics on network activity to help developers and users optimize transactions.
Partnerships
In addition to key collaborations with Sony Group and Startale, Soneium has formed significant partnerships with the following entities:
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Astar Network: As a launch partner transitioning from Astar zkEVM to Soneium, this collaboration enhances the utility of Astar’s native token (ASTR) while strengthening ties between the two ecosystems.
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Transak: Offers Web3 infrastructure services such as fiat on/off ramps and NFT trading, helping users smoothly transition from Web2 to Web3 and improving global accessibility.
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Alchemy: Provides Web3 development tools including user-friendly dashboards and Supernode API, supporting efficient development and scaling of decentralized applications (dApps) on Soneium.
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Optimism: Built on Optimism’s OP Stack, ensuring compatibility within the Superchain and offering developers a high-speed, low-Gas-fee environment.
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Chainlink: Delivers decentralized oracle services such as data feeds and smart contract automation, enhancing data reliability and smart contract functionality.
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Circle (USDC): Enhances liquidity and stablecoin adoption by integrating USD Coin, leveraging a trusted stablecoin to drive transactions and broader adoption.
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The Graph: Enables efficient organization and access to blockchain data, offering near 100% uptime to improve user experience and dApp reliability.
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Pyth Network: Supplies real-time market data via Pyth price feeds, providing critical high-precision data support for DeFi applications on Soneium.
Soneium Ecosystem
Key Minato Testnet Metrics (September 19, 2024)
Key Testnet Data
Account Growth (Cumulative Accounts per Period): 104,804
Transaction Growth (Cumulative Transactions): 4,607,906
Soneium Spark
The Soneium Spark incubation program aims to support innovators and creators building on the Soneium blockchain to foster innovation. Each selected team will receive up to $100,000 in funding. Participants will receive expert mentorship, access to advanced technical resources, and opportunities to connect with industry leaders to accelerate their projects. Applications for the first cohort close at the end of September 2024, with the incubation period starting mid-October 2024 and conducted online for global participation.
Sony Group Corporation Links
Consolidated Financial Results for Q1 FY2024 (Released: August 7, 2024)
https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/24q1_sonypre.pdf
Consolidated Financial Summary for Q1 Ended June 30, 2024
https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/24q1_sony.pdf
Soneium Related Links
Sources
https://cryptorank.io/ico/startale-labs
Note: This newsletter is not sponsored by Sony Group Corporation or any of its affiliated entities; it is an objective overview of Sony’s involvement in blockchain technology through the creation of Soneium.
Risk Disclaimer
insights4.vc and its newsletters provide research and information solely for educational purposes and do not constitute any form of professional advice. We do not recommend any investment activities, including buying, selling, or holding digital assets.
The content reflects the author’s personal views and is not financial advice. Please conduct thorough independent research before participating in cryptocurrencies, DeFi, NFTs, Web3, or related technologies, as these areas are high-risk and subject to significant value fluctuations.
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