Soneium: How Sony uses blockchain to connect Web2 and Web3

Author: insights4vc Source: substack Translation: Shan Ouba, Golden Finance

Soneium is a public layer 2 blockchain on Ethereum designed for scalability and ease of use, with the goal of driving widespread adoption. By combining Sony's global influence in entertainment, gaming, finance, and electronics with Startale's blockchain expertise, Soneium aims to simplify the user experience and provide a powerful platform for developers. Soneium envisions an open Internet that transcends cultural and geographical boundaries, enabling unlimited innovation. This vision aligns with Sony's core values: creating an exciting and engaging environment (emotion), fostering creativity (creativity), and making Web3 technology accessible to everyone (going mainstream).

This move comes at a time when Sony is showing strong financial performance across its core business units. In the first quarter of fiscal 2024, Sony reported growth in both sales and operating income, particularly in the Game and Network Services and Music divisions. The company raised its forecast for fiscal 2024, highlighting its strong financial position and strategic growth plans. A link to the latest financial report of Sony Group Corporation, released on August 7, 2024, can be found at the end of the press release.

Startale Labs

Startale Labs is advancing Astar Network (Japan's leading public blockchain) and providing Web3 infrastructure through the Startale Web3 Cloud. They have launched a beta version of this cloud platform through a joint venture in collaboration with Sony Network Communications.

On September 12, 2023, Sony Network Communications and Startale Labs announced the establishment of a joint venture to build a blockchain designed to become a global Web3 infrastructure - a strategic move to enhance blockchain capabilities. The company changed its name to Sony Block Solutions Labs Pte. Ltd. on 19 August 2024, reflecting a deeper focus on blockchain solutions. Soon after, on 23 August 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, with Sony Group companies holding 90% and Startale Labs Pte. Ltd. holding 10%.

Startale Labs board of directors:

• Chairman:  Jun Watanabe

• Director:  Ryohei Suzuki, Masaaki Isotsu, Souta Watanabe, Takeshi Narita

Core team (Soneium):

• CEO: Sota Watanabe (LinkedIn, x.com)

• Marketing director:   Alex Preukschat

• Chief of Staff (COO of Astar Foundation): Shun Ishikawa

• Head of Protocol: Maarten Henskens

Startale Labs Fundraising Insights

Total Funding:$7 million |Valuation:$63.5 million

• Undisclosed Rounds: Date:June 28, 2023 |Funding:$3.5 million $3.5 million

  • Investors: Sony Network Communications

  Series A: Date: February 6, 2024 |Raised: $3.5 million

  • Investors: SamsungNext, UOB Venture Management (a subsidiary of UOB Singapore), Signum Capital, Sony Network Communications

  Architecture

  Modular Framework: Soneium leverages the OP Stack, a modular development toolkit introduced in the Optimism “Bedrock” upgrade. The framework allows for 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), providing public verifiability and preventing censorship.

  Ordering Layer: Collects and orders transactions, creating batches. Currently centralized, but aims to be decentralized in the future to increase trustlessness.

  Derivation Layer: Re-executes transaction batches on L2 to derive new state roots, ensuring consistency between L1 and L2.

  Execution Layer: Processes transactions and updates L2 state using the Ethereum Virtual Machine (EVM), ensuring smart contract compatibility.

  Proof Layer: Generate fraud proofs submitted to L1 to challenge invalid L2 transactions and maintain system integrity.

  Optimism Superchain Integration

  • Shared Technology: By building on the OP Stack, Soneium ensures compatibility and seamless communication with other blockchains in the Superchain ecosystem.

  • Interoperability: Facilitates asset transfers and interactions between Soneium and other OP Stack-based networks, promoting an interconnected environment.

  • Collective Governance: Operates under the Optimism Collective, a decentralized entity that oversees the development of the ecosystem and adopts a revenue sharing mechanism to fund beneficial projects.

  Minato Testnet

  Minato serves as Soneium's public testnet, allowing developers to test and refine applications before the mainnet launches.

  Accessibility

  Wallet Integration: Supports wallets such as MetaMask and WalletConnect, making it easy to switch the network to Minato.

  Bridge Functionality: Provides tools for users to bridge assets and interact with the testnet environment.

  Block Explorer: In partnership with Blockscout, Soneium offers a blockchain explorer with features including:

  • Transaction tracking and analysis.

  • Gas fee metrics, including average gas limit and price.

  • Graphs and statistics of network activity to help developers and users optimize transactions.

  PARTNERSHIPS

  In addition to key partnerships with Sony Group Companies and Startale, key Soneium collaborations include:

  • Astar Network: Launching partners to transition from Astar zkEVM to Soneium, enhancing the utility of the Astar native token (ASTR) and strengthening both ecosystems.

  • Transak: Providing Web3 infrastructure services such as fiat on/off-ramp and NFT trading, facilitating global accessibility and a smooth transition from Web2 to Web3.

  • Alchemy: Provides Web3 development tools, including a user-friendly dashboard and Supernode API, to support efficient development and expansion of dApps on Soneium.

  • Optimism: Built with Optimism's OP Stack for compatibility with Superchain, providing a developer-friendly environment with high transaction speeds and low gas fees.

  • Chainlink: Provides decentralized oracle services such as data feeds and smart contract automation, enhancing data reliability and smart contract functionality.

  • Circle (USDC): Integrates USD Coin to enhance liquidity and stablecoin utility, driving transactions and promoting adoption through trusted stablecoins.

  • The Graph: enables efficient organization and access to blockchain data, supporting nearly 100% uptime to improve user experience and dApp reliability.

  • Pyth Network: provides real-time market data through Pyth Price Feeds, providing the necessary high-fidelity data for DeFi applications on Soneium.

  

  Minato Testnet Key Metrics (September 2024) 19th)

  

  

  

  Soneium Spark

  The Soneium Spark incubation program aims to foster innovation by supporting builders and creators developing on the Soneium blockchain. Each selected team with innovative ideas will receive up to $100,000 in financial support. Participants will benefit from expert mentoring to maximize the potential of their projects, access to advanced technical resources, and connections with industry leaders to drive growth. The first application deadline for the program is the end of September 2024. The incubation period begins in mid-October 2024 and will be conducted online to promote global participation.