Sony Enters the Blockchain Revolution with Layer-2 Platform Soneium
Sony has officially joined the blockchain industry. The company announced “Soneium” on Tuesday, a multipurpose blockchain platform that is perfect for a variety of uses in the financial, entertainment, and gaming sectors.
Sony’s Layer-2 Blockchain “Soneium” Officially Launches
The platform is the product of Sony Block Solutions Labs (SBSL), a partnership between the Sony Group and Singapore-based Startale Labs. Soneium is an Ethereum-based Layer 2 network designed to promote a thriving ecosystem and increase accessibility to blockchain technologies. Following a four-month testing phase in which 14 million wallets participated, the launch showcases the platform’s readiness and scalability.
Bridging Web2 and Web3
SBSL describes Soneium as a user-centric platform designed to connect traditional web2 audiences with the burgeoning web3 space. In a statement provided to CoinDesk, SBSL underlined Soneium’s emphasis on streamlining blockchain interactions and integrating web3 into creators’, fans’, and communities’ daily lives. Blockchain could become a commonplace tool for digital engagement because of the platform’s user-friendly architecture.
Powered by Optimism’s OP Stack
To build Soneium, Sony leveraged the OP Stack from Optimism, a customizable framework that employs optimistic rollup technology. The technology is a popular option for creating scalable blockchain networks since it makes transactions on Ethereum quick and affordable.
Sony is one of the increasing number of businesses utilizing OP Stack. Coinbase and Kraken, two prominent adopters of the technology, are US-based cryptocurrency exchanges that use it to power their Base and Ink networks. In order to demonstrate the adaptability and dependability of the framework, other adopters like Uniswap and Worldcoin have also incorporated OP Stack into their layer 2 solutions.
Grants and Incentives
The Optimism Foundation, responsible for the development of the OP Stack, has incentivized companies to adopt its technology by awarding grants in the form of OP tokens. SBSL refuses to provide information on its sponsorship agreements, but past experience indicates that these agreements can be substantial. In August 2023, Coinbase, for instance, earned up to 118 million OP tokens, which at the time were valued at $182 million. The OP Stack was also adopted by Kraken in January 2024, earning them up to 25 million OP tokens, which were valued at about $100 million at the time.
These sponsorships are part of a larger blockchain platform competition. By constructing interconnected blockchain networks and providing developers with alluring incentives, Optimism, Polygon, and Arbitrum are vying with one another to grow their ecosystems.
With its features and functionality, Soneium is ideally positioned to play a significant role in bridging the gap between the decentralized web and traditional digital platforms. Sony’s entry into the market suggests a promising trend toward increased acceptance by well-established IT heavyweights as blockchain technology continues to advance.
