Another Strong Player Joins Layer 2
According to an official announcement on Sony's website on August 23, Sony's Singapore-based subsidiary, Sony Block Solution Labs Pte. Ltd., will officially launch Soneium, a Layer 2 scaling solution based on Ethereum. A week later, Sony announced the launch of the Soneium testnet, which is now available for all developers and creators. The latest news on August 30 revealed that Soneium has partnered with Transak to provide global fiat on-ramp services, offering users the option to join the ecosystem using traditional payment methods.
Soneium is a new Layer 2 blockchain project developed by Sony in collaboration with Startale. Soneium leverages the Op Stack and Superchain developed by the Optimism Foundation to create a scalable, EVM-compatible, and developer-friendly blockchain.
Soneium will be built on the existing Ethereum infrastructure, handling data processing to address the issues of slow processing speed and high costs typically associated with L1 solutions. Additionally, Soneium aims to become a versatile, general-purpose blockchain that can meet the diverse needs of all verticals and provide support for users worldwide. On the Soneium network, everyone is a creator, regardless of where they are or what they do.
Sony plans to gradually integrate Soneium's features into various product lines, such as Sony Music, Sony Pictures, and Sony Bank, to enable the efficient application of blockchain technology in traditional industries.
With the launch of Soneium, Sony is expected to gain more influence in the blockchain and Web3 sectors.
As a pioneer of the Web2 era, Sony is steadily moving into the Web3 era with a forward-looking vision and proactive approach, dedicated to maintaining its leadership in the wave of digital transformation and innovation.
In 2021, just before the release of the MCU film "Spider-Man: No Way Home," Sony partnered with AMC Theaters to distribute NFTs to Spider-Man fans.
In March 2022, Sony collaborated with Universal Music Group to release digital collectibles of legendary musicians like Miles Davis on the Snowcrash NFT marketplace.
In April 2022, Sony subsidiary Sony Network Communications established an NFT-oriented company in Singapore.
In early 2023, Sony Network Communications, a business unit under Sony Group, partnered with the multi-chain smart contract network Astar Network to launch a Web3 incubation program focused on NFT and DAO (Decentralized Autonomous Organization) utility projects.
In August 2023, Sony acquired the cryptocurrency exchange Whalefin, later rebranded as S.BLOX.
In September 2023, the joint venture subsidiary "Sony Network Communications Labs Pte. Ltd." was established. The new company will focus on blockchain technology development, primarily advancing the development of Sony Chain.
In March 2024, Sony Bank, a subsidiary of Sony Financial Group, announced plans to launch "Sony Bank CONNECT" in the summer of 2024.
In April 2024, Sony Bank began conducting a proof of concept with plans to issue a stablecoin pegged to fiat currency.
Judging by the development path mentioned above, Sony's exploration in the Web3 domain appears both comprehensive and robust. Its activities are wide-ranging, covering various aspects of the metaverse, innovative practices in NFTs, and delving into the construction of public blockchain infrastructure. At the same time, Sony closely follows the latest developments in the cryptocurrency sector, demonstrating a deep understanding and proactive attitude toward this emerging field of technology.
As the crypto ecosystem continues to expand rapidly, Ethereum's mainnet, as a core infrastructure, is facing unprecedented challenges. Its native capacity of processing approximately 15 transactions per second struggles to accommodate the growing user base and complex interaction demands. This has led to frequent network congestion and soaring transaction fees, inadvertently setting high barriers for many potential users.
Ethereum needs to adopt scaling solutions to address these issues, which is the reason for the emergence of Layer 2. Layer 2 primarily addresses scalability, transaction costs, and transaction speed.
Currently, Layer 2 scaling solutions have achieved significant development within the Ethereum ecosystem, becoming an important means of alleviating network congestion and high gas fees on Ethereum. According to data from L2BEAT, there are currently 73 Layer 2 projects, and as of August 30, the total value locked in Layer 2 amounts to approximately $35.97 billion, representing a year-on-year growth of 215.93% over the past year.
Although the Layer 2 ecosystem is showing strong growth momentum, it is important to recognize that no Layer 2 network has yet surpassed Ethereum in terms of throughput. Therefore, the urgent task at hand is to accelerate the cultivation and expansion of the Layer 2 ecosystem by introducing more diverse and influential dApps, thereby broadening its application boundaries and impact. Only by doing so can the Layer 2 networks build a more prosperous ecosystem, attracting and retaining a broader user base.
MEXC has always kept pace with the development of Layer 2, actively promoting its widespread adoption through concrete actions.
As one of the platforms with the fastest listing speed and the most diverse range of tokens, MEXC was the first to list many Layer 2-related tokens, such as MATIC, OP, ARB, STRK, MANTA, and others, providing users with a convenient way to participate in the Layer 2 ecosystem. Additionally, MEXC has established a dedicated Layer 2 section that covers the most popular projects, making it easier for users to quickly understand market trends and investment opportunities.
MEXC is committed to reducing users' transaction fees to alleviate the financial burden on investors. In the blockchain industry, high transaction fees have long been a major concern for users. MEXC, by offering the lowest transaction fees in the industry, creates a more user-friendly and cost-effective trading environment, further enhancing user experience and satisfaction.
Currently, in the Layer 2 (L2) arena, Soneium has made a dazzling debut with its outstanding capabilities, undoubtedly injecting new vitality and anticipation into this field. As a global giant in the entertainment industry, Sony's strategic moves following the mainnet launch are highly anticipated. With the official launch of Soneium, it is widely expected that Sony will leverage its extensive experience and influence in the gaming, music, and film industries to support and develop a series of Web3-oriented innovative projects, seamlessly connecting the Web2 and Web3 worlds. This will build a bridge to the emerging digital economy for millions of users, attracting and guiding Web2 users, who might have been hesitant about traditional blockchain technology, into the vast world of Web3.
As an industry observer, MEXC will closely monitor and follow the developments of Soneium.
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