Soneium is built as a public Layer 2 blockchain on Ethereum, designed to be scalable and easy to use, with the goal of driving widespread adoption. By combining Sony’s global reach in entertainment, gaming, finance, and electronics with Startale’s blockchain expertise, Soneium aims to simplify the user experience and offer a strong platform for developers. Soneium envisions an open internet that crosses cultural and regional boundaries, enabling innovation without limits. This vision aligns with Sony’s core values: creating exciting and engaging environments (Emotion), fostering creativity (Creative), and making Web3 technologies accessible to everyone (Go Mainstream).

Sony Group Corporation - Q1 FY2024 Consolidated Results

This initiative comes at a time when Sony is demonstrating strong financial performance across its core business segments. In Q1 FY2024, Sony reported increases in sales and operating income, particularly in its Game & Network Services and Music segments. The company’s upward revision of its FY2024 forecast underscores its robust financial health and strategic growth plans. Links to the latest financial reports of Sony Group Corporation, presented on August 7, 2024, can be found at the end of the newsletter.

Sony Group Corporation - Q1 FY2024 Results by Segment

Startale Labs

Startale Labs is advancing the Astar Network—a leading public blockchain in Japan—and providing Web3 infrastructure through the Startale Web3 Cloud. In partnership with Sony Network Communications, they launched the beta version of this cloud platform via a joint venture.

On September 12, 2023, Sony Network Communications and Startale Labs announced a joint venture to build a blockchain aimed at becoming a global Web3 infrastructure—a strategic move to enhance blockchain capabilities. The company was renamed Sony Block Solutions Labs Pte. Ltd. on August 19, 2024, reflecting a deeper focus on blockchain solutions. Shortly after, on August 23, 2024, they introduced “Soneium”, a new blockchain designed to integrate Web3 use cases into daily life.

Sony Block Solutions Labs Pte. Ltd., established in October 2023 and located at 105 Cecil Street, Singapore, is owned 90% by Sony Group Corporation and 10% by Startale Labs Pte. Ltd.

List of Startale Labs Directors:

• Chairman: Jun Watanabe
• Directors: Ryohei Suzuki, Masaaki Isozu, Sota Watanabe, Takeshi Narita

Core Team (Soneium):

• Chief Executive Officer: Sota Watanabe (LinkedIn, x.com)
• Head of Marketing: Alex Preukschat
• Chief of Staff (COO at Astar Foundation): Shun Ishikawa
• Head of Protocol Department: Maarten Henskens

Startale Labs Funding Insights

Total Raised: $7.00M | Valuation: $63.50M

• Undisclosed Round: Date: 28 Jun 2023 | Amount Raised: $3.50M
• Investors: Sony Network Communications

Series A: Date: 6 Feb 2024 | Amount Raised: $3.50M

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

Architecture

Modular Framework: Soneium utilizes the OP Stack, a modular development toolkit introduced in the Optimism ‘Bedrock’ upgrade. This 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 posted on Ethereum Layer 1 (L1), providing public verifiability and preventing censorship.

Sequencing Layer: Collects and orders transactions, creating batches. Currently centralized but aims for future decentralization to enhance 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 the L2 state using the Ethereum Virtual Machine (EVM), ensuring smart contract compatibility.

Proof Layer: Generates fraud proofs submitted to L1 to challenge invalid L2 transactions, maintaining 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 overseeing ecosystem development, with revenue-sharing mechanisms to fund beneficial projects.

Minato Testnet

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

Accessibility

Wallet Integration: Supports wallets like MetaMask and WalletConnect, enabling easy network switching 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 featuring:

• Transaction tracking and analysis.
• Gas fee metrics, including average gas limits and prices.
• Charts and statistics on network activity, aiding developers and users in optimizing transactions.

Partnerships

Apart from its key partnerships with Sony Group Corporation and Startale, Soneium’s significant collaborations include:

• Astar Network: Launch partner transitioning from Astar zkEVM to Soneium, enhancing the utility of Astar’s native token (ASTR) and strengthening both ecosystems.
• Transak: Offers Web3 infrastructure services like fiat on-ramp/off-ramp and NFT transactions, facilitating global accessibility and smooth onboarding from Web2 to Web3.
• Alchemy: Provides Web3 development tools, including a user-friendly dashboard and Supernode API, enabling efficient development and scaling of dApps on Soneium.
• Optimism: Built using Optimism’s OP Stack for compatibility within the Superchain, offering a developer-friendly environment with high transaction speeds and lower gas fees.
• Chainlink: Supplies decentralized oracle services like data feeds and smart contract automation, enhancing data reliability and smart contract functionality.
• Circle (USDC): Integrates USD Coin to enhance liquidity and stablecoin utility, powering transactions and promoting adoption through a trusted stablecoin.
• The Graph: Enables efficient organization and access of blockchain data, supporting nearly 100% uptime to improve user experience and dApp reliability.
• Pyth Network: Provides real-time market data via Pyth Price Feeds, delivering essential high-fidelity data for DeFi applications on Soneium.

Soneium Ecosystem

Key Minato Testnet Metrics (September 19, 2024)

Key Testnet Statistics

Accounts growth (Cumulative accounts number per period) - 104,804

Transactions growth (Cumulative transactions number) - 4,607,906

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 financial support of up to $100,000. Participants will benefit from expert mentorship to maximize their project’s potential, gain access to advanced technological resources, and connect with industry leaders to drive growth. The program’s application deadline for the first cohort is at the end of September 2024. The incubation period begins in mid-October 2024 and will be conducted online to enable global participation.

Links - Sony Group Corporation

Q1 FY2024 Consolidated Financial Results (Released on: August 7, 2024)

• https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/24q1_sonypre.pdf

Consolidated Financial Summary for the First Quarter Ended June 30, 2024

• https://www.sony.com/en/SonyInfo/IR/library/presen/er/pdf/24q1_sony.pdf

Links - Soneium

• https://soneium.org
• https://discord.gg/soneium
• https://x.com/soneium
• https://explorer-testnet.soneium.org
• https://bridge.soneium.org/en/testnet

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