Sony has launched a testnet of its own Ethereum-based blockchain

The company also launched an incubation program with grants of up to $100 000

28.08.2024 - 09:10

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What’s new? Sony has launched a Minato testnet for its own Soneium Layer 2 (L2) network based on the Ethereum blockchain. The company also unveiled the Soneium Spark incubation program for developers, where participants will receive up to $100 000 in seed capital as well as access to a crypto exchange network of venture capitalists.

Material by Cointelegraph

What else is known? Soneium was developed by Singapore-based Startale Labs, a subsidiary of Sony, the testnet launch was conducted by Sony Block Solutions Labs (Sony BSL). Soneium’s development utilized the Op Stack from Optimism’s L2 network team.

The first teams to join Soneium will be Optimism, the USDC stablecoin issuer Circle, Alchemy payment platform, Chainlink decentralized oracle network, The Graph indexing protocol, and Astar Network decentralized application protocol.

Sony subsidiaries such as SonyMusic, SONY Pictures, and Sony Innovation Fund, among others, will participate in the incubation program.

“In an effort to bootstrap a thriving Soneium ecosystem, we are excited to announce the Soneium Spark - An Incubation Program, will start soon. Soneium aims to become a global web3 infrastructure cornerstone, driving web3 adoption across diverse use cases and leveraging Sony Group’s touchpoints,” the press release says.

To build its own public blockchain, Sony Network Communications business unit entered into an agreement with Startale Labs, led by Astar Network CEO Sota Watanabe, last September. The companies plan to integrate Astar Network’s (ASTR) native token as the core asset of the Minato testnet, which is compatible with the Ethereum Virtual Machine (EVM).

Astar Network will also integrate its zkEVM assets and underlying infrastructure with Soneium to increase the initial liquidity of the new network.