This edition of the newsletter dives into Soneium - a new L2 developed by Sony Block Solutions Labs that's part of the Optimism Superchain, offering improved scalability and reduced transaction costs while implementing strict IP protection measures. The platform distinguishes itself through its unique Sony Group partnership, providing access to entertainment and gaming channels, and currently has $18m in TVL with around 10 live dApps available for user interaction. We'll also share some interesting articles, portfolio updates and market highlights.
a) Layer 2s
• Layer 2 blockchain networks are seeing massive growth with weekly active addresses surpassing 10M (5x more than Ethereum L1) and generating over $170M in profits throughout 2024, with Base leading at 74% market share.
• Stablecoin adoption on L2s has reached $12.4B in total value locked, while networks like World Chain and ZKSync are seeing significant user growth through smart accounts and incentive programs, and Polygon PoS has processed 82M organic stablecoin transactions with 4.5M+ monthly users.
Coverage on Base, Arbitrum, Worldchain, ZKSync & Polygon
b) Stablecoins aren't cheaper; They're better.
• While stablecoins aren't inherently cheaper than traditional payment systems (like SWIFT or VISA), their true value lies in creating a programmable, global layer above existing payment rails that could eventually reduce intermediaries and costs.
• The technology's potential isn't in lower fees but in its ability to enable better infrastructure with automated compliance, instant treasury management, and global accessibility – similar to how the internet built upon telco infrastructure to enable new capabilities rather than just cheaper phone calls.
The US Dollar has the worlds best product-market-fit. Stablecoins are building a layer above all rails, that creates new value. Instant, 24/7, and programmable payments.
c) Solving the Cold Start Problem: Exploring the synergies between Boyco and pre-launch vaults
• Berachain's pre-launch deposit vaults have attracted over $1.5B in TVL across 130,000+ wallets, offering users a passive way to participate before mainnet while solving the "cold start problem" that new L1s typically face in attracting initial liquidity.
• The system works in conjunction with Berachain's Boyco mechanism to enable a more democratic and transparent approach to liquidity bootstrapping, with major protocols like StakeStone ($400M+) and ether.fi ($440M+) managing deposits that will seamlessly transition to native Berachain dApps at launch.
As you're reading this, Berachain's Boyco pre-launch deposit vaults have attracted over 1.5 billion dollars in TVL. But what do they do, and why did the floodgates open before mainnet?
a) Solv Protocol
• Solv Protocol is launching its SOLV token on January 17, 2025, building on its success of attracting over 25,000 BTC (making it one of the largest Bitcoin holders globally) since its April 2024 launch.
• The token distribution includes 7.65% for community allocation through various programs, with most users receiving tokens immediately while the top 1% of holders face a 3-month vesting period, and trading will begin on Binance at 10:00 UTC on launch day.
Bitcoin Finance has evolved from a simple buy-and-hold game to a dynamic, ever-expanding ecosystem bridging Traditional Finance (TradFi), Centralized Finance (CeFi), and Decentralized Finance (DeFi)...
b) Arrakis Finance
• Arrakis Pro, which helped over 50 projects manage their onchain liquidity in 2024, provides eight key tips for token launches including proper liquidity bootstrapping, choosing the right DEXs, ensuring price parity between CEX-DEX, executing atomic transactions, and managing whale-sized trades.
• The guide emphasizes the importance of careful pool initialization, strategic range setting for concentrated liquidity, and understanding upcoming Uniswap V4 Hooks, while warning that competition will be fierce in the upcoming token generation event (TGE) season as the crypto market heats up.
TL;DR Onchain liquidity is getting more and more complex. This has made shipping a successful token launch and managing Protocol Owned Liquidity much more difficult. Arrakis Pro helped 50+ projects successfully bring their tokens to the market and manage their onchain liquidity in 2024.
c) Soneium
• Sony has officially launched Soneium, a public blockchain built on the OP Stack and Superchain, which aims to enhance creator-fan engagement and has already seen significant testnet adoption with over 14 million active wallets and 47 million transactions.
• The ecosystem launches with integrated tools from Sony Group including SNFT Inc.'s Fan Marketing Platform for NFT distribution and S.BLOX Inc.'s crypto exchange services, while the Soneium Spark incubator program has received 1,785 applications from creators looking to build on the platform.
Today, we are thrilled to announce that Soneium Mainnet is officially live and accessible for everyone. Soneium enables creators to unlock new possibilities, enhancing fan engagement and leveraging the transformative potential of web3 technology. Together, we're shaping the next chapter of the decentralized internet, creating a space where creativity thrives, people feel connected and opportunities are distributed more fairly.
Soneium's mainnet went live yesterday and in this article we shed some light on what exactly is Soneium, how it differentiates itself from other L2s and how you can interact with its ecosystem.
Introduction
Soneium is an Ethereum L2 developed by Sony Block Solutions Labs, a joint venture between Sony Group Corporation and Startale. While many are familiar with Sony not many know that they also started Startale Labs as a new initiative dedicated to Web3 infrastructure development led by core contributors from Astar Network. Their goal is to create tools and infrasturacture for enterprise to use to onboard the masses - "Web3 for Billions."
Soneium's infrastructure is built using Optimism's OP Stack and is part of the Optimism Superchain, leveraging Ethereum's security while offering improved scalability and reduced transaction costs. As of the current time of writing, the Superchain ecosystem consists of 60 chains including the likes of Base, OP Mainnet and World Chain.
With over 14m active wallets and 47m transactions during its testnet phase, Soneium demonstrates significant early adoption and potential. On its mainnet, it currently has $18m in total value locked (TVL) and has around 10 live dApps for users to interact with.
How it Stands Out
Soneium distinguishes itself from other ecosystems through its very unique partnership within the Sony Group ecosystem, offering unprecedented opportunities to bridge Web3 with mainstream consumer applications and potentially leveraging on the IPs that Sony houses. Since Sony is already deeply embedded in entertainment, gaming, and tech, this offers Soneium instant access to these established channels and audiences than any other blockchain (the closest comparison within this realm would be Story Protocol).
Several examples of Soneium creating a comprehensive ecosystem for digital creators and consumers include:
• Fan Marketing Platform: allows creators and brands to connect with fans through NFTs in meaningful ways
• S.BLOX Inc.: handles crypto asset exchange services
IP Protection
One of Soneium's most distinctive features is its approach to IP protection which will dramatically help content creators and projects. Unlike many other blockchains, Soneium implements strict measures to protect creators' IP rights, including a blacklisting system for smart contracts that violate IP regulations. The platform enforces a 12-hour grace period for potential violations, which give time to teams to address concerns before actions are taken. This approach reflects Sony's commitment to maintaining a balance between open innovation and creator rights protection. While some may argue that this goes against the ethos of a blockchain which is a censorship resistant ecosystem, it is also prudent to recognise that some chains will opt for a more "private" approach to suit the needs of different businesses and users and what matters more is that there are financial activity on the chain itself.
Who is Soneium For
Soneium caters to multiple stakeholders including:
• Content creators and artists looking for blockchain solutions while protecting their IP
• Devs building dApps that focuses on entertainment (games, music) and creative content (NFTs)
• Enterprises looking to integrate Web3 solutions within traditional business models
Sonieum also has their "Sonieum Spark" incubation program, which offers investments up to $100,000 for projects building across DeFi, gaming, entertainment, and social applications.
Discussion on Censorship vs Open Blockchain
Soneium's approach to blockchain governance is a good case study of how projects balance between censorship and decentralisation. While the platform maintains certain controls through its RPC-level restrictions and IP protection measures, these actions are transparent and reversible. The blacklisting system affects only specific smart contracts on Soneium's public RPCs and doesn't prevent users from accessing the chain through alternative means. This hybrid model demonstrates how traditional corporations can participate in the blockchain space while maintaining necessary controls for intellectual property and regulatory compliance.
How you can get started
For now, users can head over to SuperBridge to bridge funds from Ethereum into Soneium. As the ecosystem matures, we expect more bridges to go live. Users will then be able to interact with the Soneium chain using Metamask.
For a list of dApps to interact with, head either to:
• Soneium ecosystem page: https://soneium.org/en/ecosystem
• DeFiLlama: https://defillama.com/chain/Soneium
*Disclosure: Signum Capital’s holds a position in the company mentioned above and the information provided on this newsletter is for general informational purposes only and does not constitute professional nor investment advice.
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