- Astar Network has collaborated with Sony Group to transition its Astar zkEVM to Soneium in a two-phase initiative.
- The transition would enable Astar Network to use Sony’s extensive experience to expand its Web3 reach.
Astar Network (ASTR) has announced a strategic collaboration to transition Astar zkEVM to Sony Block Solutions Labs’ Ethereum Layer 2 (L2) chain Soneium. According to the report, the evolution will be completed in two phases, with the beginning of the first stage detailed in an official blog post.
Astar Network is undergoing a two-phase evolution – Phase 1 has begun.
We’re transitioning Astar zkEVM to @soneium L2, an Ethereum Layer 2 developed by Sony Block Solutions Labs – a joint venture by Sony Group and @StartaleHQ. This strategic alignment sets the stage for new… pic.twitter.com/k5SzopGRUJ— Astar Network (@AstarNetwork) August 23, 2024
A document reviewed by CNF reveals that the partnership is with global technology leader Sony Group. This implies that the transition would place Astar Network in a convenient position to tap into Sony’s extensive user touchpoints to extend Web3 technology to a broader audience. According to Sota Watanabe, the CEO of Startale and founder of Astar Network, the movement to Soneium L2 would be the right step forward.
As the founder of Astar Network, the values of Astar and its community are our top priorities. To expand our ecosystem and accelerate mass adoption on-chain, we believe transitioning Astar zkEVM into Soneium L2 is the right step forward. As Phase 1 of Astar Evolution, we are unifying Astar zkEVM into Soneium Layer 2. Note that Astar Evolution Phase 2 is coming.
Six Key Areas of Benefits for Astar Network
The blog post further highlighted six key areas of Astar Network that could be impacted by the development of the Soneium layer 2 chain. The first is “value capture through sequencer revenue.” According to the post, a portion of the sequencer revenue from Soneium would be reinvested in Astar development.
Secondly, ASTR’s reach and Utility would expand as Soneium would utilize OP Stack technology and be part of the Superchain initiative. When this happens, ASTR would be interoperable with other major ecosystems.
This strategic move opens up immense potential for ASTR holders, as they will be able to use ASTR seamlessly across a diverse range of platforms and applications within the Superchain. All this will be powered by Chainlink CCIP to bridge ASTR from Astar Network to Soneium L2 while Astar Foundation will create incentive schemes to reach different audiences and increase the exposure of ASTR.
The other expected contributions captured in the post are: the future rewards to new holders, liquidity provision and incentives, staking programs, as well as growth initiatives.
More on the Transition
The transition of Astar zkEVM to Soneium L2 would be done through a carefully planned strategy to reduce disruption while maximizing benefits.
During the transition period, Astar Network hints that it would release a user and builder guide, disable deposits to Astar zkEVM across all portals, increase batching or sequencing interval to minimize costs, enhance security measures, and encourage community education and communication.
According to the Head of Astar Foundation, Maarten Henskens, they would effectively collaborate with Soneium to increase the value of the ASTR token.
At Astar Network, we believe in the power of collaboration. By aligning with Soneium and transitioning Astar zkEVM, we are creating a more robust ecosystem that will drive innovation and adoption in the web3 space. Our commitment to our ASTR holders remains unchanged, and we will leverage Soneium to contribute to ASTR token value. This evolution is a testament to our dedication to delivering tangible value and expanding our reach.
Pending this much-anticipated development, Astar Network has declared that it would burn 350 million ASTR tokens, representing 5% of the circulating supply, as we reported in July.
