Astar Network Unveils Evolution Phase 1 with Soneium Transition

Astar
Network
has
announced
the
commencement
of
Phase
1
of
its
evolution,
which
involves
the
transition
of
Astar
zkEVM
to
Soneium,
an
Ethereum
Layer
2
(L2)
chain
developed
in
collaboration
with
Sony
Block
Solutions
Labs,
a
joint
venture
between
Sony
Group
and
Startale.
This
strategic
move
aims
to
align
with
Astar
Network’s
mission
of
connecting
users
to
Web3
and
creating
greater
value
for
its
community,
according
to

astar.network.

The
Vision
Behind
Soneium

The
transition
to
Soneium
is
not
merely
a
rebranding
but
a
strategic
alignment
with
Sony
Group,
a
global
technology
leader.
By
leveraging
Sony’s
extensive
user
touchpoints,
Astar
Network
aims
to
bring
Web3
technologies
to
a
broader
audience,
enhancing
the
ASTR
token’s
ecosystem
beyond
current
expectations.

Sota
Watanabe,
CEO
of
Startale
and
Founder
of
Astar
Network,
stated, “To
expand
our
ecosystem
and
accelerate
mass
adoption
on-chain,
we
believe
transitioning
Astar
zkEVM
into
Soneium
L2
is
the
right
step
forward.”

The
Future
of
Astar
Ecosystem
and
Its
Assets

The
growth
of
Soneium
L2
is
expected
to
have
positive
impacts
on
the
Astar
ecosystem,
particularly
in
six
key
areas:

1. 
   Value
   Capture
   through
   Sequencer
   Revenue:
   Revenue
   from
   Soneium’s
   on-chain
   activities
   will
   be
   reinvested
   into
   the
   development
   of
   Astar
   and
   future
   products.
2. 
   Expansion
   of
   ASTR
   Utility:
   Soneium
   L2
   will
   be
   part
   of
   the
   Superchain
   initiative,
   making
   ASTR
   interoperable
   with
   other
   major
   ecosystems,
   powered
   by
   Chainlink
   CCIP.
3. 
   Broadening
   ASTR
   Applications:
   The
   Astar
   Foundation
   will
   continue
   to
   focus
   on
   expanding
   the
   utility
   of
   ASTR
   across
   Soneium.
4. 
   Future
   Rewards
   for
   ASTR
   Holders:
   Potential
   benefits
   for
   ASTR
   holders
   through
   future
   initiatives.
5. 
   Liquidity
   Provision
   and
   Incentives:
   Joint
   liquidity
   pools
   on
   Soneium’s
   DeFi
   platforms
   will
   offer
   high-yield
   farming
   rewards.
6. 
   Staking
   Programs:
   DeFi
   Liquid
   Staking
   projects
   will
   welcome
   ASTR
   users
   to
   stake
   their
   tokens
   on
   Soneium
   L2.

Other
Key
Benefits

The
transition
to
Soneium
L2
aims
to
create
a
win-win
scenario
for
both
Astar
Network
and
its
community.
Key
benefits
include:

• 
  Leveraging
  Sony’s
  Ecosystem:
  Unique
  opportunities
  across
  various
  industries
  such
  as
  gaming,
  entertainment,
  and
  finance.
• 
  Community
  Empowerment:
  More
  opportunities
  for
  the
  existing
  user
  base
  to
  participate
  in
  new
  projects
  and
  dApps.
• 
  Astar
  Network
  L2
  Innovation:
  Integration
  with
  Polkadot
  and
  Soneium
  L2
  for
  innovative
  cross-chain
  applications.

Technical
Execution
of
Transitioning
Astar
zkEVM
to
Soneium
L2

The
transition
will
be
executed
through
a
carefully
planned
technical
strategy,
ensuring
minimal
disruption
for
users
and
developers.
Key
steps
include:

1. 
   Release
   User
   and
   Builder
   Guides:
   Clear
   guidelines
   for
   migrating
   to
   Soneium
   L2.
2. 
   Disable
   Deposits:
   Prevent
   new
   assets
   from
   being
   bridged
   to
   Astar
   zkEVM.
3. 
   Increase
   Batching/Sequencing
   Interval:
   Reduce
   operational
   expenses.
4. 
   Gradual
   Closure:
   Monitor
   leftover
   liquidity
   and
   decide
   the
   optimal
   time
   for
   complete
   sunset.
5. 
   Enhance
   Security
   Measures:
   Prevent
   spam
   transactions
   by
   increasing
   the
   gas
   multiplier.
6. 
   Community
   Education
   and
   Communication:
   Implement
   a
   comprehensive
   communication
   plan
   about
   the
   rebranding
   process.

Strategic
Initiatives
to
Drive
Value

Several
strategic
initiatives
will
ensure
the
success
of
Astar
Evolution
Phase
1:

• 
  Liquidity
  Provision
  and
  Incentives:
  Joint
  liquidity
  pools
  on
  Soneium’s
  DeFi
  platforms.
• 
  Staking
  Programs:
  DeFi
  Liquid
  Staking
  projects
  for
  ASTR
  users.
• 
  Co-Marketing
  Campaigns:
  Joint
  marketing
  campaigns
  to
  highlight
  the
  benefits
  of
  using
  ASTR.

Technical
Roadmap
and
Milestones
for
Astar
Network

The
roadmap
for
the
latter
half
of
2024
focuses
on:

• 
  On-Chain
  Governance:
  Integrating
  the
  governance
  model
  into
  the
  Astar
  runtime.
• 
  Polkadot-SDK
  Uplifting:
  Incorporating
  new
  features
  and
  enhancements.
• 
  Safety
  and
  Emergency
  Handling:
  Integrating
  transaction-pause
  and
  safe-mode
  pallets.
• 
  Async
  Backing
  Testing
  and
  Integration:
  Optimizing
  block
  production
  and
  reducing
  latency.
• 
  Core
  Time
  Testing
  and
  Integration:
  Enhancing
  overall
  performance
  and
  efficiency.
• 
  New
  JAM
  Model
  Research:
  Potentially
  reducing
  transaction
  confirmation
  times.

Maarten
Henskens,
Head
of
Astar
Foundation,
commented, “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.”

Conclusion

Astar
Evolution
Phase
1
is
a
strategic
move
to
ensure
that
activities
in
Soneium
accrue
value
to
the
Astar
Network
and
its
token.
The
Astar
community
and
stakeholders
are
expected
to
be
rewarded
for
their
continuous
support
in
this
transformative
journey.

Image
source:
Shutterstock