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:
-
Value
Capture
through
Sequencer
Revenue:
Revenue
from
Soneium’s
on-chain
activities
will
be
reinvested
into
the
development
of
Astar
and
future
products. -
Expansion
of
ASTR
Utility:
Soneium
L2
will
be
part
of
the
Superchain
initiative,
making
ASTR
interoperable
with
other
major
ecosystems,
powered
by
Chainlink
CCIP. -
Broadening
ASTR
Applications:
The
Astar
Foundation
will
continue
to
focus
on
expanding
the
utility
of
ASTR
across
Soneium. -
Future
Rewards
for
ASTR
Holders:
Potential
benefits
for
ASTR
holders
through
future
initiatives. -
Liquidity
Provision
and
Incentives:
Joint
liquidity
pools
on
Soneium’s
DeFi
platforms
will
offer
high-yield
farming
rewards. -
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:
-
Release
User
and
Builder
Guides:
Clear
guidelines
for
migrating
to
Soneium
L2. -
Disable
Deposits:
Prevent
new
assets
from
being
bridged
to
Astar
zkEVM. -
Increase
Batching/Sequencing
Interval:
Reduce
operational
expenses. -
Gradual
Closure:
Monitor
leftover
liquidity
and
decide
the
optimal
time
for
complete
sunset. -
Enhance
Security
Measures:
Prevent
spam
transactions
by
increasing
the
gas
multiplier. -
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
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