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Sony launches Soneium blockchain as it pushes for mainstream web3 adoption

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Sony launches Soneium blockchain as it pushes for mainstream web3 adoption

Japanese electronics company Sony is developing its own blockchain, Soneium, in collaboration with Singapore-based web3 infrastructure provider Startale.

The company announced the development in an Aug. 23 release, stating that the Soneium testnet will go live in the coming days. It will allow developers to experiment and build applications, paving the way for a future public release.

Sony has positioned the new blockchain as a public network that will make web3 technology accessible and mainstream. The company decried the centralization of the current internet, where information and economic power are concentrated in the hands of a few entities. As such, it believes Soneium can help decentralize the internet while tackling two of the biggest challenges facing web3; limited adoption and a lack of meaningful use cases. 

However, according to Startale chief executive Sota Watanabe, Soneium’s first year will be spent onboarding web3 core users since the technology and the community are not yet ready for general users. In year two, the plan is to integrate several Sony products onto the platform, including Sony Music, Sony Pictures, and Sony Bank. Finally, in the third year, the team will allow other enterprises and general decentralized applications to build on Soneium.

The Soneium testnet will run on optimistic rollup technology built using the Optimism (OP) OP Stack. It will also integrate Startale’s Astar zero-knowledge Ethereum virtual machine to provide liquidity as well as fungible and non-fungible tokens.

The electronics manufacturer stated in the press release that it plans to explore how it can integrate Soneium with its other businesses to create a range of decentralized apps and services for new and existing web3 users. Sony claims that its new blockchain infrastructure will help protect content rights and come up with new profit-sharing models for creators. 

Web3 is a catchall phrase that refers to the next iteration of the internet, focusing on decentralization and user empowerment. However, its development is facing several challenges, including scalability and interoperability.

Sony said that the goal for its new blockchain project is for it to have “internet-level scalability,” a feat that could make it more adaptable by everyday users. Earlier in the year, the company announced it was partnering with Siemens to create industrial applications for the metaverse.

The first product of the collaboration was a mixed reality headset built specifically for web3 designers and engineers. In addition, Sony recently acquired Japanese crypto exchange Amber, which then rebranded to S.BLOX. The company runs the WhaleFin exchange and is also led by Startale CEO Watanabe.

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Altcoin

Spot Bitcoin ETFs log $62m in inflows, Ether ETFs continue 3-day outflow streak

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Spot Bitcoin ETFs have started this week on a positive note, while spot Ether ETFs continued their third consecutive trading day of negative flows.

Data from SoSoValue shows that the 12 spot Bitcoin exchange-traded funds in the U.S. recorded $61.98 million in inflows on Aug. 19, representing a 72% increase compared to the net inflows of $36.01 million on the same day.

BlackRock’s IBIT led the lot with $92.7 million, bringing its total inflows since launch to $20.48 billion. Fidelity’s FBTC followed with modest inflows of $3.9 million. These funds were the only ones to record a second consecutive day of inflows.

Market data on inflows/outflows for spot Bitcoin ETFs as of Aug. 19 | Source: SoSoValue

Bitwise’s BITB and Invesco Galaxy’s BTCO recorded net outflows of $25.7 million and $8.8 million, respectively, offsetting part of the gains seen by these investment vehicles on Aug. 19. Grayscale’s GBTC saw no flows on the day, marking the first day this has occurred since its launch. The investment product has been recording continuous outflows, totaling $19.64 billion since its inception.

The remaining seven Bitcoin ETFs also remained neutral as the cryptocurrency market anticipated a correction. The cumulative spot BTC ETF inflows have now surpassed the $17.4 billion mark.

Data from crypto.news shows that the global crypto market capitalization jumped by 2.4% in the past 24 hours, currently standing at $2.24 trillion. The total 24-hour trading volume also surged, hovering around $79.5 billion. Bitcoin (BTC) rose by 4.2% over the past 24 hours, trading at $60,937 at the time of writing.

Ether ETFs record $13.5m in outflows

In contrast, the nine Ethereum ETFs collectively saw $13.52 million in outflows on Aug. 19, marking the third consecutive trading day of outflows.

Leading the outflows was Grayscale’s ETHE, with ongoing outflows of $20.3 million, contributing to a total outflow of $2.43 billion since its inception. Meanwhile, Grayscale Bitcoin Mini Trust and Bitwise’s ETHW were the only offerings to record modest inflows of $4.9 million and $1.9 million on the day. The remaining six Ethereum ETFs saw no activity on the day.

Trading volume for Ether ETFs dropped to $124 million, significantly lower than the $185 million seen the previous trading day. These funds have experienced a cumulative net outflow of $433.62 million to date. As of press time, Ethereum (ETH) soared by 2.3%, trading at $2,673.

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Altcoin

Starknet debuts parallel transaction execution on testnet

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Ethereum layer-2 scaling solution Starknet has rolled out its parallel execution feature on testnet, anticipating mainnet launch in a few weeks.

Starknet, a layer-2 blockchain operating on top of the Ethereum network, has unveiled a testnet update, which brings new features that are supposed to speed up transaction execution.

In an X announcement on Aug. 21, Starknet said that the network’s 0.13.2 version is now live on testnet, adding that the final rollout on mainnet is anticipated in a week.

The latest update brings a new feature called “parallel execution,” making it possible for transactions to be processed simultaneously instead of a sequential processing. With the update, Starknet can now execute “multiple transactions at the exact same time,” the project’s developers say, adding there is now no need to wait for each transaction to be completed individually.

“Before Starknet v0.13.2, each of these transactions were executed one after the other. With v0.13.2, they’re processed in parallel (at the same time), boosting Starknet’s speed and capacity for you, users and developers.”

Starknet

Despite the news, Starknet (STRK) saw a decline, trading down 2.3% at $0.35, per data from crypto.news.

This update comes as Starknet’s ecosystem gears up for further enhancements. On Aug. 20, StarkWare, the developer behind Starknet, announced its first-ever mainnet vote for STRK holders, focusing on the introduction of staking to the network. The proposal will determine the specifics of the staking mechanism, with a full launch anticipated by October.

The phased staking rollout is set to begin with a testnet in September, followed by the mainnet launch in Q4 2024. The proposal also outlines the minting mechanism and the protocol for adjusting staking parameters, giving the Starknet community a direct voice in these decisions.

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Altcoin

Ethereum gas fees drop to all-time low amid declining whale activity

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Ethereum’s gas prices and whale activity have declined as its price dropped below the $2,600 mark.

According to an X post by CryptoQuant, the daily mean gas price on the Ethereum (ETH) network plunged to an all-time low of 2.9 Gwei, worth around $0.026, on Aug. 18. The average ETH gas price recorded a mild hike and is currently sitting at 3 Gwei.

Data shows that only 115 ETH, worth around $300,000, were burned as gas prices hit an ATL. ETH’s price consolidated around the $2,600 mark amid market-wide uncertainty.

One of the main reasons behind the steep decline in the price of Ethereum gas is the Dencun upgrade, which was launched in March of this year. Dencun allowed layer 2 networks to execute their data blobs on the Ethereum mainnet, causing a significant fee drop.

However, the CryptoQuant analyst claims that the declining network fees could potentially cause long-term problems such as “user and liquidity fragmentation.” 

The analyst pointed out that the ETH supply has increased by 197,000 tokens while the price plunged 35% despite the approval of the long-awaited spot ETH exchange-traded funds in the U.S.

Ethereum’s whale activity has also been declining alongside its fees. According to data from Santiment, the number of whale transactions consisting of at least $100,000 worth of ETH has consistently fallen over the past week — dropping from 5,371 on Aug. 12 to 2,138 unique transactions at the time of reporting.

ETH price and whale activity – Aug. 19 | Source: Santiment

ETH is down by 3% in the past 24 hours and is trading at $2,580 at the time of writing. Its daily trading volume, however, increased by 32%, surpassing the $10 billion mark.

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Bitcoin

Crypto payments: Flexa introduces toolkit to simplify digital payments

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Flexa has launched Flexa Components, a new suite of mobile tools designed to streamline digital payments within wallet applications.

The toolkit is designed to address the long-standing fragmentation in the digital payments industry, where disparate systems and high transaction fees have created barriers for merchants and developers alike.

Its interface supports wallets using Bitcoin (BTC), Ethereum (ETH) , Litecoin (LTC), Polygon (MATIC), Zcash (ZEC), and more.

This news comes as Apple is set to open its iPhone payment chip to third-party developers. This change will allow developers, including those in the crypto industry, to access the iPhone’s Near-Field Communication technology for in-store payments, transit fares, and other uses. 

The announcement and similar developments, such as Flexa’s new toolkit, could make crypto more mainstream and enhance its adoption.

This follows a developing trend as financial regulators explore the reshaping of digital payments by merging blockchain and AI. This shift is leading to tokenized value exchange and the rise of bots as new consumers. As a result, transparency and efficiency are becoming paramount for traditional financial practices to adapt.

Flexa’s toolkit

The Flexa toolkit allows wallet apps to interface directly with merchant point-of-sale systems and supports various digital assets for instant payments across the U.S.

The toolkit includes zero transaction fees, instant payment capabilities, and a user-friendly interface that integrates easily into existing wallet apps. It is designed with privacy in mind, minimizing the collection of personal data to ensure secure and private transactions.

Flexa Components offers developers a comprehensive support system to easily integrate digital payments into their apps. Merchants benefit from faster payment processing, lower fees, and enhanced customer experiences, with reduced risk of fraud or chargebacks.

Flexa’s broader goal is to make digital currencies more accessible and functional in everyday transactions. The launch of Flexa Components represents a significant step in this direction, as the company continues to evolve its offerings to meet the growing demand for seamless digital payments.

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Altcoin

Arbitrum DAO signals approval to introduce staking for ARB tokens

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With 91.5% approval, the Arbitrum DAO has signaled its support for implementing ARB token staking to enhance governance and security.

The Arbitrum DAO has supported the implementation of (ARB) token staking, a move aimed at enhancing governance and bolstering the protocol’s security. Per the temperature check proposal submitted by Tally’s head of marketing, Frisson, over 91% voted in approval, while 8.46% opposed it.

The initiative, designed to improve the governance and security of the Arbitrum protocol, noted that only about 10% of ARB’s circulating supply is “actively used in governance,” and voter participation has declined since the launch of the Arbitrum DAO.

The new staking mechanism is expected to allow ARB holders who delegate their tokens to active governance participants to capture value, while a liquid staked ARB token (stARB) will enable the auto-compounding of potential future rewards and compatibility with decentralized finance applications.

Staking as insurance against governance attacks

A key component of the staking proposal is its role in safeguarding the Arbitrum DAO treasury, which has amassed over 16 million ETH in surplus fees. Frisson highlighted the growing risk of governance attacks, noting that as the treasury’s value increases, it becomes more “economically attractive for a malicious actor” to launch a governance attack on the DAO treasury.

Tally is set to develop the staking solution with an allocated budget of $200,000 in ARB tokens. Smart contract audits are expected to be completed by September, with the full implementation of the staking mechanism scheduled for October. Despite the news, ARB’s price continued to decline, trading nearly 3% lower, per data from crypto.news.

The approval comes just a week after Franklin Templeton, a $1.66 trillion asset manager, announced plans to launch a money market fund on Arbitrum. The so-called Franklin OnChain U.S. Government Money Fund (FOBXX) is also available on Stellar (XLM) and Polygon (MATIC).

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Theo Crypto News

Altcoin

Spot Bitcoin ETFs witness inflows of $11.11m, Ether ETFs break 3-day inflow streak

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Spot Bitcoin exchange-traded funds in the United States saw positive flows again, in contrast to spot Ethereum ETFs, which saw substantial outflows, ending their three-day run of gains.

Data from SoSoValue reveals that on Aug. 15, the twelve U.S. spot Bitcoin ETFs registered a collective inflow of $11.11 million, ending their short-lived negative flow witnessed the previous day.

Fidelity’s FBTC led the charge with inflows of $16.2 million followed by Grayscale’s Bitcoin mini trust and Biwise’s BITB which saw $13.7 million and $6.2 million inflows, respectively. Grayscale’s GBTC was the only offering to see outflows of $25 million on the day, bringing its total net outflows to $19.57 billion since its launch. The remaining seven Bitcoin ETFs reported no changes in their inflows or outflows for the day.

Spot Ether ETFs see substantial outflows

Conversely, the nine Ethereum ETFs collectively saw $39.21 million in outflows on Aug. 15, a flip from the previous daily inflows of $10.8 million and $24.3 million. Leading the outflows was Grayscale’s ETHE, with continued outflows of $42.5 million and accumulating total outflows of $2.38 billion since its inception.

Meanwhile, Fidelity’s FETH and BlackRock’s ETHA saw modest inflows of $2.5 and $0.8 million, respectively, on the day. The remaining seven Ethereum ETFs showed no significant activity. Despite these outflows, Ether ETFs experienced a jump in trading volume, totaling $240.58 million, higher than the previous day. These funds have seen a cumulative net outflow of $405.11 million to date.

Leveraged fund attracts investor focus

Meanwhile, the U.S. Securities and Exchange Commission has recently given the green light for the launch of a new leveraged fund, MSTX, by Defiance, a U.S.-based ETF issuer. The fund aims to provide investors with 175% daily long exposure to MicroStrategy, enabling them to gain leveraged exposure to innovative companies without the need for a margin account.

On its debut trading day, MSTX generated $22 million in volume, which might set a new record, according to Bloomberg’s Senior ETF Analyst, Eric Balchunas.

Despite this development and the introduction of IBIT, another ETF, the broader crypto market has shown a tepid response. Most major cryptocurrencies have remained stable or recorded minimal increases. Bitcoin (BTC) had only gained 0.77%, while Ethereum (ETH) managed an even lower increase of 0.16%, per data from crypto.news.

Bitcoin dipped temporarily under the $57,000 mark but has since managed to climb back up to $58,442 at the time of writing. Aptos (APT) and Celestia (TIA) have taken the biggest hit among the top ten by market cap on the daily timeframe and are down 4.9% and 3.8%, respectively.

It remains to be seen if the bulls or the bears get the upper hand now, but analyst Rekt Capital noted in an Aug. 15 post on X that Bitcoin is currently retesting the bottom of its trading channel as support, indicated by a green circle on the chart. They also emphasized that maintaining price stability at this level could favorably impact the cryptocurrency’s potential for a future upward trend continuation.

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Altcoin

Bybit now supports PayPal’s PYUSD stablecoin on Solana

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Cryptocurrency exchange Bybit says users can now deposit and withdraw PayPal’s PYUSD stablecoin on the Solana network.

Bybit has announced the expansion of its support for Solana-based assets, including the addition of PayPal’s PYUSD stablecoin, the company said in an Aug. 15 press release.

The move follows PYUSD’s recent milestone of surpassing 500,000 processed transactions, highlighting its growing “adoption across various financial applications,” Bybit said. Data from DefiLlama indicates that over 54% of PYUSD’s market liquidity is concentrated on Solana (SOL), with the remainder on Ethereum (ETH).

Stablecoins by market capitalization | Source: DefiLlama

PYUSD ranks as the 6th largest stablecoin by market capitalization, boasting the highest month-on-month growth among its competitors, with a 30.7% increase, DefiLlama data also shows.

PayPal expands its stablecoin across multiple networks

Commenting on the listing, Emily Bao, head of web3 and SBU at Bybit, stated that the stablecoin’s performance on Solana “has demonstrated the market’s demand for a regulated, secure stablecoin that can keep pace with the rapid developments in decentralized finance.”

PayPal launched its own stablecoin in August 2023, making it the first large financial company to do so. The stablecoin, backed by U.S. dollar deposits, short-term Treasuries, and other similar cash equivalents, is a product of a partnership between PayPal and Paxos, a blockchain company that issues stablecoins.

A few months later, PayPal disclosed that it had received an investigative subpoena from the U.S. Securities and Exchange Commission regarding its stablecoin, without providing further details. In late May, PayPal expanded its support to Solana, citing significant benefits for commerce use cases as the driving force behind the decision.

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Altcoin

AAVE secures top gainer spot with 9% surge in 24 hours

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Aave, a decentralized crypto lending platform, experienced a 9% price surge on Aug. 15 morning, positioning it as the top performer in the crypto market.

At the time of this report, Aave’s (AAVE) price remained 8% higher, trading at $106.4, with its daily trading volume increasing by 78% to approximately $262 million. The market capitalization of Aave reached $1.57 billion, ranking it 54th among the largest cryptocurrencies.

AAVE 24-hour price chart — Aug. 15 | Source: crypto.news

Despite the recent surge in price, Aave is still 84% below its all-time high of $661.69, which was recorded in May 18, 2021.

Aave operates as a decentralized platform across 12 blockchain networks, specializing in overcollateralized loans. Users can deposit cryptocurrency to take out loans, with smart contracts automating the entire process, including fund distribution, collateral management, and fee assessment.

The recent surge in Aave’s price coincides with a broader recovery in decentralized finance protocols, particularly in lending and borrowing platforms.

Aave has set a new record for weekly active borrowers, according to an X post by its founder, Stani Kulechov, on Aug. 14. The platform reached around 40,000 active borrowers in a single week, surpassing the previous high from late 2022.

This growth has been fueled by the emergence of new lending markets like Base and Scroll. Base (BASE) now accounts for nearly 30% of the unique wallets on Aave V3, with Layer-2 platforms Arbitrum (ARB) and Polygon (MATIC) following closely with 23.4% and 21% wallet shares, respectively, according to Dune Analytics.

Kulechov also mentioned that the number of weekly depositors on Aave is nearing peak levels. Earlier this month, the number of Aave depositors saw a significant spike, based on data from Dune Analytics.

Aave is currently the third-largest DeFi protocol by total value locked, with a reported TVL of $11.85 billion, according to DeFiLlama. Although the protocol’s TVL has increased by 70% this year, it remains below its peak of approximately $20 billion in October 2021.

The Aave token is currently trading within a horizontal channel pattern, suggesting a sideways trend with resistance levels at $115 and support at $80.

Technical indicators for 2023 appear positive, with the 50-day moving average pointing to an uptrend and the 14-day Relative Strength Index standing at 50.74, indicating a neutral position and the potential for continued sideways trading.

Throughout 2023, Aave has introduced several significant updates, including enhanced lending and borrowing features, improved security, and the integration of new DeFi protocols. The community also approved a fork called Seamless, designed to offer an alternative decentralized lending solution.

Earlier this year, Aave’s token price surpassed $100, and by June, wallets holding staked AAVE accounted for 17.09% of the token’s total supply, signaling growing adoption of the platform.

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