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Sony’s blockchain division, Sony Block Solutions Labs, is launching a testnet and developer incubation program for its Soneium network. “This initiative marks a significant milestone in Sony Corporation’s involvement in Web3, as it looks to accelerate ecosystem growth and adoption by leveraging its extensive global reach and technological expertise across the entertainment, gaming, and electronics sectors,” the company wrote in a press release.
The Soneium blockchain is an Ethereum Layer 2 OP Stack-based blockchain designed to provide a “cost-effective development environment” for building consumer applications. Circle, Optimism, Alchemy, The Graph, Chainlink , and Astar Network will all be early adopters of the network. The project, a joint venture between Sony Group Corporation and Startale Labs, is set to launch in 2023 and was recently awarded to Sony Network Communications Labs.
The companies also plan to integrate the ASTR Token as the “main asset” on the EVM-compatible Minato test network. In addition, Astar Network will integrate its zkEVM asset and underlying infrastructure with Soneium to increase the initial liquidation of the new chain , Sony said last week while teasing the test network launch. Sony subsidiaries, including SonyMusic, SONY Pictures, and the Sony Innovation Fund, will participate in the Soneium Spark incubation program. Applicants will receive up to $100,000 in startup Capital and will have access to a network of exchanges and venture capitalists. Sony subsidiary Quetta Web Co. previously acquired crypto exchange WhaleFin, which plans to rebrand and relaunch this year.
Bitcoin BingX Chart
Bitcoin 1D Chart 28/08/2024 | Source: TradingView & BingX
Bitcoin price fell below $60,000 again late Tuesday amid a broader crypto market downturn. According to a cryptocurrency analyst, multiple crypto liquidations reported over the past day have exacerbated such adverse factors.
Glassnode data shows that over $287 million worth of long crypto positions were liquidated in the past 24 hours. “Short-term volatility has been bid up, with traders scrambling to buy downside protection (put options), as fundamental momentum remains weak due to excess supply and a lack of on chain catalysts in the near term,” said Augustine Fan, Head of Insights at SOFA.org.
Ether prices have shown further difficulty as Ether Spot ETFs reported prolonged net outflows, recording their eighth consecutive day of negative inflows on Monday. “ETFs continue to decline as the Ethereum Primary Network remains mired in an identity crisis,” Fan said. “ETH has been hit harder than other cryptocurrencies as the Ethereum Foundation has been criticized for its $100 million budget coming from ETH sales, which will add to selling pressure,” Nick Ruck, an independent market researcher, also said in a statement.
BTCMarkets' Lucas predicts that Bitcoin could fall as low as $56,000 in the near term if the coin continues to trade below its 50-day moving Medium , a key technical level on the daily chart. Bitcoin's 50-day moving Medium is currently at $61,991, according to TradingView data.
BTC 's current support level is $57,500 and resistance level is $61,500.
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