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Sony’s Layer-2 Blockchain “Soneium” Goes Live

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Sony, the 78-year-old Japanese electronics giant, is the latest legacy megacorp to explore blockchain technology. On Tuesday, the company announced that it is officially launching “Soneum,” a general-purpose blockchain platform.

The team behind Sony Block Solutions Labs (SBSL), a joint project between Sony Group and Singapore-based Startale Labs, describes Soneuim — technically a layer-2 network atop Ethereum — as “a versatile general-purpose blockchain platform” built to support a diverse ecosystem of gaming, finance and entertainment apps. According to SBSL, the launch comes after a four month-long test period that involved participation from 14 million wallets.

Sony’s network is yet more evidence that traditional technology companies might again be keen on blockchain’s ability to connect and commercialize the future of media. The chain is aimed towards “bridging the gap between web2 and web3 audiences, especially for the creators, fans and community,” SBSL said in a statement shared with CoinDesk. “The platform prioritizes user-centric design, simplifying blockchain interactions and evolving web3 from a niche hobby into an everyday experience.”

The team tapped Optimism’s OP Stack to build out their network — a customizable framework that lets developers use optimistic rollup technology to transact on Ethereum quickly and at a low cost.

Other companies using the OP Stack include the U.S. crypto exchanges Coinbase and Kraken, which use the tech to power their popular Base and Ink networks. Uniswap, the leading decentralized exchange, and Worldcoin, the Sam Altman-founded digital passport, also use OP Stack to power their layer-2 blockchain networks.

In many cases, the Optimism Foundation, which stewards the development of the OP Stack, has awarded grants to companies that agreed to use its tech. SBSL declined to comment on how many OP tokens they would receive as part of this deal, though previous reporting indicates that Optimism’s grants can be substantial.

In August 2023, Coinbase received up to 118 million OP tokens — worth $182 million at the time, or $192 million at today’s prices — to use OP Stack for Base chain. CoinDesk also reported that Kraken received up to 25 million OP tokens, worth roughly $100 million, when it agreed to use the OP Stack in January 2024 (now worth $42 million).

Similar grants are doled out by Optimism competitors like Polygon and Arbitrum, each of whom is dueling to build its own interconnected web of blockchains.

Read more: Sony, Electronics Pioneer Behind Walkman, Starts Own Blockchain ‘Soneium’





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Altcoins

$7,000 Ethereum In Sight? Expert Breaks Down The Potential Path

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3 days ago

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January 11, 2025

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Este artículo también está disponible en español.

There is a reason for Ethereum fans to be optimistic, as expert analysis suggests that the cryptocurrency is going to touch the skies in the coming months. As Bitcoin has just crossed $94,000, Ethereum also shows signs of life and bounces back from its recent low and hints at the possibility of price explosion.

A Quick Look At The Patterns

Well-known crypto analyst Ali Martinez has found a bullish reversal pattern that can potentially take the price of Ethereum into much higher value. Trading at $3,281 at the moment, Ethereum has slipped below the middle line of its rising channel and has traders spooked.

But Martinez is one who thinks if Ethereum could just retest the lower boundary at $2,800 and rebound, it will likely launch into a bullish trend. This rebound may eventually set the stage for Ethereum to reach between $6,000 and $7,000.

Market Sentiment & Challenges

Even though these are all good signs, the mood in the futures market right now is not clear. Open interest in Ethereum has gone down by 1.25%, which shows that some buyers are becoming more cautious.

The long-to-short number is still less than 1, which means that traders are betting against Ethereum instead of for it. Also, funding rates have gone down a lot, which shows that people are less interested in taking leveraged long bets.

Although short-term sentiment may be negative, long-term holders may see attractive entry points at current prices. Due to their inherent volatility, cryptocurrencies require constant vigilance and awareness of market trends.

Ethereum is currently trading at $3,270. Chart: TradingView

Key Resistance Levels

All eyes will be on Ethereum’s performance and whether it can overcome important resistance thresholds as we advance into 2025. Several elements determine whether one may achieve $6,000 or even $7,000: market conditions, investor mood, and more general economic impact.

At the time of writing, Ether was trading at $3,274, down 0.9% and 9.9% in the daily and weekly timeframes, data from Coingecko shows.

Ether Price Forecast

Ether (ETH) is likely to start an ascent in the next seven days; its present price sits 56% below the projected value for next month. This recovery can draw more trading activity and fits the optimistic trends in the market.

Ether is expected to rise by a solid 93% in six months and 94% in three months, according to predictions by CoinCheckup. Though market volatility still has great importance to take into account, a one-year forecast reveals an impressive 180% increase, demonstrating great development potential.

Featured image from Getty Images, chart from TradingView





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Altcoin

Ethereum Faces Crucial Test As Funding Rates Decline And $3K Level Looms

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4 days ago

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January 11, 2025

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Ethereum has undoubtedly been under pressure despite the recent bullish rally in the broader cryptocurrency market as it struggles to make any major upside move.

A recent analysis by ShayanBTC, a contributor to the CryptoQuant QuickTake platform, has shed light on key factors impacting Ethereum’s performance.

In a post titled “Ethereum Faces Crossroads: Funding Rates and $3K Support Key to Sustaining Bullish Momentum,” Shayan highlights the asset’s struggles to maintain its upward trajectory.

Funding Rates And The Importance Of The $3K Support Level

According to Shayan, Ethereum’s bullish momentum has been significantly challenged by fluctuations in Funding Rates, a key indicator of demand in the derivatives market.

While these rates initially rose during the recent rally in the crypto market, signaling growing confidence, there was a subsequent decline after Ethereum was rejected at the $4,000 resistance level suggesting reduced trader interest and commitment.

Ethereum funding rates on all exchanges.

Notably, the spike in Funding Rates during the rally pointed to cautious optimism among traders. However, the sharp decline in these rates afterward highlights a waning demand for Ethereum in the derivatives market.

This shift raises concerns about the sustainability of the bullish trend, particularly in light of Ethereum’s inability to breach the $4,000 resistance.

The $3,000 support level has emerged as a pivotal threshold for Ethereum. Shayan emphasized that maintaining this level is crucial for stabilizing the market and potentially reigniting bullish momentum.

A failure to hold above $3,000 could trigger increased selling pressure, leading to a deeper market correction. The analyst wrote:

Overall, Ethereum’s outlook depends on reclaiming higher Funding Rates and defending $3K. These factors will determine whether the market resumes its uptrend or faces further corrections.

Ethereum Market Performance

Meanwhile, Ethereum has continued to demonstrate downward movements, especially as the broader market has recently turned bearish. Over the past week, Ethereum’s market value has dropped by 6.2% bringing its price below $3,500.

Ethereum (ETH) price chart on TradingView

However, over the past day, there has been a slight uptick in ETH’s price as the asset records a 0.9% increase. This slight increase has pushed ETH’s price to hover above $3,200 at the time of writing marking a 33.9% decrease away from its all-time high of $4,878 recorded in November 2021.

Interestingly, despite the descent in ETH’s price in the past week, the asset’s daily trading volume has faced an opposite trend over the same period. Particularly, ETH’s daily trading volume has moved from $20 billion last Friday to now sitting at above $26 billion as of today.

Given the current trend in ETH, it is worth noting that this increase in trading volume may be a result of the surge in buying pressure and selling pressure ongoing in the Ethereum market.

Featured image created with DALL-E. Chart from TradingView



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Ethereum, Dogecoin, & XRP See Growth In HODLer Count

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4 days ago

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January 11, 2025

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As the price of Bitcoin (BTC) continues to fluctuate below the $100,000 price mark, altcoins like Ethereum (ETH), Dogecoin (DOGE), Cardano (ADA), and XRP are also in the spotlight. According to data insight from Santiment, the number of HODLers for these altcoins has fluctuated thus far this new year. The crypto analytics platform hinted at the implication of the HODLer count within each protocol’s ecosystem.

The Ethereum and XRP Standout

Santiment profiled six digital currencies, including the aforementioned Bitcoin and Chainlink. While Chainlink underperformed with 3,300 drops in hodler wallets, Ethereum and XRP stood out.

The shared data showed that Ethereum had recorded a 645,000 uptick in its hodler wallets. This figure underscores its dominance as the top altcoin among retail investors. XRP followed closely with a total hodler wallet recording a 58,000 count since the start of the year.

Ranking as the only meme cryptocurrency profiled by Santiment, Dogecoin has seen a 29,000 jump in investors holding it for the long term. Cardano scored the lowest figure, with just 2,800 wallets committing to long-term growth.

It is worth noting that the term ‘HODLer’ denotes token holders with plans to hold their assets in the long term.  As the data provider hinted, when the hodler count grows, investors or the community will be comfortable with the project. This can aid ecosystem stability and long-term token growth. 

The opposite is true when the hodler count drops as investors focus on Fear, Uncertainty, and Doubt (FUD).

Ecosystem Projects and Dogecoin Advantage

Despite the ongoing bull cycle, fluctuations have shown how volatile and uncertain the market is. As reported earlier by Coingape, ETH price lost 9% of its value in under 24 hours, a trend visible in other altcoins.

Amid this uncertainty, investors focus on developer activity, and other utilities focus beyond price. While Ethereum developers are working on the Pectra Upgrade, Ripple Labs launched RLUSD stablecoin to boost XRP liquidity.

Input Output Global developers are also working on perfecting the Cardano community governance. In all, Dogecoin might take more of the spotlight in the altcoin market in the long term.

This is based on the Elon Musk-led Department of Government Efficiency (D.O.G.E), which might fuel DOGE popularity. These ecosystem trends might explain why more users are betting on the altcoin’s long-term prospects.

ETH and DOGE Predictions for 2025

Amid the fluctuations of the past few weeks, experts believe the altcoin season is still ahead. Galaxy Research said the DOGE price will top $1 this year in its projections. The Mike Novogratz-associated firm tied this forecast to the D.O.G.E ties around the coin.

Top experts also believe this year holds something big for Ethereum. Bitwise predicted that Ethereum would hit a new all-time high this year, and the asset manager said it is possible for Ethereum to reach $7,000 by the end of the year.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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