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Sony’s Layer 2 Scaling Solution Passes US $45m in TVL
- Despite the broader crypto market’s struggles, new projects like Soneium are seeing success and adoption.
- Soneium, developed by Sony, has quickly risen the DeFi ranks and now sits among the top 60 blockchain networks by total value locked (TVL).
- Soneium’s Conquest campaign has contributed to its recent success by incentivising user engagement and adoption.
- The project faced initial community backlash due to censorship concerns but has since gained momentum.
Amid declarations of the apocalypse, cogs are still whirring in the background.
Despite the broader crypto market’s struggles this week, several new projects are enjoying newfound success and adoption.
One of the biggest stories this month has been Soneium – an Ethereum scaling solution developed by Japanese tech giants Sony.
The Mainnet has been around for less than a quarter, but Sony’s L2 is quickly rising up the ranks of DeFi adoption.
Just how far can it go?
Related: Market Meltdown: Why is SOL, XRP, DOGE Plummeting Today?
TVL Metrics Push Soneium Into Top 60 Blockchain Networks
Soneium celebrated a major milestone overnight, with the network exceeding US $45m (AU $71m) in total value locked (TVL).
Total value locked is often considered a strong indicator for an ecosystem’s health, as it suggests investors are actively engaging with dApps on the network.
In particular, Soneium’s decentralized exchange offerings have been appealing to traders, with DEXs Kyo Finance (+20%), Velodrome (+113%) and Sonex (+115%) all experiencing significant TVL increases in the past week.
The last week has seen Soneium’s TVL sky-rocket by nearly 30%, with its monthly growth sitting at an impressive 87%. This trend has pushed it into the top 60 networks by total value locked – an impressive feat given its fledgling nature.
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Conquest Campaign Breathes Life into Soneium
Part of Soneium’s recent success has been on the back of its Conquest campaign, a month-long project to improve adoption. In a partnership with Galxe, Soneium offered rewards for participating in educational content while exploring the L2’s ecosystem.
This highlighted several apps and functionalities of the Soneium blockchain, while bringing a swathe of new users to the network.
However, the launch of Soneium hasn’t always been smooth sailing. In its first month of release, the project experienced community backlash due to fears of censorship after several meme coins were banned from trading on native DEXs.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
