Astar Network is in the process of transitioning from Astar zkEVM to Soneium L2. The network has announced the commencement of the first phase of the two-phase process. Sony Block Solutions Labs developed Soneium, an Ethereum L2. Future opportunities and advancements in the ecosystem are anticipated to be stimulated by the transition. Astar Network has described it as a strategic alignment and highlighted its benefits.
For starters, the transition will boost its reach within the community. Through this partnership, Astar gains access to Sony’s crucial resources. This includes expertise in finance, entertainment, and gaming. Moreover, it will allow Astar to integrate Web3 technology into real-world applications. This will boost its reach to a wider audience. Also, it will boost reach for ASTR, the native token of the network.
Not only will the token expand its reach, but it will also enhance its utility. Connecting via Chainlink CCIP will enhance the token’s interoperability with all major Ethereum chains. This will enhance the token’s adaptability and usefulness for ASTR holders. The token will have a larger role to play with Soneium L2.
The Astar ecosystem is anticipated to experience growth as a result of the same association. Any revenue generated by Soneium will be reinvested into Astar. The idea is to support growth and innovation while also serving key benefits to the community. It is essential for Soneium to expand before it can assist Astar Network by reinvesting its revenue.
The development is in line with the mission of the Astar Foundation. It is committed to growing Astar L1 and improving the visibility of its native token. The partnership enables the Foundation to broaden the utility of the token and its application on Soneium L2 with an aim to meet the needs of stakeholders and drive value plus innovation.
In its announcement, Astar Network expressed its excitement for embarking on this voyage, asserting that it presents numerous new opportunities for the network, the community, and the holders of ASTR. It allows them to expand their utility and reach in a strategic manner within the realm of Web3. In simple terms, it aims to deliver more to Astar builders and stakeholders.
The announcement has, so far, helped ASTR to mark a surge of 3.95% in the last 24 hours. The token is currently trading at $0.07246, and it is likely to experience further upswings in the days ahead. This stems not only from the recent announcement but also from the fact that the crypto market is attempting to rebound from the recent crash it experienced in the first half of August 2024.
A partnership with Soneium is currently facilitating that growth. Once Astar Network completes Phase 2, the network’s shareholders could more readily understand its impact.
Source: https://www.cryptonewsz.com/astar-networks-phase-1-of-evolution-begins/