Stargate on Soneium

Summary

It is proposed that Stargate launches an ETH pool and USDC pool on Soneium Network. Stargate should use some of its existing POL within Stargate V1 pools to seed the new pools on Soneium. In total, it is requested that $2m is moved from Stargate V1 on Polygon, and the ETH from Mainnet - with $2m coming from the USDC pool and the other $3m coming from the mainnet ETH pool.

Motivation

Soneium Network is a collaboration between Sony and Startale Labs with the aim of being a global infrastructure that underpins the Web3 era, driving innovation across existing industries. The network will benefit from Sonys’ experience in communication, IoT, AI and solution services and is expected to have an extensive ecosystem at launch with plenty of support to grow.

Sony is a clear powerhouse of a brand that we believe should be associated with Stargates’ growing presence as the best bridge in the web3 ecosystem. Similarly, given Startale Labs’ expertise in the web3 space we are excited to see where any technical partnership with Stargate and Startale x Sony could end up.

It is of strategic importance that Stargate is early to ecosystems such as this given their growth potential and the high demand for blockspace that will likely exist. When Stargate is early it beats the competition and often becomes the de facto bridge for any chain that integrates.

By enabling ETH and USDC bridging for Soneium Network at launch Stargate aims to become the primary liquidity transfer destination for all users looking to move in and out of the network at speed and low cost.

Proposal

It is proposed that Stargate launches an ETH and a USDC pool on Soneium Network to take advantage of a high potential ecosystem and grow our dominance in the bridging sphere.

Furthermore, it is proposed that the DAO provides $5m of POL to the Startale Network pools which could eventually be removed given there is enough usage and supply into the pools. This POL should come from Stargate V1 on Polygon where there is minimal usage of the pool and also a desire to slowly push migration to V2 pools.

Of this $5 million: $2m should be from the USDC in the existing V1 pool on Polygon $3m should be from the ETH in the existing V1 pool on Ethereum

Conclusion

In conclusion, this proposal aims to place Stargate strategically in an ecosystem with high potential as early as possible which in turn should position Stargate incredibly well to be the primary venue for bridging.