Soneium, Sony’s Ethereum Layer 2 platform, tried to prevent meme coins as part of its official policy to control unauthorized use of intellectual property. However, users discovered a way to bypass these restrictions, showcasing the power of decentralized platforms.
Meme Coin Blocking Efforts on Soneium Thwarted by Crypto-Savvy Users
Soneium, Sony Group’s Ethereum L2 platform, has found itself in hot water shortly after its mainnet went live. In an effort to protect intellectual property (IP) and contracts, the project decided to limit the activities of meme coins on its platform by restricting their transactions.
Users of Soneium took to social media to voice their concerns after experiencing losses due to the inability to sell off their meme coin holdings. Despite this, users with a deep understanding of cryptocurrency managed to outsmart the restrictions, which were put in place at the Remote Procedure Call (RPC) node level, causing complications in the connection between decentralized contracts and the blockchain.
Luca Donno, a researcher at L2beat, successfully bypassed the restrictions by utilizing L1 transactions, effectively bypassing the censorship imposed by the chain sequencer. Donno.eth noted that Soneium operates as a standard OP stack chain, hence the need to adhere to this requirement.
However, this workaround is only accessible to skilled programmers capable of modifying transactions, a feat that most users are unable to achieve.
Vitalik Buterin, the co-founder of Ethereum, described the situation as a “testament to the benefits of launching an Ethereum L2 platform for businesses and users,” highlighting the flexibility businesses have in determining the level of control they relinquish to users.
“This is the essence of a free market in action,” he emphasized.
Mingshi Song, the head of DeFi at Soneium, acknowledged that these regulations were crucial steps for blockchain to gain mainstream acceptance. Song emphasized the importance of creating frameworks that businesses can trust while upholding the principle of user sovereignty.
Sota Watanabe, the CEO of Startale Labs, added that establishing such a chain was no easy task. “Initiating these initiatives for IP rights and protection was necessary to attract mainstream businesses,” he concluded.
Read more: Optimism Stack Update: OP to Support Layer Three With Funding, Features, and Revenue Sharing