Axies, a global phenomenon in the blockchain gaming industry, first introduced its new network in the second half of 2020 with an aim to seek a long term solution that makes participating in the Axie game & economy fast, cheap and seamless. The network is Ronin - A sidechain made specifically for Axie Infinity.
Although Ronin Mainnet was launched just in February, 2021, Ronin Network has accomplished an impressive milestone of 5 million USD in deposited assets and 2 million wallet downloads.
Which is the secret that makes Ronin outstandingly achieve these outcomes? Let's jump into the Ronin Network to see why it could be huge in the future!
What is Ronin Network?
Ronin Network is an Ethereum-linked sidechain made specifically for blockchain gaming built by Sky Mavis - A company behind Axie Infinity.
How does Ronin Network work?
Ronin mainnet uses Proof-of-Authority. PoA is a modified version of PoS and validators on PoA are usually less than 25. In the early stage of the Ronin Network, Sky Mavis will have sole discretion around validators. Therefore, the team has recruited an all-star cast of partners from the traditional gaming, crypto, and NFT space to serve as validators of the network such as Binance, Unisoft, Animoca, Nonfungible.com, Dapp.com,...
Validators on Ronin are responsible for authoring and validating blocks, updating price oracles, approving deposits and transferring assets (ETH, ERC20 and ERC721) to and from Ronin.
The foundation also plans to integrate community validation eventually, but needs efficiency and control to roll out features and keep the chain running smoothly in the short term.
On December, 23rd, 2020, Ronin Testnet was released to the public and more than two months later, the Ronin Mainnet was launched on February 1st, 2021.
According to Sky Mavis, Ronin will come with:
- Fast & seamless transactions with almost instant confirmation.
- Drastically reduced gas fees (in contrast with Ethereum). Gas fees could be retained by the community and used for things like tournaments & bounties rather than just paying to the miners.
- Withdraw and transfer Axie assets without limitation thanks to Ronin Bridge.
- Ronin is specifically made for blockchain gaming, therefore it will meet Axie's complex demands and significantly enhance the Axie user experiences.
Today, all Ronin users are given 100 free transactions per day and this completely is a stark contrast with Ethereum-based DEX services when one transaction requires more than 10$ fees. This strategy sounds amazing right?
The relationship between Axie Infinity and Ronin Network
Axie Infinity is a pokemon-inspired digital pet universe that has grown to be the most-played blockchain game recently. In the game, each player owns a unique Axie and can earn Smooth Love Potions (SLP) by breeding new Axies or trading in the marketplace.
Axie was first built on Ethereum, however, due to a cripping fees and terrible network congestion, they had to seek solutions in order to maintain the user base.
The first solution was Loom Network. But one year since Axie launched on Loom, this network has undergone leadership changes and they have been focusing on enterprise solutions rather than user facing applications. Then Axie moved.
Ronin was born to be a second solution. At the beginning, Ronin focused on blockchain efficiency in order to enhance user playing experience. However, in the long term, the team is also looking for various solutions to further strengthen and scale Ronin such as zKSyncs.
Katana - Ronin’s native DEX
Katana is a decentralized exchange for Ronin. Katana will allows users to quickly swap users’ assets anytime and anywhere on the Ronin blockchain at a low cost.
Katana was built to:
- Make using Axie’s products easier and less expensive.
- Reduce the reliance on other parties by becoming the largest exchange for Axie ecosystem’s tokens.
- Increase liquidity for assets in the ecosystem.
Currently, this DEX has supported Smooth Love Potion (SLP), Axie Infinity Shards (AXS), Wrapped Ethereum (WETH), and USDC.
Detailed information about RON Token
What is a RON token?
RON is the native token of the Ronin blockchain.
RON Token Key Metrics
- Token Name: Ronin
- Ticker: RON
- Blockchain: Ronin Network
- Token Standard: Updating…
- Contract: Updating...
- Token type: Governance and utility
- Total Supply: 1,000,000,000 RON
- Circulating Supply: Will be 100,000,000 RON after 90 days of the RON farming
RON Token Allocation
RON Token Sale
RON Token Release Schedule
How to get RON token
RON is not for sale yet. The only way to get RON tokens now is being a Liquidity Provider on Katana.
To incentivize users and liquidity, 10% of the total RON supply will be distributed to the community, which, in this case, is all liquidity providers who come in the early 90 days since the launch day of Katana.
Details of distribution event
AXS/ETH - 50% of RON rewards.
SLP/ETH - 50% of RON rewards.
Roadmap and Updates
Team and Investors
The team behind Ronin Network is also the Sky Mavis team:
Trung Nguyen - CEO at Sky Mavis: In the past, he was a co-founder and CTO of Lozi - A social network for food bloggers and an software engineer at Anduin Transactions.
Aleksander Leonard Larsen - COO: He also had experience in blockchain gaming industry and was on Secretary Board of Directors of Blockchain Game Alliance.
Viet Anh Ho - CTO: Viet Anh used to be an intern at Google and Paypal. He was also in the same team with CEO Trung Nguyen at Anduin Transactions.
Sky Mavis has successfully raised two funding rounds.
In the latest round, some of their prominent investors are a16z, Paradigm, FTX, Libertus Capital and other VCs that funded $152M in order to fuel the growth and development of Axie Infinity and Ronin Network.
Why Ronin could be huge in the future
Ronin in general is similar to other layer1 blockchains. It adopts a multi-sided platform Business Model - A model that acts as an intermediary to connect two or more mutually dependent groups of users with shared economic objectives. This model is widely used by well-known blockchain & non-blockchain firms like PayPal, eBay, Alibaba, Facebook, Ethereum,...
In simple words, the multi-sided platform's value proposition is to be the matchmaker. They don’t produce the content or the products, and they don’t actually offer the service themselves. Their main role is an intermediary that allows interaction between parties/stakeholders on the network.
In case of Ronin Network, it helps to connect two main groups:
- Dapp developers: Builders who leverage Ronin’s infrastructure in order to deploy Protocol & dApps. It could be DEXs that serve ERC20 token trading demand, or NFT Marketplace to serve NFT exchanging demand, or Wallet for storing ERC20 & NFT tokens.
- Users: People who useProtocols & dApps on Ronin
=> Gain more demand ⇔ gain more supply
In the current situation, the admired development of Axie will contribute much value to products which are built on Ronin. In the long run, this contributed value could create a positive network effect for Ronin and the network as a whole.
Katana’s impressive milestones
According to DappRadar, since the release of Katana, this first Ronin DEX has surpassed some prominent DeFi DEX like Raydium, Uniswap V3 and Sushiswap on November, 12th 2021.
It is demonstrated that Katana has grown at an exponential level, leaving many other iconic DEXs in DeFi behind in just one week. There is plenty of room for the expansion of Katana once the RON tokens are launched.
From March, 2021 to October, 2021, the deposited assets on the Ronin Network increased from 1M to 5B (5000 times), DAU from 428,000 in October now reaches nearly 1M in November. This development speed is hard for competitors to deny its achievement even though they are launched earlier than Ronin. Not only Axie’s users but many more outsiders will come to find investment opportunities on Ronin, leading it to achieve a higher TVL.
The $152M funding event on 5, October 2021 will pave the way for the major step toward a digital gaming economy on Ronin and help steer the future of Ronin Network in general and Axie Infinity in particular. At this point, it's safe to assume that we will see more impressive numbers given by the Ronin Network in the next stage.
Will Ronin Network open the next chapter for the Blockchain Gaming Industry? Let’s see!
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Coin98 Insights hopes you have gained all of the important information about RON including its features and highlights throughout this topic.
If you have any questions about Ronin Network or want to know more about RON, please feel free to leave a comment below.