Axie Infinity, the most popular Web3 game, is built on the Ronin blockchain. This uses RON as its governance token.
Over the previous year, the Ronin blockchain has grown significantly. This morning, the RON token went live.
Sky Mavis’ governance token, RON, was utilized to introduce Ronin’s token. As a means of enhancing the Axie Infinity game’s popularity. Furthermore, the game’s creator created the Ronin blockchain.
Control of Axie Infinity
Ronin’s Axie Infinity chain now has a governance token as part of the network’s decentralization efforts.
Axie Infinity’s team of Sky Mavis unveiled Ronin’s token, the RON token, today. The Ronin blockchain is an Ethereum sidechain. It has been critical to Axie Infinity’s success over the last year. This is a significant announcement.
Furthermore, high fees and lengthy wait times on Ethereum’s Layer 1 have tormented Axie Infinity customers for years. Sky Mavis responded to this issue by launching its own chain, Ronin.
The New Token
There are numerous applications for the RON token. The Ronin block validators will receive RON. It will serve as a reward for keeping and staking the cryptocurrency. Each account can now do more than 100 transactions each day. In addition, instead of USD, petrol fees will be paid in RON.
For NFT owners in the Axie ecosystem, a set number of free transactions will be provided. Important, a RON/ETH liquidity pool will start on Katana, Ronin’s decentralized exchange, tomorrow.
On the Ronin blockchain, there has been a lot of activity. The number of addresses using the Ronin wallet to communicate with the network has grown from a few hundred to over a million since late November.
Ronin handled 6.6 times as many transactions than Ethereum in November. According to Nansen, the Ronin network was responsible for 15% of all NFT volume in 2013.
Tokens were also utilized to create an ecosystem fund. This will help with recruiting new developers and gaming teams to the platform.
Finally, as mentioned by the Sky Mavis team, Ronin is in a unique position to promote this rapidly growing business venture.
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