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What is Ronin (RON)?
Ronin basic info
What Is Ronin (RON)?
There's an EVM-based blockchain designed specifically for play-to-earn games called Ronin, and it has gained significant traction in just nine months. Ronin boasts impressive statistics, such as 250,000 unique daily active addresses, $5 billion in TVL, over 2 million wallet downloads, and 15% of all NFT transactions on the market. Among its features, the DEX Katana ranks second among decentralized exchanges in terms of weekly active users and facilitates token swapping within the Axie Infinity ecosystem.
Who Are the Founders of Ronin?
The team behind Ronin is comprised of notable figures in the gaming and blockchain industries? Sky Mavis, the technology-focused game studio responsible for Ronin, was founded by Jeffrey Zirlin, a Yale graduate with four years of experience building Sky Mavis, and Alexander Leonard Larsen, a co-founder of both Sky Mavis and Axie Infinity, with a background in blockchain dating back to 2017. Larsen has also led multiple investment rounds for the company.
What Makes Ronin Unique?
Ronin is a game-changer for the gaming industry, offering several benefits that set it apart from the rest. Firstly, it provides fast and cost-effective transactions, making it ideal for games like Axie that require frequent confirmation. Secondly, users can withdraw assets easily, allowing players to benefit from the profits they earn and swap tokens to other cryptocurrencies. Thirdly, Ronin offers an easy onboarding process for new users, with a fiat on-ramp and a native wallet, making it accessible to new players and cryptocurrency newbies alike. Sky Mavis has created Ronin to be the go-to NFT scaling solution for gaming, and it has already handled more NFT volume than all Ethereum NFT scaling solutions combined in 2021. With plans to decentralize further by opening up its validator application process, Ronin is set to become the premier location for launching Axie-related games and NFT games from other developers.
How Is the Ronin Network Secured?
Ronin is a sidechain that is compatible with Ethereum, and it operates using a consensus mechanism known as proof-of-authority (PoA). Validators are chosen based on their reputation by the Ronin team, making it a relatively centralized mechanism. Some of the validators on Ronin include Binance, Ubisoft, and Animoca Brands. These validators are responsible for creating and validating blocks, updating price oracles, and approving asset deposits and transfers to and from Ronin. Additionally, validators have the power to add or remove other validators.
Ronin (RON) Price Prediction
According to some analysts, there are indications that the price of Ronin will keep increasing, possibly even reaching $3.34 by 2025.
RON supply and tokenomics
Uniqueness
Ronin stands out thanks to several main benefits.
First, the blockchain offers cheap and fast transactions with a confirmation time of 2-3 seconds. This makes it well-suited to a game like Axie that requires a high frequency of transaction confirmations.
Second, users can withdraw Axie assets back to the Ethereum mainnet with its Ronin Bridge . That means players can benefit from the profits they earned playing the game and conveniently swap tokens to other cryptocurrencies.
Third, it offers simplified onboarding for new users with a fiat on-ramp and a native wallet, lowering the barriers to entry for new players and making it easy to get started even for cryptocurrency newbies.
Sky Mavis built Ronin to be the default NFT scaling solution for gaming. Ronin already handles more NFT volume than all Ethereum NFT scaling solutions combined, and 15% of all NFT volume in 2021 happened on Ronin. Its bridge is the third-largest bridge by total volume after Polygon and Avalanche and a top-five bridge on Ethereum by total value locked. Sky Mavis’ vision is for Ronin to become the premier location to launch Axie-related games and NFT games from other developers. To accomplish that, Ronin plans to further decentralize by opening up its validator application process in 2022.
In its first phase, at least ten validators outside of Sky Mavis will join the Ronin network, and at least three external teams will be building NFT games on top of it. The second phase will see 20 external validators and five external teams, as well as Ronin upgrading to delegated proof of stake. In its final phase, Ronin anticipates more than 100 validators in its network that receive fees from protocols and NFT sales outside the Axie universe.
Token utility
RON is the ecosystem token of the Ronin blockchain. Its main purpose is to secure and decentralize the network. Ronin will thrive if RON is in the hands of the builders and users of the network.
Ronin validators will need to hold and stake $RON to participate in validating blocks. They are rewarded with newly issued RON. This RON is divided up among a validator and its delegates pro-rata based on the RON they have staked with the validator. The validator may also elect to take a fee from its delegates. Please note that this structure is not finalized and may be altered as new research and trends come to light.
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What is the development prospect and future value of RON?
The market value of RON currently stands at --, and its market ranking is #133. The value of RON is widely recognized by the market. When the bull market comes, the market value of RON will likely continue to increase.
Moreover, if RON can play a greater role in practical applications, such as Ronin builders fully leveraging the potential of RON, partnering with more businesses, and increasing its user base, the long-term value of RON will be significantly enhanced.
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