Axie Infinity’s Blockchain Launches Governance Token
Key Takeaways
The RON token launched today.
RON is the governance token for the Ronin blockchain, upon which Axie Infinity, the most popular Web3 game, is built.
The Ronin blockchain has seen substantial growth over the last year.
Share this article
The governance token for Sky Mavis’ Ronin blockchain, RON, has been launched. The founder of the blockchain game Axie Infinity created the Ronin blockchain to scale the game’s success.
Decentralizing Axie Infinity
Axie Infinity‘s Ronin chain now has a governance token, a key step in decentralizing the network.
Today, the Sky Mavis team behind Axie Infinity launched the RON token, the governance token for the Ronin blockchain. This is an important announcement for the Axie Infinity ecosystem because the Ronin blockchain, an Ethereum sidechain, has proven crucial for Axie Infinity’s success over the past year.
The high fees and slow transaction times on Ethereum’s Layer 1 caused issues for Axie Infinity users, creating scaling struggles for years. To address this, Sky Mavis built its own chain—Ronin.
The RON token will have several uses. Ronin block validators will hold and stake RON and be rewarded with it. Moreover, gas fees will be paid in RON, and accounts will now be granted more than 100 transactions per day. Owners of NFTs in the Axie ecosystem will also receive a certain number of free transactions. On Katana, Ronin’s decentralized exchange, a RON/ETH liquidity pool will open tomorrow.
Quite a lot of activity has occurred on the Ronin blockchain. More than 300,000 daily active addresses interact with the network via the Ronin wallet, hitting a peak of over one million last November. Also in November, Ronin processed 6.6 times more transactions than Ethereum. 15% of all NFT volume last year occurred on the Ronin network, per Nansen.
An ecosystem fund of RON tokens has also been created, which will go towards bringing new developers and gaming teams to the network.
While Ronin, for now, is centered around Axie Infinity, the Sky Mavis team appears be interested in one day becoming the chain of choice for other game developers, writing in the announcement that “Ronin has a unique opportunity to support this nascent industry.”
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
What is Causing Axie Infinity’s Boom in Popularity?
Axie Infinity has experienced a rapid rise in recent weeks, with the game’s native token AXS surging 469% this month. However, the boom may be the start of a larger…
Axie Infinity Developer Raises $152M at $3B Valuation
Sky Mavis, the gaming studio behind the top blockchain game Axie Infinity, announced Tuesday that it had raised $152 million in a Series B funding round. Axie Infinity Developer Closes…
What is a Crypto Airdrop: Why Projects Airdrop Crypto
Crypto airdrops occur when new tokens are freely distributed to different wallets in order to drive initial growth and build a community. They represent a popular marketing tactic that new projects use to spread…
Axie Infinity Generated More Revenue than Bitcoin, Ethereum in July
A groundbreaking month of July saw Axie Infinity earn more revenue than Bitcoin, Binance Smart Chain, Uniswap, and even Ethereum. Axie Infinity Is Exploding The heavily mediatized price rise of…
