In the ever-evolving world of cryptocurrency, gaming has emerged as a significant frontier, and Ronin stands out as a pioneering Ethereum sidechain driving some of the most popular crypto games. Let’s delve into what Ronin is all about, its native token RON, and the exciting games powered by this innovative blockchain network.
What is Ronin?
Ronin serves as a specialized Ethereum sidechain tailored for gaming applications, offering faster and cheaper transactions compared to Ethereum’s mainnet. Launched in February 2021, Ronin was one of the early entrants in the realm of gaming blockchains. Its primary goal is to provide a platform for gaming experiences with low transaction fees and high scalability.
Initially operating on a “proof of authority” (PoA) blockchain, Ronin relied on trusted validators to confirm transactions. However, in March 2022, the network encountered a significant setback when it fell victim to a $622 million hack, attributed to North Korean hackers. Despite this setback, Ronin and developer Sky Mavis promptly refunded affected users, showcasing their commitment to the network’s integrity.
Following the hack, Ronin transitioned to a delegated proof-of-stake (DPoS) mechanism in April 2023, enhancing decentralization. Under DPoS, any holder of the Ronin token (RON) with at least 250,000 RON staked on the blockchain can participate in selecting validators for the network.
What is RON?
RON serves as the native token of the Ronin blockchain, functioning as the fuel for transactions on the network. Users require RON to pay for transactions and can also stake it to participate in the DPoS mechanism or engage in decentralized finance (DeFi) activities. With RON achieving an all-time high price of $4.45 in March 2024, its value has surged amid the growing popularity of games hosted on the Ronin network.
What is the Ronin Wallet?
The Ronin Wallet, developed by Sky Mavis, serves as a crypto wallet tailored for the Ronin blockchain ecosystem. Available as both a web browser extension and a mobile app, the Ronin Wallet enables users to securely manage their digital assets. In addition to supporting Ronin, the wallet has expanded its capabilities to include compatibility with other blockchains like Polygon and BNB Chain. Moreover, it offers features such as Binance Pay, facilitating token purchases within the Ronin ecosystem.
What is Sky Mavis?
Sky Mavis is the crypto tech startup behind the creation of Ronin and the renowned game Axie Infinity. Established in 2018, Sky Mavis boasts a team of five co-founders and has garnered significant investment, with notable backers including Animoca Brands and Andreessen Horowitz (a16z). The company’s commitment to innovation is evident through its development of both the Ronin blockchain and groundbreaking games.
Which Games are on Ronin?
Axie Infinity, Sky Mavis’ flagship game, spearheaded the adoption of the Ronin network. Dubbed as a Pokémon-inspired play-to-earn game, Axie Infinity allows players to engage in battles using unique creatures called “Axies,” each represented as a non-fungible token (NFT). The recent introduction of upgrades for Axies further enhances the gaming experience.
Another standout title on Ronin is Pixels, a social farming simulation game reminiscent of classics like Stardew Valley. Pixels offers players crypto incentives and NFT land plots, attracting millions of players with its engaging gameplay and rewarding mechanics.
Beyond Axie Infinity and Pixels, Ronin has welcomed several external game developers onto its platform, expanding its gaming ecosystem. Notable additions include Apeiron, The Machines Arena, Kaidro, Tribesters: Island of Solas, and Civitas, among others. While some games have departed from Ronin, such as Zoids Wild Arena and Battle Bears, the network continues to grow with diverse gaming experiences.
What’s Next for Ronin?
Looking ahead, Sky Mavis plans to open up the Ronin network to more developers, fostering greater innovation and diversity within the gaming ecosystem. Additionally, the company aims to enhance the network’s scalability by implementing zero-knowledge rollups, leveraging zkEVM technology.
In summary, Ronin has established itself as a trailblazing Ethereum sidechain, driving innovation in the gaming sector. With its commitment to scalability, decentralization, and user experience, Ronin is poised to shape the future of blockchain gaming.
Ronin will become more Ethereum aligned.
— Jihoz.ron 🍚 (@Jihoz_Axie) April 3, 2024
We are Ethereum’s best chance at onboarding everyday people. We’ve been doing it for 6 years but get no recognition since we aren’t a true L2 yet.
We will be the #1 ETH L2 by adoption. https://t.co/ekmUWVNmfZ
Through its vibrant ecosystem of games and robust infrastructure, Ronin offers a glimpse into the exciting possibilities at the intersection of cryptocurrency and gaming. As the gaming industry continues to embrace blockchain technology, Ronin stands ready to lead the charge towards a new era of decentralized gaming.
