In the cryptocurrency market, there have been significant price movements for the Ronin Network’s RON token over the past day, sparked by major exchange Binance’s announcement that it will list the token.
Following this news, RON initially surged more than 30%, close to an all-time high, but then plunged nearly 20% due to profit-taking.
TLDR
- Binance announced that it will list the Ronin Network’s RON token on February 5th.
- The price of RON surged more than 30% on the news, nearing an all-time high of $3.51.
- Hybrid cryptocurrency exchange Pullix (PLX) continues to make progress toward its beta launch and market debut.
- Pullix has registered as an exchange provider as token pre-sale reaches stage 7 of 8.
- After the Binance listing was announced, RON made significant gains and its price fell about 20% to around $2.84.
Binance announced that it will list the RON trading pair on February 5th at 13:30 UTC. RON hit a high of around $3.51, just below the high of $4.29 set in January 2022.
This activity coincides with the recent increase in momentum on the Ronin Network itself, with data showing daily active users on the Ethereum sidechain built for gaming to be higher.
However, the initial euphoria was short-lived as holders rushed to profit from RON’s rapid surge. Selling pressure caused the token to fall nearly 20% from under $3.50 to under $2.85 in a matter of hours.
What is Ronin?
Ronin Network is an Ethereum sidechain blockchain built specifically for gaming applications. The network was launched by Sky Mavis, the company behind the popular blockchain game Axie Infinity, as a way to scale Axie’s rapid user growth, which has overwhelmed networks like Ethereum.
What makes Ronin unique is its focus on meeting the scaling requirements of high-capacity games. In 2021, Ronin processed 15% of all NFT transaction volume, proving that Axie Infinity’s requirements alone provided massive throughput.
In addition to Axie, Ronin aims to be the best blockchain for Web3 gaming as its architecture is optimized for fast and cheap transactions.
The network uses a hybrid proof-of-authority and delegated proof-of-stake consensus model that enables faster verification while maintaining a basic level of decentralization. S
The native RON token allows users to participate as transaction validators. Additionally, the network is secured by Sky Mavis, which builds on Axie’s rapid growth and lessons learned from past events to ensure rigorous testing and audit reviews.
Ronin Network builds a dedicated infrastructure tailored to the unique needs of blockchain gaming. By tailoring every aspect of the chain to suit the gaming system, from throughput to fees to staking participation, Ronin stands out as a purpose-built solution catering to the continued growth of the space.