In the broader cryptocurrency world, there are currently many blockchains designed specifically for gaming, but Ronin is one of the first to launch.
Gaming blockchains are typically built to offer lower transaction fees and a larger number of potential transactions, making them cheaper and more scalable than blockchains such as: Bitcoin And Ethereum. Some game chains are also private. This means that developers must receive approval from the blockchain creator to participate in the ecosystem.
Ronin is one such example. At least for now, the company says it plans to open Ronin around 2024 to build out more studios. In the meantime, games like Pixels and Axie Infinity are attracting players to the Ethereum sidechain. Here’s what you need to know about it:
What is Ronin?
Ronin is a gaming-focused Ethereum sidechain designed to process transactions at much faster and cheaper rates than Ethereum’s own mainnet. that much Ethereum virtual device (EVM) Compatible Chains was originally released in February 2021.
It originally launched a “proof of authority” blockchain (PoA). This refers to individuals Ronin considers to be reputable who run validator nodes, a type of computer software to verify transactions on the blockchain. However, one common criticism of PoA methods is that they are less decentralized than other methods because they require placing a lot of trust in fewer validators.
In March 2022, a massive earthquake occurred at Ronin’s Bridge. $622 million hack. The bridge connects Ronin to Ethereum. The US Treasury Department condemned North Korean hackers Some of the funds lost for the attack eventually recovered. Affected users received full refunds from the Ronin network and developer Sky Mavis in June 2022.
In April 2023, the Ronin blockchain will launch a delegated proof-of-stake mechanism (DPoS), which means it no longer operates as a PoA blockchain. DPoS now allows for more decentralization, as does a minimum number of Ronin (RON) token holders. 250,000 RON Networks staked on a blockchain can “delegate” or select network validators.
What is Ron?
Ronin tokens, also known as RON, are gas tokens on the Ronin blockchain. Ronin network users need some RON to pay for blockchain transactions. RON can also be staked to participate in the DPoS mechanism of the blockchain mentioned above, or for other decentralized finance (DeFi) purposes.
What is Ronin Wallet?
Ronin Wallet by Sky Mavis is a cryptocurrency wallet for the Ronin blockchain ecosystem that exists as a web browser extension and mobile app for iOS and Android devices.
In early 2024, mobile wallet developers announced new features in an effort to expand functionality. Support for other blockchains Like the Ethereum sidechain Polygon and the EVM-compatible BNB chain. Also added Binance Pay A feature that allows users to purchase some of the tokens of the Ronin ecosystem.
What is Sky Mavis?
Sky Mavis is a crypto technology startup founded in 2018 that created both the Ronin blockchain and its flagship game. axi infiniti. Sky Mavis has five co-founders: Trung Nguyen, Aleksander Larsen, Jeffrey Zirlin, Viet Anh Ho Sy, and Tu Doan.
According to Tracxn data, Sky Mavis has 26 institutional investors, including Animoca Brands and Andreessen Horowitz (a16z). Sky Mavis has raised $311 million in funding at the time of this writing, per Tracxn, with its latest round of Series B raising $150 million in April 2022. The round was raised to help issue refunds to Ronin users following the aforementioned hack.
How does Axie Infinity fit into Ronin?
Axie Infinity is a Pokémon-inspired play-to-earn game that pits players against each other in battles pitting axolotl-inspired creatures called “Axies” against each other. Every Axie NFT It is something that can be bought and sold. Thanks to a recent update, some Axies are now upgradeddo.
What tokens does Ronin have?
The most well-known tokens on the Ronin blockchain so far are RON, AXS, and SLP. AXS is Axie Infinity’s governance token. SLP, also known as Smooth Love Potion, is Axie Infinity’s primary in-game currency and play-to-earn reward token.
In early 2024, Sky Mavis announced: SLP will get a rework It includes a limited token supply and a “stability fund” that automatically purchases SLP at specified times in an effort to keep the token price within a certain target point. SLP can be earned by winning matches in Axie Infinity.
Pixels will soon launch its own PIXEL token on Ronin, and other games will likely feature tokens in the future as they expand and run their airdrop campaigns.
What games are in Ronin?
Ronin’s best-known games are Axie Infinity (consisting of the Origins, Raylights, and Homeland games), but there are also games like Axie Classic, Project T Prototype, and Defenders of Lunacian Land.
Beyond Axie IP, Sky Mavis Bring in external game developers Add to Ronin blockchain pixel, Zoid Wild Arena, Machines ArenaTribesters: Island of Solas, Civitas, etc.
Pixels was credited with helping reignite interest in the Ronin chain after migrating from Polygon in late 2023 and launching a play-airdrop campaign that ended in January 2024. The game dramatically increased Ronin’s number of active users. It benefits other games on the platform and sparks new enthusiasm among audiences.
Editor: Andrew Hayward
Editor’s note: This story has been updated after publication to mention additional Sky Mavis co-founders and to clarify that Ronin users affected by the bridge hack have received full refunds.