In the blockchain gaming sector, competition is increasing with the emergence of new protocols that are full of potential. However, Ronin, as one of the first generation of gaming blockchains, has maintained its edge.
Throughout 2023, Ronin managed to achieve solid performance milestones. In addition, Ronin continues to deliver new features that support the needs of gamers.
To learn more about Ronin, its advantages, features, and RON tokens as an investment, check out the full review below!
What is Ronin?
Ronin is a layer-1 blockchain platform designed specifically for the gaming ecosystem and is fully compatible with the Ethereum Virtual Machine (EVM).
The platform has proven to be capable of scaling the game to accommodate millions of daily active users.
In addition, Ronin
also successfully processed NFTs with a total volume of over $4,000,000,000. Ronin’s success in optimizing transactions instantly at a low cost has been highlighted.
As such, millions of in-game transactions can be processed smoothly, making Ronin a top choice for Web3 gaming.
Ronin, initiated by Sky Mavis, a renowned Web3 game developer known for creating Axie Infinity, experience tremendous growth by 2023.
Sky Mavis, a crypto startup company formed in 2018 by Trung Nguyen, Aleksander Larsen, Jeffrey Zirlin, Viet Anh Ho Sy, and Tu Doan, has received support from 26 institutional investors, including Animoca Brands and Andreessen Horowitz, with total funding reaching $311 million.
Ronin’s growth in the blockchain gaming industry is striking throughout 2023, characterized by increased daily active addresses, market capitalization, and Total Value Locked (TVL).
At the beginning of 2023, Ronin’s daily active address count was only around 12,000. However, that number has jumped more than 16 times to over 200,000 today.
The market capitalization of the RON token, held by Ronin, has also increased to $500,000,000 from just around $40,000,000 at the beginning of the year. Similarly, TVL has risen from $48,000,000 to $145,000,000.
Advantages of Ronin
As for Ronin, it has several advantages that are important to know, including the following:
- Low transaction fees: By implementing a DPoS (Delegated Proof of Stake) mechanism, Ronin manages to reduce transaction fees to lower than those offered by Ethereum. Particularly in a blockchain focused on the gaming sector, low transaction fees are crucial given the high volume of in-game transactions that users will conduct.
- Fast transaction processing: Besides affordable fees, transaction speed is crucial. This ensures a smoother experience when buying and selling NFTs and in-game assets. By combining DPoS (Delegated Proof of Stake) and PoA (Proof of Authority) mechanisms, Ronin can fulfill this need well.
- Solid growth: Throughout 2023, all metrics related to Ronin showed steady growth. This makes Ronin a promising environment for developing games and dApps, along with the continuous growth of their users.
Features of Ronin
Ronin offers a wide array of features that support the needs of Web3 gamers. Some of these features are as follows:
Gaming Platform
As a gaming platform, Ronin has become a hub for innovative and creative blockchain games. One of the biggest and most popular games on Ronin is Axie Infinity, a pioneer in the concept of Play-to-Earn to the world of blockchain gaming, which gained massive popularity in 2021.
To date, Axie Infinity remains one of the most popular Web3 games. In addition to Axie Infinity, Pixels is a new game on Ronin.
Pixels is a Play-to-Earn game that allows players to garden, gather, and build their own homes within the game.
With over 900,000 users, Pixels has managed to get 84 NFT collections integrated as characters in the game. In addition, there are also various other games, such as Battle Bears Heroes, The Machine Arena, Axie Champions, Aperion, and so on.
Ronin Name Service (RNS)
Ronin Name Service (RNS) is a naming system on the Ronin blockchain, which facilitates the creation of .ron domain names to make them easier to remember and access.
The RNS concept is adopted from the Ethereum Name Service (ENS) used in Ethereum, but with an additional feature, the anti-squatting fee.
The fee gives users a greater opportunity to choose the username they want.
With RNS, users can turn an initially complex domain, such as ronin:41d8cf42236b9a9582d7ad423, into a more user-friendly name, for example, indodaxacademy.ron.
RNS has been integrated with various games, digital wallets, and decentralized applications (dApps), so the .ron domain can be used like a username throughout the Ronin ecosystem. The RNS service can be accessed via id.roninchain.com.
Ronin Wallet
Ronin Wallet is crypto wallet designed for the Ronin blockchain ecosystem, available as a web browser extension and mobile app for iOS and Android.
There are approximately 12,000,000 Ronin Wallet addresses, with 1,200,000 new addresses created during 2023.
Earlier this year, Ronin Wallet was updated with several new features to improve its functionality. The updates include supporting other blockchain networks, such as Polygon and BNB Chain.
In addition, Ronin Wallet has also updated itself by adding the Binance Pay feature. This feature lets users purchase tokens within the Ronin ecosystem more easily and conveniently.
Mavis Market
In May 2023, Ronin officially launched Mavis Market, a generalized NFT marketplace. Through Mavis Market, NFT creators can introduce or migrate their collections of NFT.
The CyberKongz became the first NFT to be introduced through Mavis Market. One of the features that sets Mavis Market apart from other NFT marketplaces is its approach to royalty structure, known as guaranteed creator royalties.
This approach allows creators to determine the percentage of royalties on their works.
While Sky Mavis and Ronin deduct a fee of 2% and 0.5% from NFT buyers’ transactions, the rest will be revenue for sellers.
RON Token as Investment
Keep in mind that RON is a native token of the Ronin ecosystem that has various uses, such as payment for transactions in Ronin, regulating the governance of the Ronin network, as well as for staking.
The total supply of RON is 1,000,000,000 tokens, but currently, only 299,000,000 RON are circulating in the market. In 2023, the RON token price will likely stay below $0.5. However, towards the end of 2023, there was a significant increase in the token’s price.
By February 26, 2024, the RON price had reached $3.07. The Ronin development team is actively developing the technology of Zero-Knowledge (ZK) rollups to increase the platform’s scalability.
ZK rollups are expected to increase transaction capacity while keeping transaction fees low. As one of the gaming blockchains with steady growth in metrics, RON has the potential to be one of the relevant tokens in the gaming sector.
Especially with the improvement of the GameFi sector and the emergence of projects like GameFi’s new generation, RON could be one of the leaders. If interest in the GameFi narrative increases again, that may be a positive boost for the RON token.
RON must be prepared to compete with other gaming blockchain platforms, such as Beam, Immutable X, Treasure, etc.
Selain dari potensi kenaikan harga token, peluang untuk mendapatkan airdrop juga menjadi daya tarik bagi pemegang token RON.
Recently, RON holders who performed staking their tokens got a share of the PIXEL token airdrop. Likely, other gaming projects built using the Ronin blockchain will also provide airdrops to staking RON holders.
Conclusion and Future Prospects
To conclude, Ronin has become an important pillar in the blockchain gaming ecosystem, making a major contribution to facilitating growth and innovation in the industry.
Over time, Ronin proved its success with solid achievements and growth throughout 2023.
Ronin’s growth during the year reflects the platform’s important role in facilitating gaming activities in the blockchain space.
Through its superior features, such as low transaction fees, fast transaction speeds, and integration with various games and applications, Ronin has provided a satisfying experience for users.
Ronin’s prospects also look bright with the development of new technologies such as Zero-Knowledge (ZK) rollups. With the implementation of this technology, Ronin can increase its scalability to handle larger transaction volumes while keeping transaction fees low.
This will pave the way for the growth of the gaming ecosystem on Ronin and increase the platform’s appeal to developers and users.
As such, Ronin will not only remain a major player in the blockchain gaming industry but also has the potential to become one of the top choices in the future and lead innovation and growth in the blockchain gaming ecosystem.
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