Ronin has returned after previously carrying two of the most popular Web3 titles, Lumiterra and Wild Forest.
The game experiences of Axie Infinity continue to benefit Ronin. Special activities and mini-tournaments increase Ronin utilization. Ronin is also transporting token-based traffic for decentralized transactions, which is enhancing the Katana DEX.
The Ronin blockchain is essential for the revival of the Web3 gaming sector, which experienced a protracted crypto winter in 2022. Ronin still plays a significant role in the operations of Axie Infinity, despite the recent $12M white-hat exploit and the $600M bridge breach. Additionally, it is the home of several of the most popular Web3 games for 2024. In competition with even more influential chains such as Base and Toncoin, the Ronin chain became the home of Pixels, Lumiterra, and Wild Forest.
Ronin also benefited from the incorporation of DeFi through its Ethereum bridge in 2024, adding several high-profile tokens, particularly PIXEL. At present, the Ronin chain accounts for over 34% of the daily active users among all gaming chains. Much like Solana became the chain for meme tokens, Ronin is regarded the go-to chain for game launches.
Despite being compatible with Ethereum, Ronin does not even align with L2 networks. The chain is currently emphasizing the integration of additional gaming features, NFTs, and live play activities. Additionally, it maintains a modest DeFi center for the use of Axie proprietors and participants. The supply of bridged tokens has increased to over $37M, as the Ronin bridge is beginning to absorb USDC stablecoins as well.
Ronin secures a total value of $131M through the Katana DEX and two lesser lending and payment protocols. Ronin has evolved into a fat-fee application, generating $2.56M in monthly fees. Validators continue to receive the majority of their earnings as incentives; however, some may elect to distribute their fee earnings. On days when Ronin is active, it has over 2 million active daily users, among whom are the most popular activities. Additionally, the Ronin brand is recruiting ambassadors to enhance its social media presence during the 2024 bull market.
In March, Yield Guild Games became a Ronin validator and intends to redistribute a portion of its incentives to all owners who staked and held their YGG.
Additionally, the Ronin chain surpasses Ethereum and Solana in terms of daily active users, with over 1.7 million. Ronin has shifted its focus from Axie Infinity to the broader Web3 ecosystem, which has introduced new use cases. Ronin currently offers diversions such as Wild Forest, which airdrop meme tokens.
The inclusion of new apps and tasks, such as play-to-airdrop activities, is one of the significant developments for Ronin. Ronin’s user base increased by 725.17K as a result of the Pixels game’s migration from Ethereum.
Axie Infinity remains among the top 10 applications on Ronin, having recently increased its daily active user base to over 68,000. Axie Infinity has not yet recaptured its zenith of over 600,000 daily active users; however, it is currently on an expansion trajectory for the first half of 2024. Axie Infinity NFTs remain significant, with uncommon collectible Axies fetching prices of 0.77 ETH.
In the upcoming weeks, Ronin anticipates the release of numerous lesser games that are currently in the early phases of development. In addition to increasing the turnover of RON tokens, games such as Lumiterra are also bolstering the existing infrastructure on the Mavis market.
This results in a significantly reduced circulating supply, as over 212 million RON tokens are reserved for staking. The total supply of RON tokens is 1 billion, with daily releases occurring according to a linear schedule. Unlocking approximately 55% of the total RON. Axie Infinity’s foundation, Sky Mavis, currently holds 30% of the RON supply, with 400M RON remaining for community incentives and staking rewards.
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