Over the years, several blockchains designed specifically for gaming have been launched. The chains are developed to offer faster and cheaper transactions. In other words, they are supposed to be more scalable and affordable than networks like Ethereum and Bitcoin.
While most blockchains intended to facilitate crypto gaming are public, allowing anyone to build projects, some are private, meaning a game builder must seek approval from the creator of a particular chain before developing their gaming project.
Ronin is among the private gaming blockchains available today. However, its founders said in 2023 that they were planning to make the network accessible to everyone before the end of 2024 to allow more game studios to join the Ronin ecosystem.
This guide focuses on Ronin and the games running on it. Here is everything you need to know.
Ronin, an Ethereum sidechain, is designed to support the development of NFT-powered games. It processes transactions faster and at a cheaper cost than the Ethereum mainnet. Ronin is compatible with the Ethereum Virtual Machine, making it possible for Ethereum game developers to migrate their projects to the chain without altering their code. The gaming network launched in 2021.
In its early days, Ronin operated as a proof of authority network. This means parties that Ronin considered reputable were the only ones allowed to run validator nodes for confirming on-chain transactions. One of the biggest downsides of the proof of authority method is that a network has to place trust in a small number of node operators, thus making the blockchain less decentralized.
For this reason, Ronin abandoned proof of authority in April 2023 and adopted the delegated proof-of-stake consensus mechanism. This method gives room for more decentralization. To become a node operator on Ronin today, you need to stake a minimum of 250,000 RON (Ronin’s native token).
It is worth mentioning that Ronin suffered one of the biggest hacks in recent years. In March 2022, the network’s bridge that connects to Ethereum was exploited, and the attackers made away with over $620 million. According to the United States Treasury, North Korean hackers were behind the exploit. Only $30 million was recovered. Ronin’s developer, Sky Mavis, has since refunded all affected users.
The RON Token
RON plays a significant role in the Ronin ecosystem. Users use the token to pay for gas fees. Moreover, it can be staked on various decentralized finance protocols to keep the Ronin network secure in exchange for staking rewards.
The Ronin Wallet
Ronin has its own crypto wallet available as a mobile app and browser extension. Sky Mavis said in January 2024 that the Ronin Wallet will add support for blockchains such as BNB Chain and Polygon before the year ends. Additionally, the Ronin developer plans to integrate Binance Pay into the wallet to make it possible for users to purchase tokens available in the Ronin ecosystem.
Brief History of Sky Mavis
As mentioned earlier, Sky Mavis is the developer behind Ronin. Also, it created the NFT-powered game Axie Infinity. The crypto startup started its operations in 2018. Its co-founders include Tu Doan, Jeffrey Zirlin, Trung Nguyen, Viet Anh Ho Sy, Jeffrey Zirlin, and Aleksander Larsen.
Data from Tracxn shows that Sky Mavis has attracted 26 investors, among them Andreessen Horowitz and Animoca Brands. The Ronin developer has so far raised over $310 million in funding. Its last funding round was in April 2022, in which it raised $155 million to refund users who were affected by the major hack.
Which Tokens Are Available on Ronin?
Besides RON, the Ronin ecosystem has two more tokens, SLP and AXS. SLP serves as Axie Infinity’s reward token and in-game currency. AXS, on the other hand, is used as the governance token of the Axie Infinity game.
In January 2024, Axie Infinity developer announced that it would make several changes to SLP over the coming months. For instance, a cap will be introduced on the token’s total supply, along with a “stability fund” intended to purchase SLP automatically at certain levels to keep the digital currency’s price within a particular range.
Games Available on Ronin
As of February 2024, Ronin hosts the following games: Axie Infinity, Axie Classic, Pixels, The Machines Arena, Zoid Wilds Arena, and Tribesters: Island of Solas.
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