- The Sky Mavis’ Ronin blockchain’s governance token, RON, has now been launched which has been developed by Axie Infinity’s founder with the only aim of expanding the success of the blockchain game, Axie Infinity.
- The users of Axie Infinity were troubled for years due to its slow transaction processing times, and high transaction fees, and to resolve this issue, Sky Mavis built their own blockchain, known as the Ronin blockchain.
- Ronin blockchain has observed massive activities, with around 300k active wallet addresses performing activities within the network every day. The Ronin blockchain has successfully processed 6.6 times transactions as compared to the Ethereum blockchain.
Sky Mavis’ Ronin blockchain’s governance token, RON, has now been released. The Ronin blockchain was established by the creator of the blockchain game Axie Infinity in order to extend the game’s popularity. The Ronin chain of Axie Infinity now has a governance token, which is an important move toward decentralizing the system.
The RON token, the governance token for the Ronin blockchain, was introduced today by the Sky Mavis group behind Axie Infinity. The Ronin blockchain, an Ethereum sidechain, has been critical to Axie Infinity’s progress during the previous year, therefore this is a significant statement for the Axie Infinity environment. For months, Axie Infinity consumers have struggled with scalability due to hefty fees and sluggish transaction durations on Ethereum’s Layer 1. Sky Mavis responded by creating its own chain, Ronin.
Free Transactions For NFT Holders!
The RON token would have a variety of applications. Validators of the Ronin block would be compensated for holding and staking RON. Furthermore, gas fees would be compensated in RON, and accounts would now be allowed to conduct over 100 transactions every day. In addition, holders of NFTs in the Axie ecosystem would enjoy a set amount of free transactions. A RON/ETH liquidity pool would begin tomorrow on Katana, Ronin’s decentralized exchange platform.
Massive Activities On Ronin Blockchain
On the Ronin blockchain, there have been plenty of activities. The Ronin wallet is used by over 300,000 daily active wallet addresses, with a record of more than one million in November last year. Ronin also executed 6.6 times more transactions than Ethereum in November. As per Nansen, the Ronin network accounted for 15% of all NFT volume last year. A RON environment fund had also been established, which would be used to attract new developers and gaming groups to the network.
With the launch of governance tokens, the Ronin blockchain would be able to scale now. The governance token of the blockchain, acquired by anyone, would serve them with several privileges, however, the privileges have not been revealed yet. Keeping in mind, that the blockchain has processed more transactions than Ethereum, it might not take much time for the blockchain to gain popularity with simultaneous scaling.