Sky Mavis, the development company behind Axie Infinity recently released the governance token RON, for its Ethereum sidechain called Ronin
Sky Mavis, the tech-focused gaming studio behind the popular Ethereum-based monster-battle computer game Axie Infinity (AXS), recently released the highly anticipated RON governance token for its Ronin sidechain. The token will allow users to pay for Ronin transactions; as well as participate in community governance and earn rewards by staking RON through validators.
The Ethereum sidechain which was developed in-house and launched in Feb 2021 supports the Axie Infinity ecosystem. It is meant to speed up the game’s transactions and eliminate the costly gas fees associated with the Ethereum (ETH) network. According to Nansen, a well-known blockchain analytics platform, in Nov 2021, the layer 2 blockchain scaling solution recorded 560% more total transactions as compared to the Ethereum blockchain.
As per developers, the Ronin blockchain currently has more than 250,000 unique and daily active wallet addresses. Katana, Ronin’s own decentralised exchange is the second-largest DEX platform overall (based on total number of weekly active users). Additionally, the total deposited value on the Ronin blockchain recently crossed the $5 billion mark, with 15% of all NFT (non-fungible token) transactions in 2021 happening on the Ronin network. More than 2 million Ronin wallets have been downloaded so far.
The icing on the cake is Ronin’s environment-friendly nature. To elaborate, the energy consumed by around 700 million Ronin transactions is equivalent to that consumed by processing one Bitcoin (BTC) transaction. On the whole, Ronin is more energy efficient than both Bitcoin and Ethereum. While one RON transaction leads to 0.0000015 kg of carbon emissions, each ETH and BTC transaction results in 125.26 kg and 1079.18 kg of CO2 emissions respectively.
Sky Mavis is incentivising Ronin users by offering them free-of-cost transactions when they use their Ronin wallets to store Land and Axies in the Axie Infinity game. In a statement issued to the press, Sky Mavis’ co-founder and growth lead Jeff Zirlin said, “It's important that Ronin has shared ownership by the community that builds and uses it. In the first month of Ronin, Axie experienced a 300% increase in monthly NFT trading volume and a 131% increase in daily active battlers.”
RON was trading at $2.32 per token at the time of writing, down 14.38% from its value 24 hours ago.