In the wide world of crypto, there are now many blockchains specifically designed for gaming, but Ronin was one of the first to launch this.
Gaming blockchains are typically built to offer low transaction fees and a larger number of potential transactions, so they should be more affordable and scalable than blockchains like Bitcoin and ether. Some game chains are also private, meaning developers must get approval from a blockchain’s creators to join the ecosystem.
Ronin is one of those examples – at least for now, although the founders have said they plan to open it up sometime in 2024 so more studios can build on it. In the meantime, games like Pixels and Axie Infinity are drawing players to the Ethereum sidechain network. Here’s what you need to know about it.
What is Ronin?
Ronin is a gaming-focused Ethereum sidechain designed to handle transactions much faster and cheaper than Ethereum’s own mainnet. The Ethereum Virtual machine (EVM) compatible chain originally launched in February 2021.
It originally launched a “proof of authority” (PoA) blockchain, meaning individuals using Ronin reputable run validator nodes, a type of computer software, to confirm transactions on its blockchain. However, a common criticism of the PoA method is that it requires a lot of reliance on a smaller number of validators, making it less decentralized than other methods.
In March 2022, the Ronin Bridge experienced a huge blow $622 Million Hack. The bridge connects Ronin to Ethereum. The US Treasury Department blamed it North Korean hackers before the attack – and some of the lost funds were too eventually recovered. Affected users were fully refunded by the Ronin Network and developer Sky Mavis in June 2022.
In April 2023, the Ronin blockchain switched to the delegated proof-of-stake mechanism (DPoS), meaning it no longer functions as a PoA blockchain. DPoS enables more decentralization, as every Ronin (RON) token holder now does 250,000 RON deployed on its blockchain can “delegate” or select validators for the network.
What is RON?
The Ronin token, also called RON, is the host token for the Ronin blockchain. Ronin network users need some RON to pay for transactions on the blockchain. RON can also be deployed to participate in the blockchain’s DPoS mechanism mentioned above, or can be deployed for other decentralized finance (DeFi) purposes.
RON set a record price of $4.45 in March 2024, surpassing the long-standing record set in 2022. Ronin’s token has risen significantly so far in 2024 due to the hype surrounding Pixels and other games launching on the network, along with a broader market boom led by Bitcoin and Ethereum.
What is the Ronin Wallet?
Sky Mavis’ Ronin Wallet is a crypto wallet for the Ronin blockchain ecosystem that exists as both a web browser extension and a mobile app for iOS and Android devices.
In early 2024, the developers of the mobile wallet announced new features in an effort to expand its capabilities support for other blockchains such as Ethereum sidechain Polygon and the EVM-compatible BNB Chain. It has also been added Binance Pay as a feature, which allows users to purchase some tokens from the Ronin ecosystem.
Other tokens running on Ronin include Axie Infinity’s AXS governance token and Smooth Love Potion (SLP) rewards token, Pixels’ PIXEL token, and Apeiron’s APRS ecosystem token.
What is SkyMavis?
Sky Mavis is a crypto-tech startup founded in 2018 that created both the Ronin blockchain and its flagship game, Axie Infinity. Sky Mavis has five co-founders: Trung Nguyen, Aleksander Larsen, Jeffrey Zirlin, Viet Anh Ho Sy and Tu Doan.
According to Tracxn facts, Sky Mavis has 26 institutional investors, including Animoca Brands and Andreessen Horowitz (a16z). Sky Mavis has raised $311 million in funding at the time of writing, according to Tracxn, with its latest round, a Series B, raising $150 million in April 2022. That round was raised to refund Ronin users after the aforementioned hack.
What games are on Ronin?
Sky Mavis’ own Axie Infinity launched the network, and it’s a Pokémon-inspired play-to-earn game where players can battle each other in battles that pit axolotl-inspired creatures called “Axies” against each other. Every Axie is one NFT that can be bought and sold. Thanks to a recent update, some Axies can now be upgradedat.
More recently, Pixels was the network’s biggest hit, with a social farming simulation similar to Stardew Valley and Harvest Moon, but with crypto incentives and NFT land parcels. The game has attracted millions of players, initially fueled by the play-to-airdrop campaigns, but the buzz is still going strong after the token launch.
Sky Mavis started alongside Axie and Pixels on board other third party game developers on the Ronin blockchain, adding games like Apeiron, The Machine Arena, Kaidro, Tribesters: Island Solas and Civitas, to name a few. But some games have also left Ronin, such as Zoids Wild Arena and Battle Bears.
What’s next for Ronin?
In addition to plans to open the network to all builders at some point, Sky Mavis also shared how it plans to expand the network to meet future demand. In April 2024, the company outlined plans to implement zero-knowledge rollups, using zkEVM technology to grow the network in the coming years.
Ronin will be more aligned with Ethereum.
We are Ethereum’s best chance to get everyday people on board. We have been doing it for 6 years but don’t get any recognition because we are not yet a real L2.
By adoption we will be the #1 ETH L2. https://t.co/ekmUWVNmfZ
— Jihoz.ron (@Jihoz_Axie) April 3, 2024
In a tweet, Jeff Zirlin, co-founder of Sky Mavis, wrote that this will make Ronin “more aligned with Ethereum.”
Edited by Andrew Hayward
This story was originally published on January 28, 2024, and last updated with new details on April 8.