Ronin Blockchain Achieves Record Activity with 2.1M Daily Users

ChainPlay

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3 months ago

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Ronin, a layer 1 blockchain compatible with Ethereum, has seen a surge in activity. The official explorer shows that daily active wallets hit a record 2.1 million on July 29. This is a significant increase from fewer than 25,000 daily users twelve months prior to October 2023.

Background of Ronin

Developed in 2018, Ronin is the creation of the team behind Axie Infinity, a popular NFT game. The blockchain aimed to support other games but faced a setback in 2022 due to a massive hacking attack. Hackers stole $625 million worth of ETH and USDC. This remains the largest crypto hack recorded.

In response to the hack, Ronin transitioned from Proof of Authority (PoA) to a Delegated Proof of Stake (DPoS) consensus mechanism. This change allowed regular RON holders to stake and participate in block validation. The move enhanced decentralization and security, restoring trust among developers.

Ronin is now working on a proprietary layer 2 solution. This solution, supported by Polygon technology, aims to improve scaling and reduce transaction costs. Ronin plans to develop a tool to help users create layer 2 networks from scratch. The first zkEVM chains are expected to operate by 2025.

At the start of 2024, Ronin saw a resurgence in activity. Pixels, a popular NFT game, announced its migration to Ronin. The game’s daily active users increased by about 80% in a few days. Pixels is the main driving force behind Ronin's recent activity surge.

Lumiterra's Contribution

Another game contributing to Ronin's activity is Lumiterra. The game began its closed beta test (CBT) in early August. It offers total prizes of $1 million, attracting many users.Source: X
In the DeFi sector, Katana DEX plays a significant role on Ronin. It accounts for 99% of Ronin’s total value locked (TVL). Currently, Katana DEX holds $161 million worth of crypto, a decrease from its peak of over $250 million in March.

Final Thoughts

Ronin's recent activity surge highlights its potential in the blockchain space. The increased daily users and the success of games like Pixels and Lumiterra show Ronin's capability to attract and retain users. The ongoing development of layer 2 solutions and the transition to DPoS further solidify its position as a secure and decentralized platform.