What exactly is Ronin? The Ethereum gaming platform powered 'Axie Infinity' and 'Pixels'.

ChainPlay

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3 months ago

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In the expansive realm of cryptocurrency, numerous blockchains have emerged specifically catering to gaming, but Ronin stands out as one of the pioneers in this field.

Gaming-oriented blockchains are primarily engineered to provide low transaction fees and increased transaction throughput, aiming for enhanced affordability and scalability compared to established blockchains such as Bitcoin and Ethereum. Some gaming blockchains operate as private networks, requiring developers to obtain approval from the blockchain's creators to participate in the ecosystem.

Ronin exemplifies this model, albeit currently maintaining a closed ecosystem. However, the founders have expressed plans to open it up by 2024 to accommodate more studios for development. In the interim, games like Pixels and Axie Infinity are luring players to the Ethereum sidechain. Here's a comprehensive overview of what you should know about Ronin.

What is Ronin?

Ronin is a specialized Ethereum sidechain tailored for gaming, engineered to process transactions with greater speed and cost-efficiency compared to Ethereum's primary mainnet. This Ethereum Virtual Machine (EVM)-compatible chain was initially introduced in February 2021.

Upon its launch, Ronin operated as a "proof of authority" blockchain (PoA). In this system, validator nodes, which are specific computer software, are operated by individuals or entities deemed reputable by Ronin to validate transactions on its blockchain. However, a common critique of the PoA approach is its reliance on a limited number of validators, leading to a less decentralized network compared to other consensus mechanisms.

In March 2022, Ronin's bridge encountered a significant hack totaling $622 million. This bridge serves as the link between Ronin and Ethereum. The U.S. Treasury attributed the attack to North Korean hackers, and a portion of the lost funds was eventually recovered. To address the impact of the breach, affected users received full reimbursement from both the Ronin network and Sky Mavis, the developer, in June 2022.

In April 2023, Ronin transitioned to the delegated proof-of-stake (DPoS) mechanism, departing from its previous proof of authority (PoA) model. This shift to DPoS fosters increased decentralization, enabling any holder of Ronin (RON) tokens possessing at least 250,000 RON staked on the network to "delegate" or nominate validators for the system.

What is RON?

The Ronin token, referred to as RON, functions as the gas token for transactions on the Ronin blockchain. Users within the Ronin network require a certain amount of RON to cover transaction fees. Additionally, RON can be staked for participation in the blockchain's delegated proof-of-stake (DPoS) mechanism, as mentioned earlier, or utilized for various decentralized finance (DeFi) activities through staking.

What is the Ronin Wallet?

Sky Mavis' Ronin Wallet serves as a cryptocurrency wallet tailored for the Ronin blockchain ecosystem, available in both web browser extension and mobile app versions compatible with iOS and Android devices.

In early 2024, developers of the mobile wallet unveiled a series of new features aimed at broadening its functionality. These updates include extending support to additional blockchains such as Ethereum sidechain Polygon and the EVM-compatible BNB Chain. Furthermore, the wallet now incorporates Binance Pay as a feature, enabling users to purchase select tokens within the Ronin ecosystem.

What is Sky Mavis?

Sky Mavis is a cryptocurrency technology startup established in 2018, responsible for developing both the Ronin blockchain and its flagship game, Axie Infinity. The company boasts a team of five co-founders: Trung Nguyen, Aleksander Larsen, Jeffrey Zirlin, Viet Anh Ho Sy, and Tu Doan.According to data from Tracxn, Sky Mavis has garnered investment from 26 institutional investors, with notable names including Animoca Brands and Andreessen Horowitz (a16z). As of the latest available information, Sky Mavis has secured a total of $311 million in funding. Its most recent funding round, a Series B, concluded in April 2022, raising $150 million. This funding injection was primarily allocated to facilitate the reimbursement of Ronin users following the significant hack previously mentioned.

How does Axie Infinity fit into Ronin?

Axie Infinity is a play-to-earn game that draws inspiration from Pokémon, allowing players to engage in battles by pitting axolotl-inspired creatures known as "Axies" against each other. Each Axie is represented as a non-fungible token (NFT) that can be purchased and sold. With a recent update, certain Axies can now undergo upgrades as well.

Which tokens are on Ronin?

The Ronin blockchain hosts several notable tokens, including RON, AXS, and SLP. AXS serves as the governance token for Axie Infinity, while SLP, also known as Smooth Love Potion, functions as the primary in-game currency and play-to-earn reward token within the Axie Infinity ecosystem.

In early 2024, Sky Mavis unveiled plans for a significant overhaul of SLP, introducing features such as a capped token supply and the establishment of a "stability fund." This fund will automatically purchase SLP at designated intervals to maintain the token's price within specific target ranges. SLP can be earned in Axie Infinity by achieving victories in matches.

Pixels is gearing up to introduce its own PIXEL token on the Ronin blockchain in the near future. Additionally, it is anticipated that other games within the Ronin ecosystem may follow suit, introducing their own tokens as they expand and potentially conduct airdrop campaigns to distribute tokens to participants. This dynamic reflects the ongoing trend in the gaming space where various platforms and projects leverage blockchain technology to integrate unique tokens, fostering diverse in-game economies and incentives for users.

Which games are on Ronin?

Indeed, while Axie Infinity remains the flagship game on the Ronin blockchain, comprising Origins, Raylights, and Homeland games, there are several other notable titles within the ecosystem. These include Axie Classic, Project T prototype, and Defenders of Lunacian Land.

Moreover, Sky Mavis has extended its reach beyond the Axie IP by collaborating with external game developers to introduce a diverse array of games on the Ronin blockchain. Some of these titles include Pixels, Zoids Wild Arena, The Machines Arena, Tribesters: Island of Solas, and Civitas, among others. This expansion showcases the growing ecosystem of Ronin, encompassing a variety of gaming experiences beyond the Axie universe.Pixels has played a significant role in revitalizing interest in the Ronin chain following its migration from Polygon in late 2023. The launch of Pixels on Ronin, coupled with its play-to-airdrop campaign that concluded in January 2024, has sparked renewed excitement within the community. As a result, Pixels has contributed to a notable increase in active users on the Ronin platform. This surge in engagement has not only benefited Pixels itself but has also had a positive impact on other games within the ecosystem, fostering a sense of renewed enthusiasm and optimism about the platform's future prospects.