On March 30, the Ronin Network (RON), a sidechain built on Ethereum by the Axie Infinity game project, announced support for staking its own network token, RON. This news has been eagerly awaited as RON has only been limited to transaction fees and farming since its release at the beginning of 2022.

Staking RON also helps decentralize the sidechain as users can choose to delegate tokens to 22 validators on the network to help them verify transactions.

The RON staking rewards will be unlocked on April 12. The games that will be developed on Ronin Network are:

Directive Games with “The Machines Arena”: a new third-person shooter game with many sci-fi elements.

Tribes Studio with “Tribesters: Island of the Solas”: a multiplayer online game set in a tribe on an island.

Bali Games with “Axie Match3”: a match-three game that uses resources from Axie Infinity.

Bowled.io with “Bowled”: a bowling game.

SkyVu with “Battle Bears Heroes”: a MOBA game inspired by the famous Battle Bears game series.

@azcoinnews

Ronin notes that all of these games are still in development and no tokens or NFTs have been sold yet, so the community needs to be aware of scams.

Earlier in 2022, Axie Infinity announced a program to incubate games that license the images and items from the game.

It is worth noting that the support for RON staking and the announcement of development projects on Ronin Network occurred one year after the Ronin bridge was hacked, resulting in the loss of over $620 million in cryptocurrency. This is still the most serious hack in crypto history.

Axie Infinity compensated affected users and reopened the Ronin bridge, launched version 3 of the game called “Origin”, organized the AxieCon conference for the global community, and then deployed the NFT land feature to create a virtual universe for the game.

The RON token price has risen 37% from $0.8 to $1.1 since the beginning of March, but it is currently down 8% after the announcement of RON staking. RON is currently trading at $0.98.

#RON #Ronin #crypto2023 #AXS #AxieInfinity

This article was republished from azcoinnews.com

#Write2Earn Recently, Ronin Network has been emerging as a new force potentially replacing Axie Infinity. So, what is Ronin Network? Let's explore in the article below with @WISE CRYPTO NEWS What is Ronin Network ($RONIN )?Ronin Network is a blockchain researched and developed by Sky Mavis, specifically designed to support the development of NFT Gaming. Its flagship gaming project is Axie Infinity.https://roninchain.com/Relationship between Axies & RoninAxie Infinity is a strategy game similar to Pokemon Go. By the end of 2020, Axie Infinity had become one of the leading blockchain games, gaining popularity in Southeast Asian countries such as the Philippines, Vietnam, Thailand, and others.However, as Ethereum's congestion issues worsened, and gas fees skyrocketed, Axie players decreased significantly. The team needed a solution to address these challenges. The Loom network was initially considered, but due to customization limitations, it couldn't meet the needs of Axie Infinity's massive user base.This led to the creation of Ronin to enhance the gaming experience for Axie Infinity players. However, Ronin goes beyond improving user experience, aiming to develop all aspects of NFT Gaming, building an ecosystem with various gaming projects.What is the operational mechanism of Ronin Network?Ronin initially employed the Proof of Authority (PoA) consensus mechanism, a reputation-based consensus algorithm, which can be considered a customized version of PoS (Proof of Stake).However, while the PoA consensus mechanism requires less energy and allows for faster transaction speeds, it tends to have lower decentralization. To enhance decentralization, Ronin integrated Delegated Proof of Stake (DPoS) into the validator selection process, enabling anyone holding a sufficient amount of RON Tokens to become a validator in the network.Through the DPoS mechanism, others can delegate RON tokens to selected validators. Ronin validators are then responsible for creating, validating transactions, and safeguarding the network. The network also implements slashing rules to penalize validators for malicious actions.As of the time of writing, Ronin has achieved:$4.1 billion USD in NFT transaction volume426 million transactions on the network11.36 million active wallet addressesKey Highlights of Ronin NetworkSome notable features of the Ronin Network include:Ronin enables near-instant transactions, providing fast and almost instantaneous transaction processing.Transaction fees on Ronin are relatively low compared to Ethereum, where fees can range from a few dollars to tens of dollars per transaction.Tokens within Axie Infinity (ERC20, NFT) can be freely transferred between Ethereum and Ronin using the Ronin Bridge.Ronin is custom-built for Axie Infinity, addressing the complex customization requirements of Axie and significantly enhancing the gaming experience for Axies users.The business model of Ronin utilizes a multi-sided platform, a model employed by leading blockchain and non-blockchain projects such as PayPal, Alibaba, Facebook, and Ethereum.A multi-sided platform is a service or product that connects two or more participating groups, acting as an intermediary. Its value lies in facilitating easier discovery and interaction among participating groups.However, Ronin experienced a significant security breach in March 2022, resulting in a theft of over 600 million USD. This incident is considered one of the largest crypto hacks recorded. The hacker stole 5 out of 9 private keys of the validators, causing substantial damage to the network.The incident caused a shock in the community, but fortunately, various organizations in the market came forward to assist the Sky Mavis team in recovering from the aftermath. Immediately, the team raised 150 million USD from investors to compensate victims of the nearly 625 million USD hack.Following the incident, the Ronin team conducted three audits for the Ronin Bridge by Certik and Verichains. Additionally, Ronin actively collaborated and added more validators to the network, increasing the total number of validators from 9 to the current 22 to enhance decentralization and avoid repeating mistakes.What is RON Token?RON Token Key MetricsToken Name: RON tokenTicker: RONBlockchain: Ronin NetworkToken Contract: 0xe514d9deb7966c8be0ca922de8a064264ea6bcd4Token Type: Utility & GovernanceMax Supply: 1,000,000,000 RONCirculating Supply: 214,829,446 RON (as of May 2023)RON Token Use CasesThe RON token serves the following roles within the Ronin Network ecosystem:Transaction fees within the network.Staking for network operation and security.Governance of the Ronin DAO.Rewards for user-engagement activities on the chain.RON Token AllocationThe distribution of RON is allocated as follows:Staking Rewards: 25%Incentives: 30%Sky Mavis: 30%Ecosystem Fund: 15%RON Token Release ScheduleThe RON Token will be unlocked over a period of 9 years, starting with the initial release on January 27, 2022, and unlocking monthly thereafter (a total of 108 months). The specific schedule is illustrated in the following chart:Roadmap & UpdatesThe development journey of Ronin Network is summarized as follows:Year 2020:Axie identified the need for a long-term solution to facilitate quick, cost-effective, and seamless participation in the Axie game. Consequently, they initiated the development of an EVM sidechain named Ronin to implement this.Year 2021:Ronin's official mainnet launch.Sky Mavis, the company behind Ronin & Axies, raised $7.5 million in a Series A round.Sky Mavis secured $125 million in a Series B round, Ronin reached a $5 billion asset value on-chain, and Ronin wallet exceeded 2 million downloads.Introduction of RON token, launch of Ronin's native DEX named Katana, and release of the mobile version of the Ronin wallet.Year 2022:Ronin Bridge was hacked, resulting in over $650 million in damages.Addition of 5 validators to Ronin after the hack.Ronin Bridge reopened after undergoing three rounds of audits.Addition of 3 validators to Ronin.Google Cloud became a validator and established a partnership with Ronin.Sky Mavis collaborated with Studio Partners, including Google Cloud, in the AxieCon program.Year 2023:Introduction of Mavis Hub 2, a home featuring games developed on Ronin.Launch of Metalend, Ronin's first lending project.Completion of the transition from the PoA mechanism to DPoS and enabling #RON staking.Project TeamRonin is a chain developed by Sky Mavis, a Game-focused company founded in early 2018 and the owner of the well-known crypto game, Axie Infinity.#investors and Funding RoundsSky Mavis, the parent company of #RONIN , has undergone a total of 4 funding rounds spanning from 2019 to 2022.The latest funding round on April 6, 2022, raised the total funding amount to $311 million, with the current valuation of Sky Mavis standing at $4.5 billion.Sky Mavis boasts a total of 29 investors, ranging from major funds like a16z, Paradigm, Amonica Brands, to notable entities such as Binance.PartnershipsIn late 2022, Sky Mavis organized AxieCon to announce its new partners, including Google, and invited game studios to participate in building products. Currently, there are over 250 game studios in the potential partner list of Sky Mavis.Moreover, to invest and support projects within the Ronin ecosystem, Sky Mavis allocated $42 million from the Ecosystem Fund in the tokenomics and added an additional $10 million from Sky Mavis's own fund.ConclusionThe article "What is Ronin Network (RON)? Gaming supporting Axie Infinity" has provided readers with comprehensive information about the Ronin Network project. While it holds potential in the gaming industry, the profitability for investors remains uncertain. Our article aims to offer information, and it is not investment advice!Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.#TrendingTopic

Binance, one of the leading cryptocurrency exchanges, is offering a $5 million reward for information related to potential cases of corruption among its employees. These steps come in the wake of controversies surrounding the listing of the #RON cryptocurrency tokens, which were brought to the forefront due to alleged data leaks.
Heated Community Discussion
Yi He, co-founder of Binance, expressed her views in posts on the X social network on February 5th. She stated that passionate debates had arisen within the community following a recent drop in the price of the #Ronin (RON) #cryptocurrency token, which had been listed on Binance.

Some members of the X platform's community suggested that the data leak from within Binance might have been the cause of RON's price decline. However, Yi He stated that Binance had conducted a #blockchain analysis and found that users were preparing to purchase the token.
Sudden Price Drop for RON
The RON cryptocurrency token, part of a blockchain focused on gaming, experienced rapid price growth of over 30% in the week leading up to its listing on Binance, according to CoinGecko data. However, shortly after the announcement of its availability on Binance, its price dropped by 18%, and within a day, it plummeted by over 26%.

Suspicions of Data Leakage
This situation occurred just two weeks after Coinbase CEO Conor Grogan claimed to have discovered several wallets with suspicious patterns of token purchases shortly before their listing on Binance, followed by subsequent sales. Grogan speculated that these suspicions might be linked to dishonest employees or traders who had access to information about upcoming token listings. 
Reward for Information on Corruption
Yi He announced that Binance is reviewing its token listing process and offering a reward of up to $5 million for evidence of corruption among its employees. Team members responsible for token listings at Binance will undergo stricter scrutiny, and in case of information leaks about planned projects, a warning will be issued initially, followed by dismissal for repeat offenders.
Binance will also permanently ban projects that hire employees dismissed from the cryptocurrency exchange due to corruption. The company will focus on enhancing technical monitoring and take measures to safeguard sensitive information.
 

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