Filipino gamers rejoice! PHPC, the Philippine peso-pegged stablecoin, is now live on Ronin, the blockchain platform developed by Sky Mavis, the creators of the popular play-to-earn game Axie Infinity.
What is Ronin?
RON, also known as Ronin, is the utility token of the Ronin blockchain network. Launched in 2021 by Sky Mavis, a Vietnamese game development studio, Ronin is a sidechain specifically designed for the popular play-to-earn game Axie Infinity.
Founders:
The masterminds behind Ronin are Trung Nguyen (CEO) and Aleksander Larsen (CCO) along with the Sky Mavis co-founding team.
Exchanges for Trading RON:
You can trade RON on several major cryptocurrency exchanges, including:
Binance
OKX
Bybit
DigiFinex
BTCC
Use Cases of RON:
Facilitating Smooth Gameplay: RON's primary function is to fuel transactions within the Axie Infinity ecosystem. Players use RON to buy, breed, and battle their Axies (adorable NFT creatures) within the game.
Reduced Fees: As a sidechain separate from the congested Ethereum blockchain, Ronin offers significantly lower transaction fees compared to using ETH directly. This makes it a more cost-effective option for Axie Infinity players.
Staking Rewards: RON holders can stake their tokens to contribute to the security of the Ronin network and earn rewards in return.
Network Governance: In the future, RON might play a role in network governance, allowing token holders to vote on proposals that shape the development of the Ronin platform.
What is PHPC and Why is the Ronin relationship important?
PHPC (Philippine Peso Coin) is a stablecoin tethered 1:1 to the Philippine Peso. Launched by Coins.ph, a leading Philippine cryptocurrency exchange, PHPC aims to act as a bridge between traditional Philippine finance and the growing world of cryptocurrency.
PHPC, launched with the green light from the Bangko Sentral ng Pilipinas (BSP), the Philippine central bank, aims to bridge the gap between traditional finance and the growing crypto world in the Philippines.
Ronin, on the other hand, is a sidechain specifically designed for Axie Infinity to handle the massive transaction volume associated with the game. Founded by Vietnamese brothers Trung and Huy Nguyen, Ronin focuses on fast and affordable transactions, making it ideal for in-game purchases and micropayments. It has also partnered with other blockchain games, expanding its reach beyond Axie Infinity.
The arrival of PHPC on Ronin presents exciting possibilities. Filipino gamers can now seamlessly convert their earnings from games like Axie Infinity to Philippine pesos, facilitating easier cash-out and potentially boosting the play-to-earn ecosystem. Additionally, it allows for smoother in-game purchases using local currency.
However, Ronin is not without its drawbacks. As a sidechain, it relies on the security of the Ethereum mainnet, which can be congested and expensive at times. Additionally, the play-to-earn model itself is volatile, and the value of tokens like AXS can fluctuate significantly.
Overall, PHPC's integration with Ronin is a positive step for Filipino gamers, offering more convenient ways to manage their in-game earnings. While there are some technical limitations to consider, it opens doors for wider adoption of both crypto and play-to-earn experiences in the Philippines.
