Author: Daniel Li, CoinVoice
The bull market that has lasted for more than two months has made investors in the market more enthusiastic about searching for potential value depressions. This has also provided some old projects with the opportunity to regain their lives. As an old company established in 2021, it has experienced the baptism of the bear market. Public chain. Ronin Network will usher in a new life in early 2024 through continuous efforts throughout 2023.
According to BlockBeats data, Ronin Network’s active addresses have increased by 3225% in the past 3 months. The highest reached 693,000 on January 25. The price of its token Ron has also increased by more than 800% in the past three months, and the current price is 3.18$. So, what exactly is Ronin Network? Why is it so popular among investors? As a professional blockchain platform focused on innovating games, what advantages does Ronin Network have? Let’s find out in this article.
From Axie Infinity to Ronin Network
Ronin is developed by Sky Mavis, a technology-focused game studio, founded by Yale graduate Jeffrey Zirlin, who worked at Sky Mavis for more than four years, and blockchain expert Alexander Leonard Larsen, who is also the founder of Axie Infinity. one.
Axie Infinity is the leading chain game that created GameFi fever in the last bull market. At its peak, its monthly revenue reached 300 million U.S. dollars, and its daily revenue once exceeded that of Honor of Kings and spawned large game unions such as YGG. The success of Axie Infinity attracted A large number of game enthusiasts and developers have devoted themselves to the field of Web3 games and have successfully shaped today's GameFi track. However, as the number of players entering the market increased, Ethereum's slow settlement and high Gas costs gradually pushed up players' entry costs. As new users decreased, and the entire market entered a bear market, Axie Infinity also fell into death. spiral.
In order to solve the dilemma of Axie Infinity, Ronin came into being as a long-term scaling solution designed specifically for Axie Infinity. Ronin is a concept proposed by Sky Mavis, the creator of Axie Infinity. Before the creation of Ronin, Sky Mavis worked with the Loom network. Loom Network and its developers want to optimize the network to become an enterprise-grade solution rather than just a user-friendly application. The Sky Mavis team was not happy with this move and has since decided to end the partnership and develop their own blockchain - Ronin Network.
As an EVM-compatible chain designed specifically for games, Ronin, unlike previous Ethereum sidechains, aims to completely solve key issues such as Ethereum's high gas fees and slow transaction speeds in games, providing players with a smoother and more seamless experience. A seamless gaming experience. Currently, Ronin has shown its huge potential in the NFT trading market, processing more than $4 billion in transactions while attracting millions of daily active users.
The past 2023 was an extremely important year for Ronin. In January, Ronin released the desktop game aggregation platform Mavis Hub 2. In March, it launched the RON staking function. In April, it switched to the delegated stakestake (DPoS) mechanism and upgraded the functions of Ronin Wallet. In May, it launched the NFT market Mavis Market ( and integrated Ronin Wallet). In September, the blockchain game project Pixels migrated from the Polygon network to the Ronin network (also heralding the further expansion of the Ronin partnership program). In October, it announced the launch of the Lucas (v2.6.2) upgrade and Shillin on its main network. After a hard fork, in November, it reached cooperation with the Korean game production company ACT Games. ACT Games plans to migrate all its games to the Ronin network. In December, it reached cooperation with world-renowned game studios Foonie Magus, Directive Games, Bali Games, Tribes Studio and Bowled.io, further expanding Ronin's game ecosystem.
Figure: Statistics of Ronin’s active addresses
The steady development of Ronin Network has won the trust of market investors, especially thanks to its close cooperation with Axie Infinity. The latter, as a huge traffic pool, provided Ronin with an initial traffic and user base. Ronin has a strong reputation in chain games. The market share once exceeded BNB Chain, ranking first, and its daily active addresses have stabilized at more than 600,000. The support of this kind of traffic has also enabled Ronin’s native token RON to achieve an increase of more than 800% in the past 3 months. As of now, the price of RON token is $3.18, which has basically returned to the high point of the previous bull market. This achievement further demonstrates Ronin’s competitiveness in the market and investors’ confidence in it.
Chart: Ronin’s market share of chain games
Ronin Network working principle and advantages
Ronin Network is an innovative blockchain platform based on the Delegated Proof of Stake (DPoS) consensus mechanism, designed to provide a highly scalable environment for gamers and developers. By adopting advanced technology and economic models, Ronin Network successfully solves the problems of scalability and high transaction fees of the Ethereum network. The working principle and technical advantages of Ronin Network will be explained in detail below.
Side chain architecture
A side chain is another independent blockchain parallel to the main chain. Compared with other networks, side chains are easier to develop and can be optimized according to specific scenarios. As a side chain of Ethereum, Ronin has its own independent block generation mechanism, consensus algorithm, etc., and can achieve asset interoperability with the Ethereum main network through bridging. This sidechain architecture allows Ronin to focus more on optimizing game scenarios while maintaining a connection to the Ethereum ecosystem. Through the Ronin Bridge, users can transfer ETH, ERC20 and other assets on the Ethereum main network to Ronin, and can also transfer native tokens and NFT assets issued on Ronin back to the Ethereum main network. This interoperability is designed to allow gamers to freely transfer assets between the two chains.
Hybrid consensus mechanism
Ronin Network adopts a hybrid consensus mechanism of Proof of Authority (PoA) and Delegate Proof of Stake (DPoS). Proof of Authority is an algorithm that uses identity as a consensus mechanism for equity to achieve fast transactions. DPoS is a voting mechanism in which token holders can delegate their voting rights to elect validators. This hybrid voting mechanism combines two different methods to maintain high transaction throughput and low confirmation. time while improving decentralization and security.
Under the Proof of Authority (PoA) consensus mechanism, Ronin Network is maintained and verified by a group of verification nodes designated by Sky Mavis. These verification nodes are trusted and are responsible for packaging transactions into new blocks and adding them to Ronin’s blockchain. The advantage of Proof-of-Authority is that it is highly energy efficient, as it does not require a large amount of computing power to verify transactions. This allows Ronin to achieve faster transaction speeds and lower transaction fees, thereby enhancing the gaming experience. However, there are also some potential problems with proof of authority, such as the risk of single point failure due to excessive reliance on a small number of verification nodes. In order to increase the decentralization of the network, Ronin Network introduced a delegated stake proof mechanism.
In the delegated proof-of-stake mechanism, RON token holders can delegate their voting rights to candidate validators. Validators holding more delegates will have a greater chance of being selected to validate transactions and generate new blocks. By staking a certain amount of RON tokens as candidate validators, users can participate in the verification and decision-making process of the network and have the opportunity to receive a portion of the block rewards. This mechanism increases the decentralization of the network and effectively reduces the risk of single point failure.
Highly scalable blockchain platform
Ronin Network is a scalable blockchain platform designed for gamers and developers. It has the following technical advantages that enable it to handle large-scale transactions and provide excellent performance:
High throughput: Ronin Network can handle up to 100,000 transactions per second, allowing it to handle the transaction demands generated by large numbers of users and game interactions.
Low latency: By adopting advanced technology and optimized network structure, Ronin Network ensures fast confirmation and response of transactions, providing players with a seamless transaction experience.
Low transaction fees: Compared with the high transaction fees of the Ethereum network, Ronin Network's transaction fees are cheaper, allowing users to trade and interact more economically.
Compatibility: Ronin Network is compatible with the Ethereum Virtual Machine (EVM), allowing existing Ethereum developers to easily migrate their applications and smart contracts to Ronin Network, expanding the scale of the developer community and project ecosystem.
RON Token Economic Model
RON is the native token of Ronin Network and has multiple functions and values. The economic model of the RON token is designed to promote the development of the network and community participation, including the following aspects:
Transaction fee payment: RON is used to pay transaction fees on the Ronin network to maintain the efficient operation of the system.
Network security and pledge: Holders can pledge RON tokens to verifiers, participate in the security maintenance of the network, and earn income through the reward mechanism. This mechanism incentivizes validators to maintain the security of the network, while also encouraging currency holders to actively participate in the governance of the network.
Participation in governance decisions: RON tokens give holders the right to vote in network governance, promote the participation of community members in important decisions, and strengthen the transparency and consensus of the entire ecosystem.
Figure: Development of Ronin Token
In terms of the distribution of RON tokens, 30% of the token supply is owned by Sky Mavis, part of which is used for employee bonuses and shareholder token contracts. The community accounts for 30% and is used for community stimulation and development. The Ecosystem Fund represents 15% of the total supply and is used to support initiatives that enhance the Ronin Network. The remaining supply will be distributed through a staking reward mechanism.
Overall, Ronin Network has successfully built a highly scalable blockchain platform by adopting side chain architecture, hybrid consensus mechanism and RON token economic model. Token holders can obtain income through entrusted rights and interests and participate in the governance decisions of the network. At the same time, the use of RON tokens also promotes the security and stability of the network. The technical advantages and principles of Ronin Network make it an ideal choice for the gaming industry and developers, providing a solid foundation for the development of the entire ecosystem.
Ronin Network popular chain games inventory
As a blockchain platform focused on innovating games, Ronin Network allows more players and game developers to see the hope of future Web3 chain games. Leveraging Axie's early success experience, Ronin has now reached cooperation with many world-renowned game studios such as Directive Games, Bali Games, and Tribes Studio. Each studio is using Ronin to develop its own new chain games. At the same time, Ronin has attracted the participation of high-quality and mature chain game projects such as Pixels with its outstanding performance, further consolidating its position as a mainstream chain game platform.
Axie Infinity
Axie Infinity is the largest game on Ronin, allowing players to breed, raise, and battle fantasy creatures called Axies. The game pioneered the Play-to-Earn model in 2021 and remains one of the most popular web3 games in the world.
Ronin was originally an Ethereum sidechain explicitly designed for the Axie ecosystem, and has now become an important infrastructure for the Axie Infinity game. With the support of Ronin network, Axie Infinity has also ushered in new changes. Recently, Axie launched a new mechanism AXP, which allows players to gain points by winning in Origins to promote the progress and upgrade of Axie. The launch of AXP marks the transformation of Axie from a passive role into an organic creature that can be upgraded through accumulation. It also indicates that similar on-chain upgrade mechanisms may become popular in a wide range of NFT and game fields in the future. AXP realizes the concept of Axie Core and injects new impetus into Axie Infinity and the entire NFT ecosystem.
Pixels
Pixels is a social, casual, open-world Web3 game and platform launching in 2021. As a pixel-style metaverse farming game, Pixels recreates the atmosphere of a classic 16-bit role-playing adventurer, allowing players to navigate a pixel art world, interact with each other, farm land, play mini-games and earn token rewards. Pixels also allows holders of select NFT Profile Picture (PFP) collectibles to use their own avatars in the game.
Pixels previously ran on Polygon and moved to the Ronin network in 2023. According to Nansen's data, Ronin's active users have increased significantly, from about 20,000 in November to 665,000 in the latest update. A large part of this comes from Pixels. Pixels has also become another Ronin after Axie Infinity. Leading chain tour.
Currently, Pixels has integrated more than 90 Web3 projects into its ecosystem. In terms of financing, as of February 8, 2024, Pixels has raised US$4.8 million through 3 rounds of private token sales, led by Animoca Brands and PKO Investments, while OpenSea and others also participated in the investment. PIXEL is the native token of the Pixels project. As the latest IEO project of Binance, PIXEL was listed on Binance at an issue price of US$0.04 on the 19th. The increase on the first day exceeded 11,500%. As of now, the price of PIXEL has exceeded US$0.5.
Zoids Wild Arena
Zoids Wild Arena is a TCG game (trading card game) developed by ACT Games, a well-known Korean game company. Players can collect Zoids series of mechanical creature cards and engage in 1v1 or 3v3 battles. In November 2023, Ronin developer Sky Mavis cooperated with ACT Games and planned to introduce all ACT games to the Ronin network. Zoids Wild Arena is the first game from ACT Games to be moved to Ronin.
The launch of Zoids Wild Arena means that the cooperation between Sky Mavis and ACT Games has entered a substantial stage. For Ronin, the addition of traditional games is also a good opportunity. As Sky Mavis CEO and co-founder Trung Nguyen confirmed in a statement, ACT Games has a proven track record of success in expanding iconic IP, reaching beyond audiences and driving player engagement. "This alliance is able to combine our Web3 knowledge and experience with nostalgic IP supported by an existing core fan base," he said.
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