Sky Mavis, the founder of Axie Infinity, has introduced the RON token, which will serve as the currency for the Ronin blockchain.
RON, the governance token for Sky Mavis' Ronin blockchain, has been released.
The Ronin blockchain was created by the founder of the blockchain game Axie Infinity in order to scale the game's success.
Axie Infinity's Decentralization
The Ronin chain of Axie Infinity now has a governance token, which is an important step toward decentralizing the network.
Today, the Sky Mavis team behind Axie Infinity launched the RON token, the Ronin blockchain's governance token.
This is a significant announcement for the Axie Infinity ecosystem because the Ronin blockchain, an Ethereum sidechain, has been critical to Axie Infinity's success in the last year.
The high fees and slow transaction times on Ethereum's Layer 1 caused problems for Axie Infinity users, resulting in years of scaling struggles. Sky Mavis responded by establishing its own chain, Ronin.
The RON token will have a variety of applications. Ronin block validators will be rewarded for holding and staking RON.
Furthermore, gas fees will now be paid in RON, and accounts will be allowed to conduct more than 100 transactions per day.
Owners of NFTs in the Axie ecosystem will also receive a certain number of free transactions.
Tomorrow, a RON/ETH liquidity pool will be launched on Katana, Ronin's decentralized exchange.
On the Ronin blockchain, there has been a lot of activity. The Ronin wallet connects more than 300,000 daily active addresses to the network, with a peak of over one million last November.
In addition, Ronin processed 6.6 times more transactions than Ethereum in November.
According to Nansen, the Ronin network handled 15% of all NFT volume last year.
An ecosystem fund of RON tokens has also been established to aid in the recruitment of new developers and gaming teams to the network.
While Ronin is currently focused on Axie Infinity, the Sky Mavis team appears to be interested in becoming the chain of choice for other game developers, writing in the announcement that "Ronin has a unique opportunity to support this nascent industry."