Ronin (RON) was launched on HotsCoin on January 29. Ronin is an Ethereum side chain built by Sky Mavis, the developer of Axie Infinity. As a long-term scaling solution designed specifically for Axie Infinity, Ronin provides global access to blockchain games by optimizing for virality. Ronin supports EVM-compatible smart contracts and protocols and is designed to enable developers to build high-performance, feature-rich blockchain projects, especially suitable for collectibles, art, and games. RON is currently open for trading on HotsCoin.
Token information
Circulation: 287,910,612.298 RON
Total supply: 1,000,000,000 RON
Circulation market value: $740,291,723.525
Fully diluted market cap: $2,571,255,424.09
key events
2022-03-23: Ronin suffered a hacker attack and the loss reached US$624 million.
Ronin ecology
The Ronin ecosystem includes Ronin Wallet (wallet), Bridge (bridge), The Ronin Explorer (browser), Purchase (legal currency to purchase cryptocurrency) and Staking (staking). This complete ecosystem provides users with a rich experience, from buying cryptocurrencies with fiat currency to staking and trading.
Interpretation Project
Ethereum sidechain
The reason Ronin was created was to solve some problems in the Axie Infinity game, such as congestion on the Ethereum network and high gas fees. As a side chain of Ethereum, Ronin operates independently and aims to provide reliable, fast and affordable guarantees for games while avoiding the expansion problems of the main chain. Sidechains are a common way to scale up Ethereum, solving congestion problems by running in parallel with the main chain.
Side chain advantages:
Leverage existing technology
Support general computing, EVM compatible
Side chain disadvantages:
Not decentralized enough
Adopts a separate consensus mechanism and is not protected by L1
It is easy to commit fraud when the number of validators is large
Ronin wallet
Sky Mavis created Ronin Wallet specifically for Axie games and Dapp extensions on Ronin. In addition to keeping assets, users can also use legal currency in their wallets to directly purchase Tokens in the Axie ecosystem.
Ronin Decentralized Exchange-Katana
Ronin has its own decentralized exchange Katana, and users can exchange Tokens in the Axie ecosystem without leaving the Ronin chain. Katana’s three main functions include Swap (asset exchange), Pool (providing liquidity), and Farm (staking to earn $RON).
Bridge
Bridge allows the transfer of assets between Ethereum and Ronin, connecting ERC20 tokens to the Ronin network. Cross-chain fees are relatively high, but users can choose to send tokens from the Binance exchange to Ronin wallets, or purchase and transfer them directly from Ronin wallets.
Purchase
Users can directly use legal currency to purchase cryptocurrencies on the Ronin chain, currently supporting $RON, $AXS, $SLP, $WETH, etc.
$AXS staked
In addition to Katana's liquidity pool, there is also a $AXS single-coin pledge pool on the Ronin wallet. You can get $AXS rewards by staking $AXS, with an annualized return of 76%.
Ronin browser
Ronin Explorer (https://explorer.roninchain.com/) can be used to track transaction data on Ronin.
Popular events
On March 23, 2022, Ronin Bridge was hacked, resulting in a loss of 173,600 ETH and 25.5 million USDC, approximately US$600 million, making it the largest hacker attack in the history of DeFi. The attackers used hacked private keys to fake withdrawals, and Sky Mavis only became aware of the theft after a user reported being unable to withdraw 5,000 ETH from the bridge. The incident caused the trading volume of Axie Infinity game NFT, $RON and $AXS to plummet.
Token function:
Secure and decentralize the network
Validators need to hold and pledge $RON to participate in block verification
$RON holders can participate in network governance
Token distribution:
Sky Mavis: 30%
Community: 30%
Staking reward: 25%
Ecological Fund: 15%
Token issuance:
Distributed to community players, content creators, developers and partners
No public offering, launched by incentivizing liquidity on Ronin’s native DEX-Katana liquidity pool
Reduce issuance each quarter
Will reach maximum supply in 294 months
Investment background
Financing information:
In May 2021, Sky Mavis completed a US$7.5 million Series A financing, led by Libertus Capital.
In October 2021, Sky Mavis raised US$152 million to expand the Axie Infinity and Ronin blockchain, led by Andreessen Horowitz, with participation from Accel and Aradigm.
On April 7, 2022, Sky Mavis received US$150 million in Series B financing, led by Binance. Investors also include Animoca Brands, a16z, Dialectic, Paradigm, and Accel.
Investment agency:
Ubisoft, AAVE, Binance, Samsung, Delphi Digital, Kyber Network, Maker, Upbit
development team:
Sky Mavis Team
route map
Stage 1:
Have at least 10 validators
There are at least 3 external teams building NFT games and more on Ronin
Stage 2:
Upgrade to Proof of Stake and stake $RON via validator
Validators vote on on-chain contract deployment
There are at least 5 external teams building NFT games and more on Ronin
Have at least 20 validators
Stage 3:
Upgrading the Ronin consensus mechanism in terms of scalability and security
100+ validators
In addition to the Axie field, more aspects of benefits will be developed
Summarize
Ronin takes the gaming experience of Axie players to the next level and demonstrates a deep care for the game. Despite being attacked by hackers, the project team quickly completed a new round of financing, showing its strong investment background. The huge traffic that comes with Axie games provides Ronin with an innate advantage, allowing it to expand to more possibilities.
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