Creator of the play-to-earn game Axie Infinity Sky Mavis launches RON, a governance token for its Ethereum sidechain, the Ronin Network.
Users can use the RON token to pay for transactions on Ronin, and it also has decentralized finance (DeFi) features including community governance and future utility via staking through validators to gain rewards.
According to CoinMarketCap, RON is currently trading at around $3.75. Ronin is a blockchain for gaming that was established in February 2021 with the goal of speeding up transactions and removing high gas prices for players. According to research from Nansen, the layer 2 solution from Sky Mavis completed 560 percent more total transactions than the Ethereum blockchain in November.
According to Nansen data, the blockchain has 250,000 unique daily active addresses and processed 15% of all non-fungible token (NFT) volume in 2021.
Sky Mavis is rewarding customers who keep Axies and Land in their Ronin wallets with free transactions.
“It’s critical that the community that creates and uses Ronin shares ownership. Axie saw a 300 percent rise in monthly NFT trade volume and a 131 percent increase in daily active battlers in the first month of Ronin,” said Jeff Zirlin, Sky Mavis’ growth head and co-founder.
The Ronin network is also said to use less energy than the Bitcoin and Ethereum networks. For a single Ronin transaction, 0.0000015 COT emissions (in KG) are used, compared to 1,079.18 for Bitcoin and 125.26 for Ethereum.
