Blockchain technology has seen consistent advancements, including improved scalability, the introduction of non-fungible tokens (NFTs), and the development of the metaverse. These innovations have positively impacted the blockchain gaming sector, especially with the adoption of the play-to-earn (P2E) model. This approach, which rewards players, has led to the creation of many metaverse projects, such as Ronin.
What is Ronin Network
Developed by Sky Mavis, Ronin is an Ethereum Virtual Machine (EVM) blockchain tailored for the unique demands of crypto gaming. Sky Mavis, also behind the immensely successful Axie Infinity game boasting over $1.3 billion in revenue, proves Ronin's potential as an optimal gaming blockchain. Within its first nine months, Ronin recorded 250,000 daily active addresses and amassed $5 billion in Total Value Locked (TVL).
The Ronin Network team
Sky Mavis, a technology-driven game studio, developed the Ronin Network. Jeffrey Zirlin and Alexander Leonard Larsen founded the studio. While Zirlin, a Yale graduate, dedicated over four years to shaping Sky Mavis, Larsen entered into the blockchain space in 2017, co-founding not just Sky Mavis but also the popular Axie Infinity.
How does Ronin Network work
Specifically designed for blockchain gaming, Ronin functions as an Ethereum-linked sidechain. Its crown jewel is Axie Infinity, and games within its ecosystem use the RON token for in-game purchases, such as NFTs. Thanks to the Ronin Bridge, users can smoothly transfer their in-game assets to the Ethereum mainnet, converting their gaming gains into cryptocurrencies.
Initially operating under the Proof of Authority (PoA) consensus, Ronin transitioned to the Delegated Proof of Stake (DPoS) for heightened decentralization. This shift allowed anyone holding a substantial amount of RON tokens to become a validator, bolstering network accessibility and enhancing its decentralization. The platform encourages user participation by allowing them to become validators or delegators, ensuring network security and earning rewards in return.
RON tokenomics
Launched in late January 2022, RON is the native token of the Ronin Network. Its total supply is capped at 1 billion RON. RON powers the platform, facilitating transactions and in-game purchases. Beyond that, it serves as a governance token and staking medium.
Distribution of RON
RON is distributed in the following way:
30 percent for community engagement, encompassing content creation, rewards, liquidity mining, grants, and hackathons
30 percent allocated to the team
25 percent earmarked for staking rewards
15 percent dedicated to the ecosystem fund