Ronin, the Ethereum scaling network powering Axie Infinity, is currently experiencing a remarkable surge in both user activity and token value. This upswing is closely tied to the launch of new games on the platform, particularly Pixels, which has contributed to a significant increase in active users and a boost in the price of Ronin’s native token, RON.
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Going beyond Axie
Ronin, initially gaining fame with Axie Infinity’s success in 2021, is now gaining traction for hosting other games. The recent launch of Pixels, in particular, has led to a substantial spike in network activity. Data shared by Alex Svanevik, CEO of Nansen, reveals a tripling of active wallet addresses on the layer 2 blockchain, jumping from 20,000 to approximately 70,000.
This heightened activity coincides with a notable rise in the value of RON. Over the past 24 hours, RON has seen a 16% increase, reaching about $0.755, as per CoinMarketCap. Over a broader timeline, RON shows a 50% rise over the week and an impressive 76% increase in the last 30 days.
Adjacent to RON’s success, Axie Infinity’s tokens are also riding the wave. The AXS governance token has risen by 46% in the last 30 days, now priced above $6.22. The SLP reward token, too, has seen a remarkable 81% jump over the previous 30 days, currently valued above $0.002 per token.
Ronin’s gaming ecosystem
Pixels, originally on Polygon, migrated to Ronin on October 31. The game, reminiscent of classic 16-bit RPGs, offers gamers a rich experience of interacting in a pixel-art world. It allows players to engage in activities like farming, playing mini-games, and earning token rewards.
A unique feature of Pixels is its integration with NFT profile picture collections. Players can use avatars from select NFT projects, including the Bored Ape Yacht Club and CrypToadz, enhancing the gaming experience.
A road full of hardships
However, Ronin’s journey hasn’t been without challenges. In March 2022, it suffered a staggering $622 million hack on its Ethereum bridge, leading to one of the largest hacks in crypto history. The U.S. Treasury identified the North Korean state-sponsored hacking group Lazarus as the culprit.
Despite this setback, Sky Mavis, the developer behind Ronin, reimbursed stolen user funds and recovered about 10% of the stolen amount through centralized exchanges.
Reshaping the blockchain gaming industry
In conclusion, Ronin’s recent developments and the ensuing growth in its user base and token value highlight the dynamic interplay between gaming, blockchain technology, and digital assets.
As new games continue to launch and engage audiences, networks like Ronin are not only reshaping the landscape of blockchain gaming but also showcasing the potential of NFTs and digital currencies in creating immersive, interactive digital experiences.