May 3, 2024
Web3
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0xScope

0xScope Launches Support for Ronin

0xScope has recently launched support for Ronin, an Ethereum sidechain used by some of the most popular Web3 games in the world, on Scopechat, Scopescan, and ScopeAPI.

The Ronin Ethereum sidechain was created with blockchain gaming as its main focus. Hence, it was designed to process transactions faster and cheaper than Ethereum or other general-purpose blockchains.

In this article, the 0xScope team provides an overview of key statistics and important trends related to the Ronin ecosystem.

Brief History of Ronin

Sky Mavis, the startup behind popular crypto games such as Axie Infinity and Pixels, created Ronin, which launched in February 2021. The Web3 startup started developing its own blockchain after ending its partnership with Loom, which earlier decided to transition to an enterprise-oriented network.

Ronin was originally created with a proof-of-authority (PoA) consensus mechanism with a limited number of validators. The protocol shifted to the delegated proof-of-stake mechanism (DPoS) in April 2023, empowering holders of its Ronin ($RON) native token to choose network validators if they have at least 250,000 $RON staked on the blockchain.

In April 2024, Ronin revealed plans to implement zero-knowledge (ZK) rollups on its network. The protocol stated that it aims to scale from its current 1.3M daily active user base to 50M in the near future.

Major Ronin Assets

Ronin is the base blockchain of five tokens that are instrumental to its Web3 gaming ecosystem:

1. Ronin ($RON) - $869.4M market cap. This is the gas token of the Ronin network. $RON also functions as a staking token for taking part in the blockchain's DPoS mechanism and for other DeFi purposes.

2. Axie Infinity Shards ($AXS) - $1.05B market cap. $AXS is the governance token of the popular Pokemon-esque Web3 game Axie Infinity, and its holders can claim rewards in exchange for staking, and playing the game, among other utilities. Axie Infinity plays a major role in the Ronin ecosystem as the first popular game on the chain.

3. Pixels ($PIXEL) - $320.7M market cap. This is the governance token of Pixels, a recently trending Web3 social farming game that takes inspiration from Stardew Valley and Harvest Moon. Originally built on Polygon, Pixels migrated to Ronin in late 2023. The $PIXEL token was launched via airdrop to Pixels players in February 2024, and more tokens will be awarded through the game's play-to-earn mechanics.

4. Yield Guild Games ($YGG) - $304.2M market cap. $YGG is the native token of decentralized autonomous organization (DAO) Yield Guild Games (YGG), a Web3 gaming guild that invests in NFTs of popular games. YGG, which currently has 20,000 gaming scholars in its guild, is a major supporter of Axie Infinity and other Ronin-built games, as well as a significant holder of NFTs from major games across Web3.

5. Smooth Love Potion ($SLP) - $161.2M market cap. This is the in-game cryptocurrency of Axie Infinity, earned via in-game activities such as daily missions. Players use $SLP to breed their Axies, or digital pets, and the high demand for the token has turned it into a tradeable asset on crypto exchanges.

Ronin Projects

The biggest (and only) DEX on Ronin is Katana, with a TVL of $171M. When Katana was launched by Axie Infinity in November 2021, it managed to reach $163.2M in TVL 24 hours after its debut.

Meanwhile, the biggest Ronin project by TVL is Ronin Staking, a platform that allows users to stake $RON tokens, an important activity on the Ronin network for validating blockchain transactions, and earn rewards in the process. The staking project currently has $525.6M in TVL, highlighting the popularity of staking in the Ronin ecosystem.

In terms of daily activity, the leading Ronin project is, unsurprisingly, the Pixels game, with about 848,000 daily active addresses.

Ronin Blockchain Data

Here are some more statistics that highlight some interesting characteristics of the Ronin network:

1. The current number of addresses on the Ronin network is around 18.7M. As of May 2, about 1.3M of those addresses have been active.

2. So far, Ronin has processed around 660M transactions throughout its existence.

3. At its peak point during the day, the Ronin network has more than 120,000 active users per hour.

Conclusion

With 0xScope's launch of support for Ronin, users can uncover more insights and trends on the activities of this blockchain. For this report, we used Scopescan tools such as Project Explorer, Wallet Explorer, Live Statistics, Whale Watch, and more. We encourage the Web3 community to unearth more findings about Ronin projects and activities using 0xScope, Scopechat, and Scopescan.

0xScope is adding support for more blockchains in the future. Stay tuned for updates.

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