Ronin Network: An Analysis of the Potential of a Game-Specific Blockchain

The bull market from the end of 2023 to the beginning of 2024 has prompted investors to eagerly seek potential value opportunities. As a well-established public blockchain founded in 2021, Ronin Network has made continuous efforts throughout 2023 and has welcomed a rebirth at the beginning of 2024.

Data shows that the number of active addresses on the Ronin Network has increased by 3225% in the past three months, peaking at 693,000 on January 25. Its token Ron has also seen a price increase of over 800% in the past three months, currently priced at $3.18. So, what exactly is the Ronin Network? Why is it so popular? As a blockchain platform focused on innovating gaming, what advantages does the Ronin Network have? Let's delve deeper.

From Axie Infinity to Ronin Network

Ronin is developed by the technology-focused game studio Sky Mavis, founded by Jeffrey Zirlin, a Yale University graduate who has worked at Sky Mavis for over four years, and blockchain expert Alexander Leonard Larsen, who is also one of the founders of Axie Infinity.

Axie Infinity was the leading blockchain game that ignited the GameFi craze during the last bull market. At its peak, its monthly revenue reached $300 million, with daily transactions at one point exceeding Honor of Kings, and it led to the emergence of large gaming guilds like YGG. The success of Axie Infinity attracted a large number of gaming enthusiasts and developers to dive into the Web3 gaming space, shaping today's GameFi landscape. However, as more players entered the market, Ethereum's low efficiency and high gas fees gradually increased the entry costs for players. The decrease in new users, coupled with the overall market entering a bear market, has put Axie Infinity in a difficult position.

To solve these problems, Ronin has emerged. As a long-term scaling solution for Axie Infinity, Ronin is an EVM-compatible chain specifically designed for gaming. It aims to fundamentally address key issues such as the high Gas fees and slow transaction speeds on Ethereum in games, providing players with a smoother and more seamless gaming experience. Currently, Ronin has shown great potential in the NFT trading market, processing over $4 billion in transactions while attracting millions of daily active users.

2023 is an extremely important year for Ronin. It has launched several major updates and collaborations:

• January: Launched the desktop game aggregation platform Mavis Hub 2
• March: Launch of RON staking feature
• April: Switch to Delegated Proof of Stake (DPoS) mechanism, upgrade Ronin Wallet features.
• May: Launched the NFT marketplace MavisMarket and integrated Ronin Wallet
• September: The blockchain game project Pixels migrated from the Polygon network to the Ronin network.
• October: Launch of Lucas (v2.6.2) upgrade and Shillin hard fork on the mainnet
• November: Reached a partnership with the South Korean game company ACT Games
• December: Collaborated with globally renowned game studios Foonie Magus, Directive Games, Bali Games, Tribes Studio, and Bowled.io.

The robust development of the Ronin Network has earned the trust of market investors. Thanks to its close collaboration with Axie Infinity, which serves as a massive traffic pool, Ronin has established an initial user base. At one point, Ronin's market share in the blockchain gaming sector exceeded that of BNB Chain, ranking first, with the number of daily active addresses stabilizing above 600,000. This traffic support has also enabled Ronin's native token RON to achieve an increase of over 800% in the past three months. Currently, the price of the RON token is $3.18, having essentially recovered to the previous bull market peak. This further proves Ronin's market competitiveness and investor confidence.

How Ronin Network Works and Its Advantages

Ronin Network is an innovative Blockchain platform based on the Delegated Proof of Stake ( DPoS ) consensus mechanism, aimed at providing a highly scalable environment for gamers and developers. Through advanced technology and economic models, Ronin Network successfully addresses issues such as the scalability and high transaction fees of the Ethereum network.

Sidechain Architecture

As a sidechain of Ethereum, Ronin has an independent block generation mechanism and consensus algorithm that can be optimized according to game scenarios. Through the Ronin bridge, users can freely transfer assets between the Ethereum mainnet and Ronin, achieving interoperability.

Mixed Consensus Mechanism

Ronin Network adopts a hybrid consensus mechanism of Proof of Authority (PoA) and Delegated Proof of Stake (DPoS). PoA utilizes trusted validator nodes to process transactions quickly, while DPoS allows token holders to delegate their voting rights to validators, increasing decentralization and security.

Highly scalable Blockchain platform

Ronin Network has the following technical advantages:

• High throughput: Capable of processing up to 100,000 transactions per second
• Low latency: Ensures quick transaction confirmation and response
• Low transaction fees: More cost-effective than Ethereum
• Compatibility: Compatible with Ethereum Virtual Machine ( EVM ), making it easy for developers to migrate applications.

RON Token Economic Model

RON is the native token of Ronin Network and has multiple functions:

• Transaction fee payment
• Cybersecurity and Staking
• Participate in governance decisions

RON token allocation: 30% belongs to Sky Mavis, 30% is used for community incentives and development, 15% as the ecosystem fund, and the remainder is distributed through staking rewards.

Ronin Network Popular Chain Game Review

Axie Infinity

Axie Infinity is the largest game on Ronin, allowing players to breed, raise, and battle fantastical creatures called Axies. The game pioneered the Play-to-Earn model in 2021 and remains one of the most popular web3 games worldwide. Recently, Axie launched a new mechanism called AXP, which allows players to promote the progress and upgrade of Axies by winning in Origins and earning points.

Pixels

Pixels is a social, casual, open-world Web3 game and platform launched in 2021. As a pixel-style metaverse farming game, Pixels recreates the atmosphere of classic 16-bit role-playing adventures. In 2023, Pixels migrated from Polygon to the Ronin network, becoming another leading chain game on Ronin after Axie Infinity.

Zoids Wild Arena

Zoids Wild Arena is a TCG game developed by the South Korean game company ACT Games. In November 2023, Sky Mavis partnered with ACT Games to bring all of ACT's games to the Ronin network. Zoids Wild Arena is the first game under ACT Games to migrate to Ronin, marking a substantial phase in the cooperation between the two parties.