Sky Mavis, the creator of the play-to-earn game Axie Infinity, has announced the release of RON, a governance token for its Ethereum sidechain, the Ronin Network.
Users may 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 now trading at about $3.75.
Ronin was created in February 2021 with the goal of reducing transaction times and eliminating high gas costs for gamers. According to a research by Nansen, the layer 2 (or companion) blockchain product from Sky Mavis handled 560 percent more total transactions than the Ethereum blockchain in November.
According to Nansen statistics, the blockchain presently has 250,000 unique daily active addresses and handled 15% of all non-fungible token (NFT) traffic in 2021.
Sky Mavis is giving free transactions to customers that keep Axies and Land in their Ronin wallets as a reward.
“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 blockchain, according to the business, is more energy efficient than the Bitcoin and Ethereum blockchains, requiring just 0.0000015 kilograms of carbon emissions every transaction, compared to 1,079.18 for Bitcoin and 125.26 for Ethereum.