Summary
TLDR: Ronin is a gaming-centric Ethereum sidechain designed for faster and cheaper transactions. It originally used a PoA blockchain but switched to DPoS after a hack in 2022. The RON token is used for transactions and staking. The Ronin Wallet supports other blockchains. Sky Mavis, the creator of Ronin, has raised $311 million in funding. Games on Ronin include Axie Infinity and Pixels. Ronin plans to open up to more developers and implement zero-knowledge rollups in the future.
Key Points
1. Ronin is a gaming-centric Ethereum sidechain designed to handle transactions faster and cheaper than Ethereum’s mainnet. It originally launched as a “proof of authority” blockchain but later switched to a delegated proof-of-stake mechanism.
2. The Ronin token, RON, is used as the gas token for the Ronin blockchain. It can be staked for participation in the blockchain’s DPoS mechanism or for other decentralized finance purposes. RON reached an all-time high price of $4.45 in March 2024.
3. Sky Mavis, the startup behind Ronin, also created the popular game Axie Infinity. The company has raised significant funding and plans to expand the Ronin network by implementing zero-knowledge rollups to meet future demand.