On Thursday, Sky Mavis, the creator of the monster-battle game, Axie Infinity, released its much-anticipated RON governance token. The token is based on its Ethereum (ETH) sidechain Ronin Network. Its purpose includes paying for transactions on Ronin, staking and participating in community proposals.
According to its developers, Ronin has over 250,000 unique daily active addresses. When ranked by the number of weekly active users, Katana, Ronin's decentralized exchange (DEX), is the No. 2 largest DEX. In addition, the blockchain surpassed $5 billion in deposited value, with 15% of all nonfungible token (NFT) transactions occurring on the network in 2021. In total, there have been over 2 million Ronin wallet downloads. It is also claimed to be environmentally friendly, with one Bitcoin allegedly using an equivalent amount of energy to close to 700 million Ronin transactions.