Ronin, a layer 1 blockchain compatible with Ethereum, has experienced an increase in activity. Data from its official explorer shows that the number of daily active wallets reached a record 2.1 million on July 29. During the twelve months to October 2023, fewer than 25,000 wallets were using the network daily.
Ronin was developed in 2018 by the company behind popular non-fungible token (NFT) game Axie Infinity. It expanded to add other games, but a massive hacking attack in 2022, in which hackers left with $625 million worth of ETH and USDC, hindered its potential growth. This is still the largest crypto hack on record.
Last year, the blockchain transitioned from its previous Proof of Authority (PoA) consensus mechanism to a Delegated Proof of Stake (DPoS) algorithm, enabling regular RON holders to stake and participate in block validation. This move has made the network more decentralized and secure, restoring trust among game developers.
Ronin is currently working on its proprietary layer 2 solution, backed by Polygon technology, to improve scaling and reduce transaction costs. It is developing a tool to enable everyone to create layer 2 networks from scratch on top of Ronin. The first zkEVM chains are expected to operate in 2025.
At the beginning of 2024, Ronin experienced resurgence after Pixels, a popular NFT game, announced that it was migrating to it. Pixels remains the main driving factor behind surging activity on Ronin. The game’s daily active users surged about 80% in a few days.
Another popular game on Ronin is Lumiterra, which announced the start of its closed beta test (CBT) at the beginning of August, with total prizes of $1 million.
In DeFi, Katana DEX, which accounts for 99% of Ronin’s TVL, has $161 million worth of crypto locked with it, down from a peak of over $250 million in March.
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