The much-anticipated governance token for its Ethereum side chain, the Ronin Network, was issued on Thursday, January 27th, by the producers of the popular P2E game, Axie Infinity, the monster battle game.
Axie Infinity's founders, Sky Mavis, released Ronin in February 2021 to speed up transactions and minimize high gas prices for players, which are both issues with the Ethereum network. Sky Mavis has finally issued its long-awaited governance token, over a year after it was first announced.
The RON Governance Token
Users will be able to pay transaction fees on the Ronin network using Ronin's governance token (RON). Furthermore, people who buy cryptocurrency RON and hold it, will have access to over 100 daily transactions. Staking RON tokens through validators to gain incentives can also be utilized for community governance and future usefulness.
Along with the launch, Sky Mavis has launched an ecosystem fund of RON tokens. The money will be used to hire additional game creators and teams to join the network.
Sky Dust, which began with a supply of 185 million RON, has announced that it will distribute 70 million RON to its community members, including gamers, in exchange for their efforts. RON in the crypto market is presently trading at $3.3499 at the time of writing.
Ronin has over 300,000 unique daily active addresses, according to Sky Dust, with over $5 billion in deposited currency. In 2021, the Ronin sidechain processed 15% of all Ethereum NFT transactions, which is a considerable amount.