Sky Mavis Launches Ronin Chain’s Native Token, $RON

The highly anticipated $RON token traded for as high as $4.20 USD a few hours after it was released.

Time For The Harvest

Sky Mavis, the creators of the popular PlayToEarn blockchain project Axie Infinity, officially released the native token of their Ronin sidechain, $RON.

A few hours after $RON got its official release, the token traded at a high of $4.20 US Dollars on the crypto trading exchange OKX. The community has been waiting for more information on the $RON token since they started farming it in Q4 last year. Some of the team behind Axie Infinity took to Twitter on January 27 to show their excitement.

“Excited about the $RON token launch. Feels oddly familiar to how $AXS launched, and we all know how that went,” Aleksander Larsen, COO of Axie Infinity tweeted.

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$RON is the Ronin blockchain’s governance token and is a step by Sky Mavis to decentralize the network by making $RON accessible to the Ronin builders and users.  $RON will be mainly used to pay for gas fees on transactions on the Ronin Network.

“Smooth launch. Just the beginning of a very long journey. If we believe that Web3 will change the world and that NFTS will change gaming, then there is a massive opportunity to seize the moment and birth an explosion of open digital economies,” added Axie Infinity Growth Lead, Jeffrey Zirlin . 

Milestone Update for Axie Validators

Recently, the Sky Mavis team launched their builders program, which perfectly fits their vision. An influx of players brought a big strain on Axie Infinity’s servers around July 2021, a problem that has since been experienced since Ronin Ecosystem’s optimization.

The new token will be used for transaction fees when interacting with the Ronin ecosystem where staking $RON will be needed in order to participate in block validations. 

Previously, players had 100 free transactions a day when interacting with the Ronin network. This has been scaled down to 20 free transactions as a way to help the community transition to using $RON for gas fees. Holding an Axie Infinity NFT also gives the holder free transactions relative to the rarity of the NFT.  

“While our ambitions for Axie Infinity are massive, we believe we can only truly achieve our mission by working in solidarity with the next generation of NFT game developers to also unlock their creative visions,”  the team said through their substack post. “We’re excited to collaborate with the industry to create a broad based gaming ecosystem that shares a massive user base, community owned protocols, applications, and deep asset liquidity. Therefore, in many ways, today’s release of the RON token and our Ronin strategy is a significant milestone for our industry.”

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$RON and $WETH liquidity pools were also made under Katana, the Ronin chain’s decentralized exchange, to help bootstrap liquidity for the latest launch. Now that the network is battle-tested, Sky Mavis will build more experiences on top of a blockchain that is said to have 15% of all NFT volume in 2021.

Learn more about the $RON launch by visiting Axie’s substack post.

Source : bsc.news

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