Creators of Axie Infinity, Sky Mavis, Launches RON Governance Token

On Thursday, January 27, developers of the popular P2E game, Axie Infinity, the monster-battle game, launched the much-anticipated governance token for its Ethereum sidechain, the Ronin Network.

On Thursday, January 27th, developers of the popular P2E game, Axie Infinity, the monster battling game, launched the much-anticipated governance token for its Ethereum sidechain, the Ronin Network.

Sky Mavis, the creators of Axie Infinity, launched Ronin in February 2021 to speed up transactions and eliminate expensive gas fees for players – common problems of the Ethereum blockchain. After almost a year, Sky Mavis has finally launched its long awaited governance token.

The RON Governance Token

Ronin’s governance token (RON) will allow users to pay for transactions fees on the Ronin network. In addition to this, holders of RON will be granted more than 100 daily transactions.

Sponsored

RON tokens can also be used for community governance and future utility by staking through validators to earn rewards. 

Sky Mavis has created an ecosystem fund of RON tokens alongside with the launch. The fund will be used to bring new developers and gaming teams to the network.

Launched with an initial supply of 185 million, Sky Dust has revealed it would issue 70 million RON to its community members, including players, for their contributions. At the time of this writing, RON is currently trading at $3.3499. 

Sponsored

According to Sky Dust, Ronin has over 300,000 unique daily active addresses, receiving over $5 billion in deposited value. 15% of all Ethereum NFT transactions in 2021 were completed on the Ronin sidechain – a not insignificant chunk.

On the Flipside

  • While RON launched to much hype, Axie Infinty players have criticized Sky Mavis for not taking care of its in-game token Smooth Love Potion (SLP), which has plummeted 98% in 8 months.

Why You Should Care

According to users, the introduction of a governance token will prove to be pivotal in decentralizing the fast-growing Ronin network.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia