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.
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.
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.