Ronin DeFi TVL grows 149% YoY, boosted by 30% price increase of RON Token.

Ronin, a Layer 1 blockchain developed by Sky Mavis, has seen a massive 149% year-over-year growth in DeFi TVL, reaching $147 million in Q3 2024.

There are several factors influencing this development. One of the main reasons was the increase in the price of the RON token.

Interest in Ronin DeFi, NFT will grow

According to Messari's latest report, Ronin Defy's TVL increased from $59 million in Q3 2023 to $147 million in Q3 2024. This figure was boosted by a 30% increase in the value of the RON token and wider ecosystem adoption. At the same time, the native token TVL fell by 36%, from 128 million to 82 million tokens, which shows less participation.

This is probably due to the few token lock incentives, switching to gaming and NFTs and choosing to hold RON tokens. RON holders increased by 11,611%, reaching 527,000 in Q3 2024, a 20% increase from Q2.

Interestingly, while Katana DEX accounts for 99% of the total DeFi TVL on the Ronin network, the next two largest protocols, Sabier Finance and MetaLand, only contribute 0.0029% and 0.77% respectively. As the main decentralized exchange on Ronin, Katana powers the liquidity and token exchange for assets such as RON, AXS and SLP. While Katana's TVL fell 9% QoQ from $165 million in Q2 2024 to $150 million in Q3 2024, it saw a 154% YoY increase, rising from $59 million in Q3 2023 to $150 million in Q3 2024.

Throughout the year, Ronin's daily NFT buyers generally outnumbered sellers, indicating a holding preference. In Q3 2024, both buyers and sellers grew by 17 percent, with the former rising from 4,400 to 5,100 and the latter from 3,700 to 4,300. This development was triggered by the Coinbase Learn campaign and the Ronin Carnival in June of this year, which led to a record high, which included Axie Infinity Missions, a $1 million competition from Apeiron, and free trials from 0xScope. These events resulted in high participation with 28,000 buyers and 20,000 sellers.

On a smaller scale, Ronin's daily sales grew 24% QoQ in Q3, from 1.8 million to 2.2 million. This growth was driven by new games and partnerships. However, average daily transaction fees fell 20% QoQ, from $7,000 to $5,000, likely due to Ronin's focus on expanding its ecosystem.

Compared to Q3 2023, daily transactions increased by 2,300%, from 90,000 to 2.2 million, and transaction fees increased by 4,000%, from $134 to $5,000. Active addresses also grew by 23% QoQ, while new addresses increased by 22%.

Ronin's security woes

Ronin, known for being the victim of the most expensive DeFi hack in 2018. In 2022, an attacker took out $624 million from Crossbridge when he used insufficient private key security to authorize fraudulent transactions.

In the year In August 2024, the platform suffered another attack, losing $12 million due to a recently updated smart contract flaw.