The Ronin ecosystem will recover after a clean Binance token list
Ronin, the gaming blockchain created by Axie Infinity developer Sky Mavis, supported the token's (RON) rally over the past quarter, despite launching the token's listing on crypto exchange Binance.
In the year RON is currently trading at $2.63 at press time.
Prior to the listing, the combination of the token stock shown on the blockchain scanner and the external connections released from Binance led to an insider hoarding of RON.
The next day, Yi He, Binance co-founder and owner of former CEO Changpeng Zhao, said the exchange would impose stricter internal controls to separate the listing team from the project research teams to prevent data leaks.
“If project details are leaked, details will be deleted,” he wrote. “If any information is released after the announcement, the waiting list will be automatically extended, and the list will be determined based on further adjustments.”
Today I thank my friends who care about Binance, love Binance and support Binance. I also received many suggestions, and read them all carefully. In the past, there have been occasional heated discussions about the release of details about Binance's currency, usually for projects that haven't released tokens. After RONIN's listing was announced, RONIN's price cut sparked a lot of public anger.
— Hey Binance (@heybinance) February 5, 2024
In an email to Cointelegraph, SkyMavis founder Alexander Larsson said that Ronin is one of the “most used” gaming chains and that the Binance listing was “long overdue.” By 2024, the project expects to onboard 16 partner studios and games. “We want to finish the year by opening up the Ronin Network for anyone to deploy the game on,” Larson said. “Games that earn guts will be integrated into Mavis Hub, our Steam-style platform for game waiting.”
While the token price has recovered from a nadir of $0.45 in October 2023, the total locked-in value (TVL) on Ronin has been slow. In the year In March 2022, North Korean hackers hijacked Ronin Bridge worth $600 million. Coupled with the general decline in cryptocurrency prices that year, Ronin's TVL in 2016 It fell to less than $50 million by the end of the year, from about $1.5 billion in early 2022. The benchmark currently stands at $156 million at the time of publication, with the ecosystem's native Katana decentralized currency contributing over 99% of locked funds.
“Competing with the Defy chains is not a priority for TVL,” Larson has since told Ronin, a gaming-focused chain. “Katana, the native DEX on the Ronin network, should have sufficient liquidity for daily trading between players and $RON, as LP rewards will ensure that,” Larsen added.
“What makes Ronin unique is that every dollar deposited on the network gets exposure to blockchain games, so even if TVL is lower than some DeFi focus chains, liquidity on Ronin is ideal for game studios.”
Since the 2022 heist, Ronin has taken significant steps to address user security. “All code has been fully reviewed and improved, with security experts examining the entire architecture,” Larson said.
Developers have introduced a circuit breaker system that limits the number of daily withdrawals and updated the protocol's bridge smart contract to allow validators to set withdrawal limits. “We're sure Ronin is battle-tested,” Larson wrote. While some of the looted money has been recovered, most of it is missing.
Related: Binance offers $5M snitch bonus after RON token listing sparks ‘heated' debate
