Roning: Will the crypto community trust comeback?
Ronin, a class 1 solution built primarily for the play-to-win movement, has seen impressive growth over the past year.
After recovering from a recent hack, Ronin has set his sights on his future. In an elaborate roadmap they shared on the from Him website, Ronin provided a recap of the development of 'Land Gameplay Community: Alpha' and their AXS ecosystem for the rest of the year. 2022.
The community's aim was to create a single app that interfaces with the entire Axie Infinity ecosystem. This will include social media, marketplaces and many games.
However, its overall goal has yet to be achieved. Not forgetting that Ronin will have to overcome many obstacles to reach the final destination.
One of the main obstacles is regaining user trust due to the Ronin Bridge hack that occurred in March. Although the Ronin Bridge was inaugurated on June 28, it still has a long way to go.
One of the ways that Ronin improves its security is by adding 21 independent validator nodes to protect the public network. However, only 14 buttons were found.
Additionally, their Total Value Locked (TVL) has massively fallen in price over the past two quarters and is down 82.7%. Yes, TVL has been on a downtrend since August.
However, it recorded a rebound on September 15. And it remains to be seen whether TVL can maintain this momentum.
Also, there has been a drop in the total revenue generated, as can be seen in the image below.
It should be noted here that Axie Infinity: Origin, a game created on the Ronin Network, was released earlier in the quarter. As a result, daily earnings skyrocketed at the beginning of the year.
Since then, Ronin's daily earnings (in USD) have been steadily declining, as the initial hype about the new release fades.
This is evidenced by the reduction in breeding fees, which are paid when players breed their Axies.
That said, with the land grab and the restoration of the Ronin Bridge, the game update helped revive both Axie Infinity and Ronin.
The Ronin token, on September 20 at press time, is trading at $0.256 with a 2.85% gain over the past 24 hours.
Its market capitalization increased by 2.41% and total trading volume decreased by 17.09%.
Sep 21, 2022