RON Token Gains Momentum
RON, the native digital asset of the Ronin Network, a platform based on the Ethereum blockchain designed for gaming, has recently witnessed an upward trend. As of Wednesday, it reached a price of $2.89, its highest in nearly two years, as per CoinGecko data. This marks a 5% daily increase and a significant 57% surge over the past month.
What is the Ronin Network?
Ronin Network is a sidechain, a separate blockchain connected to Ethereum, specifically tailored for crypto-based games. It aims to provide a more efficient and cost-effective gaming experience for users.
The Ronin Network has seen a boost in adoption, particularly due to the popularity of Pixels, a social farming game that moved from Polygon, another Ethereum scaling solution, last fall. Pixels’ play-to-airdrop campaign, offering PIXEL tokens to top players, has contributed to the growth of Ronin users.
Axie Infinity Updates Fuel RON’s Rise
The latest surge in RON’s value follows significant developments within the Axie Infinity ecosystem. On Tuesday, Axie Infinity Origins, the core game of the popular NFT-based monster-battling game developed by Sky Mavis, launched its seventh competitive season. This season, titled “Epic Era,” offers rewards totaling approximately $175,000 in AXS and SLP tokens to top players.
What is Axie Infinity?
Axie Infinity is a blockchain-based game where users collect, breed, and battle NFT-based creatures called Axies. The game has gained immense popularity, attracting millions of players worldwide.
Axie Infinity’s Journey and Sky Mavis’ Recovery
Axie Infinity experienced tremendous success in 2021, generating billions of dollars in NFT trading volume and amassing a vast player base. However, challenges emerged in 2022, affecting the game’s play-to-earn economy. Notably, the Ronin Network bridge to Ethereum was breached, resulting in a $622 million hack.
What is a Play-to-Earn Economy?
Play-to-earn economies are game models where players can earn rewards, often in the form of cryptocurrencies or NFTs, for their participation and achievements within the game.
Despite these setbacks, Sky Mavis, the developer behind Axie Infinity, reimbursed affected Ronin users and continues to enhance the Axie ecosystem. They have welcomed additional third-party game development studios to the network, expanding the platform’s offerings.
A rare Agamogenesis Axie NFT sold for 105 ETH, equivalent to nearly $246,000.
Conclusion
The recent surge in RON’s value reflects the positive developments within the Axie Infinity ecosystem, including the launch of Season 7 and the sale of a rare NFT monster. Sky Mavis’ ongoing efforts to enhance the Ronin Network and expand the Axie Infinity platform continue to contribute to the growth and adoption of both RON and the wider blockchain gaming landscape.
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