Axie Infinity’s Ronin Network introduces staking for RON token to enhance decentralization
On March 30, the Ronin Network (RON), a sidechain built on Ethereum by the Axie Infinity game project, announced support for staking its own network token, RON. This news has been eagerly awaited as RON has only been limited to transaction fees and farming since its release at the beginning of 2022.
Staking RON also helps decentralize the sidechain as users can choose to delegate tokens to 22 validators on the network to help them verify transactions.
The RON staking rewards will be unlocked on April 12. The games that will be developed on Ronin Network are:
- Directive Games with “The Machines Arena”: a new third-person shooter game with many sci-fi elements.
- Tribes Studio with “Tribesters: Island of the Solas”: a multiplayer online game set in a tribe on an island.
- Bali Games with “Axie Match3”: a match-three game that uses resources from Axie Infinity.
- Bowled.io with “Bowled”: a bowling game.
- SkyVu with “Battle Bears Heroes”: a MOBA game inspired by the famous Battle Bears game series.
Ronin notes that all of these games are still in development and no tokens or NFTs have been sold yet, so the community needs to be aware of scams.
Earlier in 2022, Axie Infinity announced a program to incubate games that license the images and items from the game.
It is worth noting that the support for RON staking and the announcement of development projects on Ronin Network occurred one year after the Ronin bridge was hacked, resulting in the loss of over $620 million in cryptocurrency. This is still the most serious hack in crypto history.
Axie Infinity compensated affected users and reopened the Ronin bridge, launched version 3 of the game called “Origin”, organized the AxieCon conference for the global community, and then deployed the NFT land feature to create a virtual universe for the game.
The RON token price has risen 37% from $0.8 to $1.1 since the beginning of March, but it is currently down 8% after the announcement of RON staking. RON is currently trading at $0.98.
Read more:
- Norwegian Authorities Set New Record In Cryptocurrency Seizure After Axie Infinity Hack
- Ronin, An Ethereum-Linked Sidechain Developed By Axie Infinity, Has Confirmed A Major Security Breach