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February 05, 2024

Binance Lists EVM-Compatible Web3 Gaming Blockchain Ronin (RON)

Binance Lists EVM-Compatible Web3 Gaming Blockchain Ronin (RON)

Cryptocurrency exchange Binance announced its intention to list Ronin (RON) and initiate trading for its spot trading pairs today. The newly introduced trading pairs include RONIN/BTC, RONIN/USDT, RONIN/FDUSD, and RONIN/TRY. Users can commence depositing RONIN in readiness for trading, with withdrawals scheduled to open on February 6th at 1:30 pm UTC.

According to the announcement, the listing of RONIN comes with no associated fees.

Ronin is the Ethereum Virtual Machine (EVM)-compatible blockchain designed for Web3 gaming. Conceptualized by Sky Mavis, the developer behind Axie Infinity, Ronin aims to transform the landscape of blockchain gaming by tackling significant challenges such as Ethereum’s high gas fees and slow transaction speeds.

Ronin can handle up to 100,000 transactions per second and is based on the Delegated Proof of Stake (DPoS) consensus mechanism, which allows it to have advantages over other blockchains. This guarantees the balance between speed and security, delivering a smooth and secure gaming experience.

RON’s Functionality Transforms Ronin Sidechain

Launched in 2022, the native token of Ronin, RON serves as a critical component in the ecosystem crafted by Sky Mavis to support Axie Infinity. The introduction of RON has significantly improved the functionality of the Ronin sidechain, particularly in enabling cost-effective and efficient token swaps through the decentralized exchange Katana, allowing it to effectively tackle the challenges related to high gas fees commonly experienced on the Ethereum network.

With the transition of Ronin to a DPoS network in 2023, the utility of RON has expanded to include staking. Now, users can stake RON with network validators, earning rewards and enhancing its adaptability within the Ronin ecosystem.

Following the announcement, RON experienced a decline of approximately 9% and is trading at $2.88 as of the time of writing, in contrast to its starting value of $3.49 earlier in the day, according to ConMarketCap.

Ronin Catalyzing Blockchain Gaming

Ronin has swiftly emerged as a central hub for various engaging and innovative blockchain games, each presenting distinct experiences while capitalizing on the network’s efficient transaction capabilities. Currently flourishing on Ronin are games such as Axie Infinity, Pixels, the Machines Arena, and Battle Bears Heroes.

Recently, Sky Mavis entered into a strategic alliance with Foonie Magus to introduce the new blockchain game Apeiron within the Ronin Web3 gaming ecosystem. Sky Mavis has emphasized the shared vision of both companies, aiming to bring forth an innovative gaming experience to the Ronin platform.

The listing of Ronin on Binance reflects its growing prominence in the blockchain gaming space as it continues to shape the future while addressing critical challenges in the industry.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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