Sky Mavis, creator of play-to-earn Axie Infinity, is releasing RON, a governance token for its Ethereum sidechain the Ronin Network, the company said Thursday.
The RON token enables users to pay for transactions on Ronin and also includes decentralized finance (DeFi) features like community governance and future utility via staking through validators to earn rewards.
RON is currently trading at around $3.75, according to CoinMarketCap.
The blockchain currently has 250,000 unique daily active addresses, according to Nansen data, and processed 15% of all non-fungible token (NFT) volume in 2021.
As an incentive, Sky Mavis said it is offering users free transactions for holding Axies and Land in their Ronin wallets.
“It's important that Ronin has shared ownership by the community that builds and uses it. In the first month of Ronin, Axie experienced a 300% increase in monthly NFT trading volume and a 131% increase in daily active battlers,” said Jeff Zirlin, Sky Mavis growth lead and co-founder.
The company said the Ronin blockchain is more energy efficient than the Bitcoin and Ethereum blockchains, using 0.0000015 kilograms of carbon emissions for one Ronin transaction, compared with what it takes for one Bitcoin transaction 1,079.18 and Ethereum 125.26.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.