I cover two of them below and link to a few more. There have been multiple attempts at creating a mental model for valuing Ronin. That is what Ronin is beginning to fill in. The gap in the market is for consumer applications where transaction frequency is much higher, but the size of each transaction is much smaller. Ethereum will continue being the destination where high-value transactions that require strong security exist. Additionally, whales likely still prefer Ethereum’s security model for storing NFTs of high value, such as Bored Apes and Cryptopunks. This is large because the average transaction of an NFT currently on Ronin is likely roughly equal to what it costs for gas on Ethereum. Ronin Network has roughly twice as many buyers of NFTs as Ethereum does and accounts for ~20% of the volume compared to Ethereum.
Staking on Axie has attracted over a billion in AXS locked. They did a cumulative $4 billion worth of NFT sales on Ronin Network in the past year through some 1.5 million buyers on the network. We will dig into what this means for the firm shortly, but before we reach that point, it may help to understand how far Axie has come since last year with Ronin. With its ~3.75 million monthly unique users, Ronin is likely hacking the entire process and suggesting: here are the users, come build on us. Large ecosystem funds attempt to attract developers in the absence of users. Layer 1s today have the same battle going on. This, in turn, as you may have guessed, meant customers had fewer reasons to buy a Blackberry, and the cycle continued. As alternatives emerged, Blackberry’s userbase dwindled, which in turn meant developers had lower incentives to build apps for their devices. Back then, users of blackberry messenger could not communicate with iPhone users or vice versa.
#KATANA RONIN DEX ANDROID#
The reason why Blackberry eventually lost to Android and Apple’s iOS was not a shoddy product alone. This scenario is largely similar to the mobile operating system playbook from the mid-2000s. Once the developers notice a few million users on the network already, it will only be a matter of time before more of them begin building on Ronin. Through acquiring users on Axie Infinity and then building a general-purpose chain around it, they have solved the most significant challenge new networks face - users. Whilst not intentional, Sky Mavis seems to go about launching an L1 through an entirely different approach. Millions are then spent acquiring developers who often have little incentive to make in the absence of users. Historically, the trend is to raise a large sum and spend years building a layer one to launch it alongside an ecosystem fund. Sky Mavis’ launch of Ronin looks the opposite of what protocol layers do.
The value of Ronin - the underlying network should (theoretically) be more than all the apps it powers. Joel Monegro’s fat protocol thesis should explain why this matters. Keeping track of spam transactions from a game does not require complete decentralisation for the most part.īy launching a stand-alone chain, Sky Mavis has gone from being the service provider behind Axie Infinity to an infrastructure provider for games of all kinds to be built. Transaction finality on a layer one like Ethereum is likely not the best use-case for a network as decentralised as Ethereum. The average cost of a transaction on Ethereum has trended towards $30-$50 in the past year, making it prohibitively expensive for new users. Then why bother with a stand-alone network when the alternatives already exist?īecause gamers are historically a price-sensitive user segment. They could likely just build off one of those networks. It could emerge to be very similar to Solana or Binance smart chain in functionality. Ronin seems like a gaming-specific layer one built with a focus on on-boarding gaming studios and a growing network of indie gamers to give them the necessary tools to bootstrap token economics internally.
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