In May, the Ronin network saw a significant uptick in users, surpassing 3 million monthly and daily active wallets, indicating a resurgence in the gaming industry. Known for supporting Axie Infinity and related mini-games, as well as the Mavis NFT marketplace, Ronin's activity across approximately 15 leading apps has contributed to its success.
Comparatively, Ronin's growth rivals that of Polygon, another popular gaming chain, which saw an increase to 1.2 million daily active wallets in May. Ronin has even surpassed Telegram's chain, largely associated with trading bots.
The resurgence in Ronin's activity, reaching peak levels from March, suggests ongoing bullish trends in Web3 activity.
Despite some skepticism about the influx of new addresses possibly stemming from bot activity rather than genuine interest, Ronin has seen heightened engagement, particularly in NFT minting and trading.
Partnerships with entities like Yield Guild Games (YGG) and initiatives such as scholarships, which enable players to access expensive NFTs without hefty fees, have contributed to Ronin's expanding user base and influence. These efforts align with a broader trend of increased interest in NFTs and Web3 projects, driving traffic and activity on the Ronin network.
Are Bots OverRunning Ronin?
Many blockchains attempt to discourage or allow the use of bots. Ronin believes that the bot narrative is damaging. The network community seeks to refute the assertions made by the bots by providing evidence of human involvement.
Ronin is still planning live events and observing real-world social media accounts and organic traffic. Ronin, which is used by third-party mints to fund new projects, is a sign of revived NFT activity even in the presence of bots.
Ronin is attempting to provide proof of natural activity on social media platforms devoid of social media bots. Certain bots may also be associated with actual individuals seeking a quicker means of competition in token sales.
Axie Infinity has been stern in its opposition to and outright prohibition of dishonest behaviors such as multiple accounts. Bots have long been an issue for Web3 games, frequently resulting in campaign bans or NFT blocking.
Furthermore, Ronin asserts that even in the absence of bots, its daily active user base would remain competitive. At the moment, Ronin outpaces Ethereum's network, whose daily active user count has dropped to 500K due to fees.
RON Closes to One-Month High
The native coin of the Ronin blockchain, RON, had a prosperous month as well. At $3.20, RON was trading close to its one-month high. Trading volumes increased during the last few days, reaching $41 million in a single day.
Staking contributes significantly to the backing of RON tokens. Out of the 1 billion token supply, more over 202 million RON have been staked.
The biggest apps in the Ronin ecosystem are mostly responsible for the ecosystem's value growth. Ronin still mostly uses the Katana DEX, Axie Infinity, and a few other infrastructure apps.
After growing gradually in May, Ronin raised its locked total value to more than $200 million. While Ronin held more than $51 million in stablecoin volumes, the Katana DEX saw an 8.8% increase in traffic. According to other reports, the Katana DEX facilitates over 31,000 daily trades and carries over $218 million in liquidity.
June 2024, Cryptoniteuae