- Ronin’s token (RON) experienced a sharp drop after listing on Binance, but has since recovered.
- The ecosystem has implemented stricter security measures following a major hack in 2022.
- Ronin aims to onboard new games and open its network for wider development.
Despite a turbulent start on cryptocurrency exchange Binance, the Ronin gaming blockchain ecosystem appears to be on the mend. While the token’s price faced volatility upon listing, it has since stabilized, and the team remains focused on growth and security.
Before the Feb. 5th listing, leaked information led to insider trading, causing the token price to plummet over 40%. Binance vowed to tighten internal controls to prevent similar leaks in the future.
Ronin aims to become the premier gaming blockchain, onboarding 16 partner studios and games in 2024. The “Mavis Hub” platform will curate successful games, creating a Steam-like ecosystem. Developers prioritize user experience over chasing DeFi-focused TVL metrics.
Binance co-founder, Yi He, cracked down on leaks after Ronin’s messy listing.
“If project listing information leaks, the listing will be canceled,” He wrote.
“If any information is leaked after the announcement, the pending listing will be extended directly, and the listing will be decided based on subsequent adjustments.”
Security Measures Enhanced
Following a massive hack in March 2022, Ronin has undergone a security overhaul. Code has been reviewed and optimized, a circuit breaker system implemented, and withdrawal limits established. While some stolen funds remain missing, developers expressed confidence in the network’s resilience.
Ronin plans to onboard 16 new gaming partners in 2024 and eventually open its network to any developer. The goal is to create a robust ecosystem of blockchain-based games, with the native DEX Katana serving as a key liquidity hub.
Though the RON token rebounded from $0.45 (Oct 2023) to $2.63, Ronin’s Total Value Locked (TVL) remains significantly lower. The March 2022 $600M hack and 2022 crypto crash contributed to the decline, dropping TVL from $1.5 billion to $156 million.
Katana DEX holds 99% of locked funds, emphasizing Ronin’s focus on in-game liquidity rather than competing with DeFi chains.
Larsen has since stated that as a gaming-focused chain, “competing for TVL with DeFi chains is not a priority” for Ronin. “Katana, the native DEX on Ronin Network should have sufficient liquidity for day-to-day trading between players and $RON as LP rewards ensure that,” Larsen said, adding:
“What makes Ronin unique is that every single dollar deposited to the network is there to get exposure to blockchain games, so even if the TVL is lower than some DeFi focused chains the liquidity that is on Ronin is perfect for game studios.”
Ronin underwent comprehensive code review and optimization by security experts. A circuit breaker system limits daily withdrawals, and validators can now set individual withdrawal limits for added security.
Developers claim the network is “battle-tested” due to these improvements. While some stolen funds were recovered, the majority remain missing.
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