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Ronin token rises 30% after strong network growth
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THE Ronin networkthe Layer 1 blockchain developed by Sky Mavis and the network of the famous game Axie Infinity, recorded strong growth data. In November, the network saw its growth in decentralized finance (DeFi) increase 149% compared to the same period last year.
According to data from Messari, the total value allocated to the network (TVL) year after year reached US$147 million in the third quarter of 2024. Part of this growth occurred because of the strong rise in the token, which rose 30% in the last 30 days.
There are several factors influencing this growth. One of the main catalysts was, however, the increase in the price of the RON token. In the last 24 hours, RON increased by 2.6% and was worth US$2.21.
According to Messari’s latest report, the Ronin’s TVL increased from $59 million in Q3 2023 and reached a total of US$ 147 million. The number was driven by a 30% increase in the RON token price and wider ecosystem adoption.
Demand for DeFi and NFT grows at Ronin
On the other hand, token TVL fell 36%, from 128 million to 82 million tokensindicating less participation. This was likely because of decreasing token locking incentives, a shift towards gaming and NFTs, and a preference by investors to hold their RON.
In fact, RON holders increased by 11,611%, reaching 527,000 addresses in the third quarter of 2024, with growth of 20% compared to the second quarter. Therefore, demand for the token has remained high in recent months.
Interestingly, Katana, Ronin’s largest decentralized exchange (DEX), holds a dominant share of 99% of total TVL on the network. Its dominance is such that the two largest competitors combined (Sablier Finance and MetaLend) contribute less than 1%.
Katana powers liquidity and exchanges for tokens like RON and the two Axie Infinity game tokens (AXS and SLP). While the Katana’s TVL fell 9% in the quarterreaching US$ 165 million, in the annual comparison this number grew 154% and went from US$ 59 million in 2024 to US$ 150 million now.
Throughout the year, Ronin’s daily NFT buyers generally outnumbered sellers, indicating a preference to maintain investments. In the third quarter of 2024, buyers and sellers grew by 17%, with the former rising from 4,400 to 5,100 and the latter from 3,700 to 4,300.
In terms of transactions, Ronin had growth of 24% in the third quarterrising from 1.8 million to 2.2 million. This growth was driven by new games and partnerships, such as partnership between Ronin and Chainlink.
Ronin token rises 30% after strong network growth
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Ronin token rises 30% after strong network growth
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Ronin token rises 30% after strong network growth
