The blockchain-powered Axie Infinity has been a very popular app for the past 12 months, with NFTs outperforming every NFT group today in terms of sales all the time. While Axie Infinity saw all-time sales of $3.85 billion, Nansen researcher Martin Lee recently published a report on how Ronin, Axie Infinity’s side chain, has experienced exponential growth.
The researcher digs deep into the ronin network of Axie Infinity
Axie Infinity, the Ethereum-based blockchain game developed by Sky Mavis, has seen a significant amount of NFT sales surpassing every NFT pool released so far. Among 1.44 million buyers across 12.6 million deals, Axie Infinity had all-time sales of $3.85 billion. However, even though Axie Infinity is an Ethereum-based game, the protocol takes advantage of the Ronin side chain to help mitigate scaling issues. In Introduction to Ronin from Axie Infinity, Nansen Scholar Martin Lee It states that Ethereum Layer 1 (L1) is “not built for gaming.”
To deal with high fees and scaling issues, the development team at Axie Infinity created the Ronin sidechain to help facilitate faster and inexpensive transactions. Lee’s research report compares Ronin with the Polygon side-chain protocol and the Layer 2 (L2) Arbitrum One blockchain. The study also explains how Ronin sidechain has its own native wallet in order to handle sidechain transactions. Interestingly, when it comes to scaling up, Lee reports that last November, “Ronin handled more than 560% of all transactions on Ethereum.”
Lee’s study highlights “Although there is no official documentation of the maximum TPS (transactions per second) of the Ronin network, its time is ~3 seconds (ETH averages ~13 seconds).” “The execution of trades on the Axie Market is completed and the assets are sent over the network in a matter of seconds.” The researcher’s report also highlights a gas fee comparison as stated by the study author:
Gas fees on Ethereum range from 50-100 gwei which makes micro-transactions uneconomical. On the other hand, Ronin offers 100 free transactions per wallet per day. In the future, there will be a small fee once the RON token is issued in dollars, but it will likely cost less than a dollar.
Study Perceptions of Other Developers Benefiting from Ronin, Nansen Researcher Concludes That ‘It’s Still Early Days of Ronin’
The study also delves into a decentralized exchange platform Axie Infinity (dex) called Katana. Lee’s report highlights how multi-threading layers work and the fact that when it comes to gaming applications specifically, L1 networks can’t adapt beyond their main specialty. Li stressed in the report that “a lot of blockchain, whether they like it or not, will specialize.” He also pointed out to me that when Ronin is mature and stable, “other game developers can start building their games on Ronin.” Follows my report:
Despite launching less than a year ago, Ronin Network has proven itself as a powerful solution to scaling games. The birth of ronin heralded the advent of Axie Infinity and the Gamefi/Play-to-win wave.
Lee’s study concluded that while the network has flaws and is “more centralized than the community would like,” the developers of Sky Mavis “have taken consistent steps to decentralize it.” The report indicates the distribution of RON tokens and LPs to the Katana dex. “It’s still early days for Ronin and it will be interesting to see how the blockchain evolves and grows over time. Will Ronin become the go-to gaming blockchain? Only time will tell,” concluded Lee’s study.
What do you think of Nansen researcher Martin Lee’s study of the ronin network and how it outperformed some of the L1 networks lately? Tell us what you think about it in the comments section below.
photo credits: Shutterstock, Pixabay, Wiki Commons, Nansen Research, Martin Lee
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