The crypto market saw significant price action around Ronin Network’s RON token over the past day, sparked by major exchange Binance announcing it will list the token.
The news initially sent RON surging over 30% close to its all-time high, before a bout of profit-taking sent it plunging nearly 20%.
- Binance announced it will list Ronin Network’s RON token on February 5th
- RON price surged over 30% on the news to $3.51, close to its all-time high
- Hybrid crypto exchange Pullix (PLX) continues progress towards its beta launch and market debut
- Pullix has registered as an exchange provider as its token presale hits stage 7 out of 8
- After the Binance listing was announced, RON saw significant profit-taking and the price dropped nearly 20% to around $2.84
Binance said it will list RON trading pairs on February 5th at 13:30 UTC. In the run-up, RON reached highs around $3.51, just shy of its record peak of $4.29 set in January 2022.
The activity coincided with rising momentum for the Ronin Network itself recently, with data showing daily active users on the Ethereum sidechain made for gaming spiking higher.
However, the initial euphoria proved short-lived as holders rushed to take profits from RON’s rapid surge. The sell pressure quickly dragged the token back down nearly 20% from just under $3.50 down below $2.85 in a matter of hours.
What is Ronin?
Ronin Network is an Ethereum sidechain blockchain that was purpose-built for gaming applications. The network was launched by Sky Mavis, the company behind the popular blockchain game Axie Infinity, as a way to scale Axie’s rapid user growth that was overwhelming networks like Ethereum.
What makes Ronin unique is its singular focus on meeting the scaling demands of high-volume games. In 2021, Ronin processed 15% of all NFT trading volume, demonstrating the immense throughput it provided for just Axie Infinity’s needs alone.
Beyond Axie, Ronin aims to be the go-to blockchain for Web3 games, as its architecture is optimized for fast, low-cost transactions.
The network uses a hybrid Proof-of-Authority and Delegated Proof-of-Stake consensus model that enables quicker validation while still maintaining a base level of decentralization. S
taking the native RON token allows users to participate as validators of transactions. The network is also secured by Sky Mavis based on lessons learned from Axie’s meteoric rise and past incidents, ensuring rigorous testing and audit reviews.
Ronin Network establishes dedicated infrastructure for the unique demands of blockchain gaming. By tailoring every aspect of the chain to gaming systems, from throughput to fees to staking participation, Ronin stands out as a purpose-built solution catering to the space’s continued growth.