Is Ronin Blockchain’s Price Soaring Due to a Sudden Increase in Monthly Activity?

Published in

CryptoNiche

3 min readJan 31, 2024

In a groundbreaking trend, Ronin Network, initially established as a dedicated sidechain for the popular blockchain game Axie Infinity, has emerged as a frontrunner in the Play-to-Earn gaming space. The network, managed by developer Sky Mavis, witnessed an extraordinary 193% month-on-month increase in active addresses in December 2023, hitting a record-breaking 1.3 million active addresses. This remarkable growth rate marked the second consecutive month of the highest expansion.

What is Play to Earn?

Play-to-Earn or P2E games, a revolutionary concept, empower players to earn money while engaging in gameplay, leveraging blockchain technology and Non-Fungible Tokens (NFTs). Players receive unique tokens and NFTs as in-game rewards, and the ability to monetize these assets by selling them contributes to the appeal of P2E games. Notably, Axie Infinity, a pioneering P2E platform, boasted 1.1 million daily active users in November 2021, underscoring the growing significance of P2E NFT Gaming Platform.

Ronin’s Evolution from Sidechain to NFT Scaling Solution

Originally conceived as a sidechain for Axie Infinity, Ronin has evolved into an NFT scaling solution catering to a broader spectrum of games. Sky Mavis, the driving force behind Ronin, is forging partnerships with multiple game development studios, aiming to enhance the Ronin ecosystem’s reach and utility in both gaming and the broader blockchain domain.

Key Catalysts for Ronin’s Surge

Nansen research analysts attribute Ronin’s surge in user numbers to the popularity of Pixels Online, renowned as the “Web3 farming game.” This interactive game enables players to build virtual farms, enhance their skills, and engage with friends. DappRadar data reveals a notable 16% increase in the number of unique active wallets connected to Pixels in the past 30 days, reaching 352,000 addresses.

Focus on Blockchain Gaming and P2E

Edward Wilson from the Nansen Research team emphasizes their focus on blockchain gaming and the Play To Earn Game Development. As the gaming industry experiences a shift, many teams established during the previous cycle are gearing up for exciting updates, building on their experiences through both bull and bear markets.

Ronin’s Remarkable Asset Growth

On-chain data indicates that investment firm Arca holds approximately ¥590 million worth of Ronin Network’s native crypto asset, RON. Arca has also been actively managing assets on Ronin Network, evident from the transfer of 680 Ether (ETH) through the Ronin Bridge.

RON’s Impressive Market Performance

Over the past year, the value of RON has skyrocketed by around 200%, translating into a market capitalization exceeding ¥110 billion. This remarkable ascent has positioned RON among the top 100 markets, signaling its prominence in the crypto space.

Conclusion

Ronin Network’s surge in active addresses and the remarkable growth of its native crypto asset, RON, underscore the rising prominence of Play-to-Earn P2E NFT game development. As the gaming landscape evolves, Ronin’s partnerships, user-friendly initiatives, and market performance position it as a key player in the blockchain gaming revolution. The convergence of P2E gaming and blockchain technology marks a paradigm shift, offering players unprecedented opportunities to earn and engage in dynamic, decentralized gaming ecosystems.