The Surprising Rise of Ronin Network TVL on Axis Infinity Side Chain

On April 14th, according to Defillama data, the Ronin Network TVL on the Axis Infinity side chain of the chain game returned $100 million after October, and is currently at $106.5 million, a 24-hour increase of 13.02%. As of the time of publication, RON is currently quoting $1.439, a 24-hour increase of 17.18%.

Data: Ronin Network TVL returned $100 million after 10 months

The Ronin Network TVL on the Axis Infinity side chain of the chain game has seen an astounding rise in the last few weeks. On April 14th, Defillama data revealed that Ronin Network TVL returned $100 million after October and currently stands at $106.5 million, showing an increase of 13.02% in just a 24-hour period. Additionally, RON is presently quoting at $1.439, presenting a rise of 17.18% in the same timeframe. Let’s take a closer look at the situation to understand why this increase is so significant and what it could mean for investors.

The Ronin Network

The Ronin Network is a layer 2 scaling solution for Ethereum that is committed to offering a better user experience for gaming, decentralized finance, and non-fungible token (NFT) projects. It functions as a side chain to Ethereum, opening up new possibilities for developers, including quicker and cheaper transactions. Ronin is being created by Sky Mavis, the team behind the renowned blockchain game Axie Infinity, a game that made a huge splash in the NFT sector in late 2020.

TVL Explained

Total Value Locked (TVL) is a metric that quantifies the amount of cryptocurrency saved in smart contracts on a particular blockchain. TVL is a crucial metric in DeFi, providing insight into the amount of capital committed to a protocol. Ronin has been seeing a rise in TVL recently, showing that more investors are becoming interested in spending their capital in the protocol.

Ronin Network TVL on Axis Infinity Side Chain

Sky Mavis created a side chain to scale up its preferred blockchain game, Axie Infinity, which was becoming too sluggish and expensive to operate. In Axie Infinity, players could breed and battle fantasy creatures called Axies that come in different shapes, sizes, and abilities. Axie Infinity has been a huge success, leading to its own economy and the possibility for gamers to earn actual income on the blockchain whilst competing. The Ronin Network, as a side chain to Ethereum, goes beyond Axie Infinity, creating opportunities for different gaming, DeFi, and NFT ventures.

The Rise of TVL in Ronin

Ronin Network TVL has been seeing a rise lately, leading to newfound attention from investors. The surge can be attributed to the game’s exploding popularity and the ability for investors to earn by staking their assets on the network. Moreover, the Ronin Network is different from other scaling solutions in that it has particular character traits for gaming and NFT-related tasks.

Community and Investment

The Ronin Network’s goal is to create an ecosystem that fosters creativity and innovation on the blockchain. Developers are encouraged to create games and applications outside of the more significant blockchain ecosystems. As the network continues to grow, it will undoubtedly need to expand and require investment for this to become a reality. With an increase in TVL, Ronin could see further investment options arise, strengthening the network’s overall games and NFT-specific geography.

The Future of Ronin Network TVL

The Ronin Network’s current success is undoubtedly a positive sign for investors, developers, and all users of the network. Its growth and potential for success could lead to more investment from blockchain enthusiasts and investors. Its commitment to providing a better user experience to gaming and NFT developers is an agreeable change in the long run.

FAQ:

1. What is the Ronin Network?

The Ronin Network is a layer 2 scaling solution to Ethereum, created by Sky Mavis.

2. Why is a high TVL significant?

TVL is often considered a crucial metric in DeFi and provides an overall snapshot of the amount of cryptocurrency saved in smart contracts. A higher TVL suggests the network is gaining more attention from investors and the community.

3. What could the rise of Ronin Network TVL mean for investors?

The rise of Ronin Network TVL could signify further investment opportunities, leading to an expansion in the network’s overall games and NFT-specific geography.