The blockchain game Axie Infinity has been a very popular application for the past 12 months. The NFTs in this game outperform all NFT collections today with record sales. Axie Infinity had sales of $ 3.85 billion, but Nansen researcher Martin Lee recently published a report on the exponential growth of Axie Infinity’s sidechain Ronin.
Researchers dig deeper into Axie Infinity’s Ronin network
Axie Infinity, an Ethereum-based blockchain game developed by SkyMavis, has recorded significant amounts of NFT sales over all NFT compilations released so far. Axie Infinity has recorded sales of $ 3.85 billion out of 1.44 million buyers in 12.6 million transactions. However, while Axie Infinity is an Ethereum-based game, the protocol leverages the sidechain Ronin to mitigate scaling issues. Introducing Ronin from Axie Infinity, Nansen Researcher Martin Lee Layer 1 (L1) of Ethereum explains that it was “not built for the game”.
To handle high fees and scaling issues, Axie Infinity’s development team has created a Ronin sidechain to facilitate transactions in a faster and cheaper way. Lee’s research report compares Ronin with the sidechain protocol Polygon and the Layer 2 (L2) blockchain Arbitrum One. This study also describes how the Ronin sidechain has its own native wallet to handle sidechain transactions. Interestingly, when it comes to scaling Lee’s report, it was stated last November that “Ronin processed over 560% of the total number of transactions on Ethereum.”
“There is no official documentation on the maximum TPS (transactions per second) for the Ronin network, but the block time is about 3 seconds (ETH average is about 13 seconds),” Lee’s research emphasizes. “The execution of a transaction on the Axie marketplace and the transfer of assets over the network is completed in seconds.” The researcher’s report also emphasizes a comparison of gas prices, as the author of the study states. ..
Ethereum gas prices fluctuate between 50-100gwei, making microtransactions uneconomical. Ronin, on the other hand, offers 100 free transactions per day per wallet. In the future, there will be a small fee when the $ RON token is released, but the cost can be less than $ 1.
The study envisions other developers leveraging Ronin, and Nansen researchers conclude that “Ronin is still in its infancy.”
The study also explores the Axie Infinity distributed exchange (dex) platform called Katana. Lee’s report emphasizes how multi-chain layering works, and the fact that L1 networks cannot be tuned beyond their main disciplines, especially when it comes to gaming applications. “Many blockchains will specialize, whether they like it or not,” Lee emphasized in the report. Lee added that once Ronin matures and stabilizes, “other game developers can start building games with Ronin.” Lee’s report continues:
Launched within a year, the Ronin network has proven to be a competent scaling solution for gaming. The birth of Ronin brought about the rise of the wave of Axie Infinity and Gamefi / Play-to-earn.
Lee’s study argues that the network is flawed and “more centralized than the community wants”, while developer Sky Mavis “has taken consistent steps to decentralize it.” I’m pulling out. The report describes the distribution of RON tokens and LPs in Katanadex. “It’s still early days for Ronin, and it’s interesting to see how blockchain evolves and grows over time. Will Ronin be the reliable blockchain for games? Only time is known. “Masu,” concludes Lee’s study.
What do you think of Nansen’s researcher Martin Lee’s work on the Ronin network and how it outperforms some of the recent L1 networks? Please let us know what you think about this subject in the comments section below.
Image credit: Shutterstock, AIXabay, Wiki Commons, Nansen Research, Martin Lee
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