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Understanding the Recent Growth in TVL of the Ronin Network on Axis Infinity Side Chain

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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

Understanding the Recent Growth in TVL of the Ronin Network 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 on Axis Infinity Side Chain has seen a significant increase in Total Value Locked (TVL) recently. According to Defillama data, the TVL of the network saw a return of $100 million after October and is currently at $106.5 million with a 13.02% increase in the last 24 hours. This growth is a testament to the success and strength of the Ronin Network.

What is Ronin Network?

Ronin Network is a side chain of Ethereum created by the Sky Mavis team that powers the game Axie Infinity. It aims to maximize the throughput of Axie Infinity while reducing gas fees and increasing the speed of transactions. Ronin Network is a scalable, efficient, and low-cost network that enables players to have seamless and smooth gaming experiences. It uses its token, RON, to pay for gas fees and rewards players for their contributions to the network. Ronin has gained popularity among gamers and investors because of its unique features and advantages over traditional blockchain networks.

The Significance of TVL For Ronin Network

Total Value Locked (TVL) is the total value of assets locked on a particular blockchain network. It is a measure of the network’s activity and liquidity, and it serves as an indicator of the network’s growth and health. A high TVL indicates that there is an increasing number of users and transactions on the network, which, in turn, drives up demand for the network’s token. Ronin Network’s TVL has crossed $100 million, indicating that the network is gaining more traction and attracting more users.

Factors Driving the Growth of Ronin Network TVL

There are several factors driving the growth of Ronin Network TVL:

Axie Infinity’s Popularity

Axie Infinity, a game that runs on Ronin Network, has become one of the most popular blockchain games globally. This has led to an increasing demand for the Ronin Network, as more players join the network to play the game. Axie Infinity has more than 1 million active users, with a daily trading volume of over $1 billion. This popularity has contributed significantly to the growth of Ronin Network TVL.

Low Fees and High Transaction Speed

One of the key advantages of Ronin Network is its low gas fees and high transaction speed. The cost of transactions on the network is significantly lower than other blockchain networks, making it a more affordable option for users. The speed of transactions on Ronin Network is also faster, providing a smooth user experience. These factors make Ronin Network an attractive option for players and investors alike, leading to its growth.

Launch of Ronin Bridge

Ronin Bridge is a new feature that allows tokens to be bridged between Ronin Network and Ethereum. This feature has made it easier for users to transfer their assets between the two networks, increasing the liquidity and accessibility of Ronin Network. The launch of Ronin Bridge has also contributed significantly to the growth of Ronin Network TVL.

Conclusion

Ronin Network is a scalable, efficient, and low-cost side chain of Ethereum that powers the popular game Axie Infinity. The recent growth in the network’s TVL is a testament to its success and the popularity of the game. Several factors, including Axie Infinity’s popularity, low fees and high transaction speed, and the launch of Ronin Bridge, have contributed to Ronin Network’s growth. With the potential for further development and innovations, Ronin Network’s future looks promising.

FAQs

Q1. What is TVL?
A1. TVL stands for Total Value Locked, which is the total value of assets locked on a particular blockchain network.
Q2. What is the significance of TVL for Ronin Network?
A2. TVL serves as an indicator of the network’s growth and health. A high TVL indicates that there is an increasing number of users and transactions on the network, which, in turn, drives up demand for the network’s token.
Q3. What are the factors driving the growth of Ronin Network TVL?
A3. The factors driving the growth of Ronin Network TVL include Axie Infinity’s popularity, low fees and high transaction speed, and the launch of Ronin Bridge.

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