RON, the native cryptocurrency for the Ethereum layer-2 network Ronin, has soared by over 33% in the past seven days. The price surge is a result of several activities occurring within its ecosystem.
Ronin Network is a sidechain network designed to support the play-to-earn Axie Infinity game in early 2021.
Why is RON Increasing?
Last October, a blockchain farming and social game, Pixel, migrated from the Polygon network to the game-centric Ronin mainnet. Shortly after the deployment, Ronin began seeing massive increases in active addresses.
Earlier last month, Pixel concluded its play-to-airdrop campaign, an activity that qualifies gamers for its upcoming PIXEL airdrop. The game project commenced a giveaway session two weeks ago, offering users farm plots as NFTs. These activities attracted more users into the Pixel ecosystem, contributing to Ronin’s overall performance.
Another activity that likely contributed to the Ronin network’s activity surge is the introduction of its seventh in-game competition. Sky Mavis, the development team behind the Axie Infinity game, rolled out the Epic Era Season 7 to its community. While promising more intense gameplay, the team noted that rewards included 18,900 AXS tokens and over 13.7 million SLP tokens. The current price metric suggests that more users might have seized the opportunity to earn from the competitive season.
The increased activities within the Ronin network have rubbed off on its decentralized exchange (DEX), Katana. On-chain data shows that Katana has a liquidity of $177.17 million, a significant 22% increase over a year-to-date (YTD) timeframe. Trading volume has also soared to as high as $46.17 million.
RON Trades at $2.86
At the time of writing, RON traded at $2.86, a 52% increase in the past month alone. For the first time in two years, RON surged above the $3 price mark.
Source: CoinStats
The latest increase comes two years after the Ronin network and its flagship game, Axie Infinity, was affected by a $625 million hack.
Amid rising engagement with the Ronin network, leading cryptocurrency exchange Binance has announced that it will list the RON token on its platform. However, the exchange added that a seed tag, an assessment of investors’ understanding of highly volatile assets, will be applied.
