Gaming-focused layer-2 blockchain Ronin network announced Thursday the launch of its widely anticipated staking feature following an upgrade to the delegated proof-of-stake (DPoS) consensus mechanism. The platform has also onboarded five gaming studios into its ecosystem.
Crypto staking is the process of locking your funds into a protocol for some time in return for rewards proportional to your investment.
Ronin Migrates to DPoS
Since its launch in 2021, Ronin has adopted a Proof-of-Authority (PoA) model to verify and add transactions to the network. The limitation tied to the mechanism is the allowance for only a handful of validators, leaning away from decentralization.
In an earlier report, the project had signaled its interest in crypto staking as it debuted the feature in its Saigon testnet launch. With a final switch to the DPoS model, investors can come into the ecosystem and stake their RON tokens for rewards.
DPoS takes a different turn from the native PoS consensus model, where anyone can become a validator. Here, validators are delegated based on votes from the native token holders. In Ronin’s case, RON holders can delegate their tokens to any one of the 22 validators within the layer-2 ecosystem. They can choose a validator “based on their contributions to the community, uptime, and commission rate.”
However, the validators will finalize the setting up of their nodes on April 12, indicating that not all will be active currently.
Ronin Introduces New Gaming Studios
As part of its latest milestone, Ronin has inched further into the gaming verse by partnering with five gaming studios. They are Directive Games, Tribes Studio, Bali Games, Bowled.io, and SkyVu.
Ronin reckons that this is its first divergence from its native game, Axie Infinity. These newly-integrated gaming platforms will support the development of games with the Ronin network serving as the launchpad.
Meanwhile, Ronin network’s native currency, RON, saw a mild 6% increase at the time of the news. The asset currently trades at $1.01.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!