Ronin Blockchain Development

Ronin Network is a scalable blockchain network developed for the Axie Infinity gaming platform. This project is based on the concept of NFTs and allows gamers to collect, train, and trade virtual creatures called Axies.

Ronin Network was created to improve the scalability and performance of the Axie Infinity gaming platform. It offers faster and cheaper transactions thanks to its own blockchain infrastructure. Recall that in 2022, this network was subjected to the largest hack in history. Then, the attackers stole more than $600 million. Later, the Lazarus Group claimed responsibility for the incident. This group is believed to be funded by the DPRK government.

Ronin Network also strives for decentralization. It offers the ability to own and manage network nodes, which allows network participants to participate in the security and development of the blockchain actively.

Ronin is an Ethereum Layer 2 (L2) chain. Sky Mavis is developing both blockchain products. The creators initially released the crypto game directly on Ethereum. At launch, an accessible interface and Play-to-Earn mechanics made the project a calling card of the Game Finance (GameFi) sector.

The project’s essence is trading characters in the form of NFT tokens. The team used the funds from selling unique digital lots to scale the game. Soon, the authors decided to build a full-fledged Metaverse and attract third-party game developers.

However, to implement this idea, an independent blockchain was required. With the help of seed investments of $1.5 million, a test version of Ronin was launched in July 2020. The sidechain was fully implemented at the beginning of 2021.

The Sky Mavis studio transferred the Axie game to its own protocol and began collecting venture investments. The campaign was held in two stages:

Series A raised $7.5 million. Private investors and the Animoca Brands fund led it. The funds were used to finalize Ronin.

Series B raised $152 million. A16z, Paradigm, and other companies participated in the collection. The funding was used to develop the ecosystem.

In total, the team received $161 million. Project development stages:

2021

September

Start of staking of the liquid game token AXS

November

Implementation of the decentralized AMM Katana in Ronin

2022

January

Launch of the RON cryptocurrency

February

Launch of the Axie Builder program for ecosystem development

March

A critical vulnerability was identified in the Ronin protocol.

In March 2022, the sidechain was hacked. Unfortunately, the developers were unaware of the threat. The vulnerability was located in the bridge between Ronin and Katana. As further investigation showed, the North Korean hacker team Lazarus Group used the error. They withdrew digital assets worth over $600 million in two transactions, making this the most significant cryptocurrency theft in history.

In 2022, the group hacked several networks. According to rough estimates, the total damage amounted to over $1 billion.

However, Sky Mavis managed to find support through additional financing. The funds already involved in rounds A and B assisted. The Binance exchange led the collection. As a result, an extra $150 million was attracted, which was then used to compensate for user losses. The protocol creators compensated the rest from internal resources.

The RON cryptocurrency did not have time to gain popularity since it had been trading for only one month since the listing. The rate responded to the negative news by halving. However, the AXS asset collapsed 5.3 times in a month —f rom $71.66 to $13.4. The fall stopped after the start of payments to victims in May 2022.

The vulnerability was eliminated. The compromised protocol restored community trust in less than a year and continued the interrupted development. The Ronin coin (RON) is a native token of the L2 network. By April 2023, the network had become an ecosystem of products.

Ronin Technology

Until April 2023, the protocol created blocks based on the Proof-of-Stake proof of authority. Network validators and independent cross-chain bridge operators confirmed authenticity. However, the technology was compromised by a hack. Hackers forked the signatures of five out of nine validators, leading to losses.

As a first reaction, the team increased the number of operators to 17. However, this was a temporary measure. Then, Sky Mavis developers decided to switch the protocol to DPoS (Delegated-Proof-of-Stake) consensus. This type uses a different proof of authenticity – through stakeholding. In early 2023, the Saigon update was launched on the test network. The sidechain was switched entirely to the new type of confirmation.

The maximum supply is 2 billion RON. The Sky Mavis studio team owns 30% (600 million), the community – 30% (600 million), the reward fund for staking payments – 25% (500 million), and the development of the ecosystem – 15% (300 million).

Rough estimates show Sky Mavis has attracted more than $311 million. However, the economic model does not indicate data on investors’ shares in RON’s ownership.

Collateral

Financial support from significant funds during the crisis allows you to trust the Sky Mavis studio. Also, the Ronin sidechain is working on its own mistakes and modernizing security. As collateral, you can consider the capitalization of the studio’s most liquid blockchain product — the Axie Infinity cryptocurrency (AXS), which is $635,536,943.

Use

First, the token is paid as a reward for staking. This ensures the work of validators and the security of the network. Also, holders can make decisions on technological changes in the protocol. Participation in the life of the sidechain is optional. You can use the Ronin coin (RON) as a trading instrument or investment.

Rewards for freezing assets in the protocol are paid in native tokens. The minimum stake size is 250 thousand RON. You can choose a pool to participate in on the website. Coins must be pre-placed in the Ronin wallet. Next, you need to link the storage in the Saigon Staking section.

The RON coin can be used as a financial instrument. There are two traditional ways to earn income using cryptocurrencies: long-term investments and current trading.

Investments

Before placing an asset in a portfolio for the long term, you should conduct a fundamental analysis of the project. The exploit in March 2022 made the financial situation around the sidechain unstable. Its echoes are still lingering. Funds were forced to help the company return the investments already placed. It is also difficult to assess whether there has been an increase at the moment – the developers have not disclosed the data on the share of investors in the issue. Despite the availability of the RON digital currency on 50 exchanges, active trading is conducted only on the decentralized Katana service. Almost 90% of transactions are concentrated here. You must link a wallet to purchase assets on the protocol’s exchange.

The cost of the RON coin was significantly affected by a technical vulnerability and the subsequent loss of funds by the protocol. Such shocks cannot be compensated for at once. The developers had to make significant efforts to restore the community’s trust. The security crisis overlapped with the global recession of the crypto industry. However, the team was able to rehabilitate itself by the thaw of the market.

Where to store the Ronin cryptocurrency?

The reliability of virtual asset saving dramatically depends on the chosen software (software). Some storages are more secure than others. The creators of the sidechain have developed their own wallet. Ronin Wallet participates in staking and voting within the protocol. Non-custodial storage works online. As of 2025, this wallet is part of the digital product ecosystem from Sky Mavis Pte. Ltd is considered the safest software for storing crypto assets.

Features of the Ronin Wallet crypto wallet

Storage characteristics:

Proprietary blockchain. The crypto wallet operates on the Ronin network (an Ethereum sidechain). This blockchain is part of the Sky Mavis ecosystem.

Integration with Axie Infinity. The online game based on NFT technology operates on the Ronin blockchain. The internal crypto wallet stores tokenized characters and serves other purposes.

Support for AXS staking. Users can block this cryptocurrency inside the storage and receive dividends for it.

Cross-chain bridge available. Clients can conduct cross-transactions between the Ethereum and Ronin chains. However, the function is only available in the Ronin and MetaMask bundle.

The rights to crypto storage belong to the Vietnamese studio Sky Mavis, which released the NFT computer game Axie Infinity and the AXS digital coin. Trung Nguyen, the company’s CEO, is a former software engineer at Anduin Transactions, a corporation that creates technological solutions for the alternative investment market. Alexander Larsen, a specialist in blockchain games, took part in the project’s development. At the beginning of March 2022, the core development team included 25 programmers.

The first version of the mobile storage was released on November 8, 2021. The news about this event was published on the Sky Mavis website. However, the idea of ​​​​creation arose in the early summer of 2021. In July, the final design of the crypto wallet appeared in the GitHub online repository.

In the fall of 2021, the crypto company Verichains conducted a security audit of digital storage. Auditors noted the reliability of the Ronin mobile application. The crypto wallet’s developers have an official account on the GitHub platform.

Ronin Wallet is available for download in the Google Play and App Store mobile application stores. The program works on smartphones and tablets with Android and iOS OS. Users can also access a browser extension for Google Chrome, Microsoft Edge, and Mozilla Firefox.

Future and Prospects of Ronin Network

If we put aside the story about the exploit, the forecasts for protocol development look tempting. A large gaming platform with the support of well-known funds strengthens the ecosystem. In April 2023, the first game projects of third-party studios (including The Machines Arena, Tribesters, and Bowled) were launched. It is also convincing that the infrastructure includes a wallet and a DEX exchange.
Axie Infinity recorded increased active addresses in 2024 from 17 to 66 thousand. The number of transactions during the same time tripled to 113 thousand. Jeffrey Zirlin, co-founder of Sky Mavis (the creator of Ronin), said that their team will double its efforts to adapt ordinary users to blockchain technologies.

In January 2025, Ronin Network agreed with the crypto payment platform Transak to simplify transactions and purchases of non-fungible tokens.