Ronin Network(RON) Milestone achievement: Axie Infinity Founder Sky Mavis Launches RON Governance Token

Details

On January 27, 2022, Sky Mavis, creator of play-to-earn Axie Infinity, announced the release of RON, a governance token for its Ethereum sidechain called Ronin Network. RON is a community-owned governance tokenRON is the governance token for the Ronin blockchain. Its main purpose is to secure and decentralize the network. Ronin will thrive if RON is in the hands of the builders and users of the network.Ronin validators will need to hold and stake RON to participate in validating blocks. They will be rewarded with newly issued RON and RON used for gas fees. This RON will be divided up among a validator and its delegates pro-rata based on the RON they have staked with the validator. The validator may also elect to take a fee from its delegates.Holders of RON will be able to stake their RON tokens with a validator to earn RON rewards and participate in governance of the network. Fee structure and use of the RON treasury are potential governance topics. RON/ETH on KatanaTo help establish a market for RON, the team has launched a RON/ETH liquidity pool on Katana. This pool will receive 500,000 RON in rewards per day until February 3rd starting in 24 hours (January 28th at 8 PM GMT +7).On February third (February 3, 2022), the team will be launching a new reward structure for the AXS/ETH, SLP/ETH, and RON/ETH pools:

• AXS/ETH: 24,169.18 RON per day
• SLP/ETH: 132,930.51 RON per day
• RON/ETH: 84,592.15 RON per day

This structure will last until December 31st, 2022. Gas on RoninRON\u2019s release will increase the stability of the Ronin chain. RON will now be used to pay for gas fees which will result in a huge reduction in dropped transactions. It also means that accounts will be able to submit more than 100 transactions per day. As a reward to our NFT owners, the team has also created a system where Axie and land owners will be granted free transactions based on the assets they own in their wallets.

Name

Axie Infinity Founder Sky Mavis Launches RON Governance Token

Date

2022-01-27

Accomplished

Yes