Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
  • Login
Buy crypto
Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
Newblock
Ronin Sidechain Processed 560% More Total Transactions Than Ethereum Last November – Blockchain Bitcoin News

Ronin Sidechain Processed 560% More Total Transactions Than Ethereum Last November – Blockchain Bitcoin News

January 12, 2022
in Bitcoin News
402 21
0
Share on FacebookShare on Twitter

The blockchain-powered game Axie Infinity has been a very popular application during the last 12 months, as the game’s NFTs have outpaced every NFT collection today in terms of all-time sales. While Axie Infinity has seen $3.85 billion in all-time sales, Nansen researcher Martin Lee recently published a report on how Ronin, Axie Infinity’s sidechain, has seen exponential growth.

Researcher Takes a Deep Dive Into Axie Infinity’s Ronin Network

Axie Infinity, the Ethereum-based blockchain game developed by Sky Mavis has seen a significant amount of NFT sales surpassing every NFT compilation released to date. Out of 1.44 million buyers across 12.6 million transactions, Axie Infinity has seen $3.85 billion in all-time sales. However, even though Axie Infinity is an Ethereum-based game, the protocol leverages the sidechain Ronin to help alleviate scaling issues. In the introduction to Axie Infinity’s Ronin, Nansen researcher Martin Lee explains that Ethereum’s Layer one (L1) “was not built for gaming.”

Report: Ronin Sidechain Processed 560% More Total Transactions Than Ethereum Last November
Photo credit: Nansen Research and researcher Martin Lee.

To handle the issue with high fees and scaling problems, Axie Infinity’s development team created the Ronin sidechain to help facilitate transactions in a faster and inexpensive fashion. Lee’s research report compares Ronin to the sidechain protocol Polygon and the Layer two (L2) blockchain Arbitrum One. The study also explains how the Ronin sidechain has its own native wallet in order to handle sidechain transactions. Interestingly, when it comes to scaling Lee’s report shows that last November, “Ronin processed over 560% of the total number of transactions on Ethereum.”

“While there is no official documentation on the max TPS (transactions per second) of the Ronin network, it has a block time of ~3s (ETH averages ~13s),” Lee’s study highlights. “Executing trades on the Axie marketplace and sending assets over the network are completed within seconds.‍” The researcher’s report also highlights a comparison of gas fees as the study’s author states:

Gas fees on Ethereum hover between 50-100 gwei making micro-transactions uneconomical. Ronin, on the other hand, offers 100 free transactions per wallet per day. In the future, there will be a small fee once the $RON token is released, but it will likely cost less than $1.

Study Envisions Other Developers Leveraging Ronin, Nansen Researcher Concludes ‘It’s still early days for Ronin’

The study also delves into the Axie Infinity decentralized exchange (dex) platform called Katana. Lee’s report highlights how the multi-chain layering works and the fact that when it comes to gaming applications specifically, L1 networks cannot adjust beyond their main specialization. “A lot of blockchains, whether they like it or not, will specialize,” Lee stressed in the report. Lee further noted that when Ronin grows mature and stable, “other games developers can start to build their games on Ronin.” Lee’s report continues:

Despite launching less than one year ago, the Ronin network has proven itself to be a capable scaling solution for gaming. The birth of Ronin ushered in the rise of Axie Infinity and the Gamefi/Play-to-earn wave.

Report: Ronin Sidechain Processed 560% More Total Transactions Than Ethereum Last November
Photo credit: Nansen Research and researcher Martin Lee.

Lee’s study draws the inference, that while the network does have flaws and is “more centralized than the community would like,” the developers’ Sky Mavis “made consistent steps to decentralize it.” The report notes the distribution of RON tokens and the LPs on the Katana dex. “It’s still early days for Ronin and it will be interesting to see how the blockchain develops and grows over time. Will Ronin become the go-to blockchain for gaming? Only time will tell,” Lee’s study concludes.
Source link

You might also like

G7 Countries Crypto

G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions

March 5, 2022
Coinbase CEO Russians Crypto

Coinbase CEO Says Ordinary Russians Use Crypto as a Lifeline as the Ruble Collapses

March 5, 2022

Related News

G7 Countries Crypto

G7 Countries, EU Taking Measures to Prevent Crypto Use to Evade Sanctions

by Editorial Team
March 5, 2022
1

G7 countries and the European Union are examining ways to stop the use of cryptocurrency by Russia to evade sanctions....

Coinbase CEO Russians Crypto

Coinbase CEO Says Ordinary Russians Use Crypto as a Lifeline as the Ruble Collapses

by Editorial Team
March 5, 2022
1

The CEO of the Nasdaq-listed crypto exchange Coinbase says ordinary Russians are using cryptocurrency as a lifeline now that their...

Bitcoin Mining Difficulty Drops

Bitcoin Miners Catch a Break as Mining Difficulty Drops for the First Time in 3 Months

by Editorial Team
March 5, 2022
1

Bitcoin miners got a small break on March 3, after the network’s mining difficulty shifted downward for the first time...

Arbitrum Treasure DAO hack

Attacker Hacks Arbitrum’s Treasure DAO for Over 100 NFTs by Leveraging Marketplace Exploit

by Editorial Team
March 5, 2022
1

A non-fungible token market platform built on top of Arbitrum called Treasure DAO was hacked on March 3 at 7:33...

Next Post
Empowering Team Members to Be Their Authentic Selves Through Pride at Ripple

Empowering Team Members to Be Their Authentic Selves Through Pride at Ripple

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get daily news updates to your inbox!

Popular

  • crypto price analysis

    BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

    21678 shares
    Share 8671 Tweet 5420
  • Google Launches Blockchain Division

    5331 shares
    Share 2131 Tweet 1332
  • Microsoft Reveals Activision Purchase for $68.7 Billion as an Approach to the Metaverse

    972 shares
    Share 389 Tweet 243
  • GAIMIN Brings Blockchain and NFTs to Minecraft – Press release Bitcoin News

    957 shares
    Share 383 Tweet 239
  • Coinbase exec says major Ethereum scaling improvements coming soon

    923 shares
    Share 369 Tweet 231

Recommended

3 reasons why Ethereum can reach $5,000 in Q1

January 12, 2022
coachella music nft

Coachella Music and Arts Festival Partners With FTX US to Issue Solana-Based NFTs

February 4, 2022
Newblock

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Navigate Site

  • Blockchain news
  • Crypto Analysis
  • Ranking
  • Media Partnerships
  • Privacy Center
  • Contact Us
  • Donate

Follow Us

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Cardano
    • Solana
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
  • Buy Crypto
  • Privacy Center
  • Contact Us
  • Donate

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.