State of Ronin Q3 2024
From messari by Armita
Key Insights
- Ronin’s total DeFi TVL increased by 149% YoY to $147M in Q3 2024, driven by a 30% rise in the RON token price and ecosystem adoption, with Katana DEX contributing 99% of the total TVL.
- Total NFT trading volumes on Sky Mavis rose 37% YoY to $15M in Q3 2024, but declined 24% QoQ from $20M in Q2 2024.
- In Q3 2024, Ronin implemented Rotating Validators to strengthen decentralization, expanded its validator count from 22 to 28, launched the Waypoint wallet to streamline user onboarding, and enhanced its ecosystem by adding seven new game studios to the Forge Program.
- Ronin continues to strengthen its presence in the Web3 gaming space, attracting notable partners like Forgotten Runiverse, Lumiterra, and Tatsumeeko.
Primer
Ronin is a Layer-1 blockchain developed by Sky Mavis to address scalability challenges in Web3 gaming ecosystems, particularly for Axie Infinity. Initially using a Proof-of-Authority (PoA) consensus model, Ronin transitioned to Delegated Proof-of-Stake (DPoS) in 2023 to improve decentralization while maintaining efficient transaction processing. The 2024 Goda Upgrade further enhanced decentralization with Rotating Validators and separated block production from finality voting. Designed with developers in mind, Ronin is fully EVM-compatible, supporting tools such as Remix and Hardhat for streamlined integration. Future plans include the adoption of Zero-Knowledge (ZK) rollups, enabling game studios to scale with dedicated blockspace while maintaining unified liquidity on Ronin’s L1.
For a full primer on Ronin, refer to our Initiation of Coverage report.
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Key Metrics
Network and Ecosystem Activity
Total Value Locked (TVL)
DeFi TVL represents the total value locked across all DeFi applications on the blockchain, including staking, liquidity pools, and lending services.