The blockchain-powered game Axie Infinity has been a hugely popular application over the past 12 months, as the game’s NFTs have surpassed all NFT collections today in terms of historical sales. While Axie Infinity’s historical sales reached $3.85 billion, Nansen researcher Martin Lee recently published a report on how Axie Infinity’s sidechain, Ronin, achieved exponential growth.
Researchers gain insight into Axie Infinity’s Ronin network
axis infinite, an Ethereum-based blockchain game developed by Sky Mavis, has sold more NFTs than any compilation of NFTs published to date. Axie Infinity’s historical sales reached $3.85 billion out of 1.44 million buyers in 12.6 million transactions. However, even though Axie Infinity is an Ethereum-based game, the protocol utilizes the sidechain Ronin to help alleviate scaling issues.Ronin, Nansen Researcher introducing Axie Infinity Lee Martin Explains that Ethereum’s first layer (L1) is “not built for gaming.”
To address high fees and scaling issues, the development team at Axie Infinity created the Ronin sidechain to help facilitate transactions in a faster and cheaper way. Lee’s research report compares Ronin to the sidechain protocol Polygon and the Layer 2 (L2) blockchain Arbitrum One.The study also explains how the Ronin sidechain has its own native wallet To process sidechain transactions. Interestingly, when it comes to scaling, Lee’s report shows that last November, “Ronin processed over 560% of all transactions on Ethereum.”
“While there is no official documentation on the maximum TPS (transactions per second) of the Ronin network, it has a blocking time of about 3 seconds (Ethereum 13 seconds on average),” Lee’s research highlights. “Executing a trade on the Axie Market and sending an asset over the network can be done in seconds. ” The researchers’ report also highlights a comparison of natural gas costs, as the study’s authors state:
Ethereum gas fees hover between 50-100 gwei, making microtransactions uneconomical. Ronin, on the other hand, offers 100 free transactions per wallet per day. In the future, once the $RON token is issued, a small fee will be charged, but the cost may be less than $1.
Study envisions other developers leveraging Ronin, Nansen researchers conclude: “It’s still early days for Ronin”
The study also delved into the Axie Infinity decentralized exchange (dex) platform called Katana. Lee’s report highlights how multi-chain layering works and the fact that the L1 network cannot adjust beyond its main area of expertise when it comes to gaming applications. “A lot of blockchains, like it or not, will specialize,” Li stressed in the report. Lee further noted that when Ronin becomes mature and stable, “other game developers can start building their games on Ronin.” Lee’s report continues:
Despite being out for less than a year, the Ronin Network has proven itself to be a powerful gaming scaling solution. The birth of Ronin ushered in the rise of Axie Infinity and the Gamefi/Play-to-earn wave.
Lee’s research concludes that while the network does have flaws and is “more centralized than the community would like,” the developer’s Sky Mavis “took consistent steps to decentralize it.” The report noted the RON token and the distribution of 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 blockchain of choice for gaming? Only time will tell,” Lee’s The study concluded.
What do you think of Nansen researcher Martin Lee’s research on the Ronin network and how it has recently surpassed some L1 networks? Let us know what you think about this topic in the comments section below.
Image SourceCredits: Shutterstock, Pixabay, Wiki Commons, Nansen Research, Martin Lee
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