Miguel Cordon · · 2 min readRonin Network rebuilds user trust as TVL hits $100m after 10 months
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Total value locked on Ronin Network, the gaming-focused sidechain from Axie Infinity developer Sky Mavis, has breached US$100 million for the first time since May 2022.
The fall-off for the past year follows a breach into Ronin Network’s system, which saw a loss of over US$625 million in assets. Sky Mavis eventually reimbursed those who were affected, with companies like Binance, Animoca, and a16z pouring US$150 million into the Vietnam-based firm to help with the refunds.
Ronin Network recently upgraded its tech, aiming to make the sidechain more robust and secure. This involves moving on from the small group that was tasked with securing Ronin to a “delegated proof-of-stake” model that allows users to vote for elected officials that will decide for the network.
Additionally, Ronin Network has plans to add more titles under the Axie Infinity universe to the chain. Sky Mavis previously said that it had onboarded four game studios to build the network’s portfolio.
See also: Axie Infinity is older, wiser, and relishing its underdog status again
After the change, which took effect April 12, RON – the token that governs Ronin Network – saw its value jump to US$1.43 as of writing. It started the year at US$0.27.
The network was launched in February 2021 and has grown to handle over 423 million transactions to date.
Editing by Lorenzo Kyle Subido
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