Ronin Network (RON) Has Retraced Heavily This Year

The Ronin network (RON) has retraced heavily this year. But the blockchain network is making waves in the DeFi front.

The Ronin network (RON) has been heavily retraced this year. But the blockchain network is making waves in the DeFi front.

After transforming into a full-fledged consumer chain (permissionless) in Feb this year, it recently launched its staking protocol. Following this move, the network’s DeFi TVL has already crossed 4 million.

With the further addition of ERC721C, ERC1155C, and App Tokens (ERC20C), Ronin has evolved into more than just an earning yield platform: it has unlocked a new utility network for gamers, investors, traders, and builders. Adding to that, the latest Compound integration is touted to bring $1 million in rewards, opening new financial prospects for its users.

Here’s the breakdown of its three layers in the DeFi ecosystem.

The top Layer 1 is an established protocol with stablecoins and DEXs; the new addition of Compound aims to complete this layer. Next is Layer 2, which comprises the liquid staking through liquid RON, which has received tremendous traction despite being new.

stZENT is also relatively new on Ronin. Once this is more familiarized, looping and yield vaults may make more sense. A perp DEX I’m personally looking forward to, as it makes all these leverage positions a lot easier, imo.

Ronin’s Memecoin Surge & Gaming Dominance

Layer 3 will host all the cutting-edge crypto products. “Most successful consumer products in the last year and in the following year will be found here. I think Ronin can dominate in the gaming section and can onboard a lot from team building in the other areas,” wrote one user.

While RON’s price consolidates, the blockchain has achieved several milestones over the last year. This includes launching $PIXEL, one of the biggest Play-to-Earn campaigns ever in Web3; winning the “Best Gaming Ecosystem,”etc.

Its native token secured listings on Binance, Coinbase, and Bitkub (Thailand’s top exchange). Besides that, the Ronin network is also seeing strong memecoin movement with the Tama Market launch and increasing network volume.