Binance, the world’s largest cryptocurrency exchange by trading volume, has announced the listing of Ronin (RONIN), a gaming-centric blockchain project, with the seed tag applied. The seed tag indicates that the project is in its early stage of development and has a higher risk and reward potential.
Ronin is an Ethereum sidechain that aims to provide a fast, cheap, and secure platform for gaming applications, especially those that involve non-fungible tokens (NFTs), such as Axie Infinity, a popular game that allows players to collect, breed, and battle digital creatures.
Ronin was launched in February 2021 by Sky Mavis, a Vietnamese game studio, in collaboration with Binance Labs, the venture arm of Binance, and other prominent investors, such as Paradigm, a16z, and Fabric Ventures. Ronin is compatible with the Ethereum Virtual Machine (EVM), which means that it can run smart contracts and decentralized applications (DApps) that are built on Ethereum.
However, unlike Ethereum, which uses a proof-of-work (PoW) consensus mechanism that requires a lot of computational power and energy, Ronin uses a proof-of-authority (PoA) consensus mechanism, which relies on a set of trusted validators to verify transactions and secure the network. This allows Ronin to achieve higher scalability, lower fees, and faster confirmation times than Ethereum.
According to CryptoQuant, a leading platform for on-chain data and analytics, Ronin has a current market capitalization of $870 million, a current price of $2.9, and a current fully diluted valuation (FDV) of $2.9 billion. The FDV is the total value of the project if all the tokens were in circulation.
Binance will list Ronin and open trading for four spot trading pairs: RONIN/BTC, RONIN/USDT, RONIN/FDUSD, and RONIN/TRY. Users can start depositing Ronin in preparation for trading, which will begin at 2024-02-05 13:30 (UTC). Withdrawals will open at 2024-02-06 13:30 (UTC).
The listing of Ronin on Binance is a significant milestone for the project, as it will increase its exposure, liquidity, and adoption among the global crypto community. It will also boost the development and innovation of the gaming industry, which is one of the most promising and popular sectors in the blockchain space.
Source: https://azcoinnews.com/binance-lists-ronin-a-gaming-focused-blockchain.html
