Ronin (RON) bags a 500% gain as the gaming-focused project approaches a major upgrade
Ronin Network’s upcoming shift to a more decentralized consensus mechanism and partnerships with gaming studios has brought significant gains for the project’s RON token. Ronin Network’s native token RON recorded 5x gains since the start of the year thanks to its plans to shift to a Delegated Proof-of-Stake (DPoS) consensus mechanism and expand its gaming portfolio beyond Axie Infinity. The gaming-focused layer-2 Ethereum blockchain will change its current Proof-of-Authority to the DPoS consensus mechanism on April 12. The previous mechanism had around six to nine participants securing and validating transactions on the network, which put the network at a centralization risk. It was the leading cause of the $650 million hack from the Ronin network on March 29, 2022. The new DPoS consensus mechanism allows RON stakers to earn from the network’s fees and vote on the set of validators operating the network. Additionally, Sky Mavis, the team behind Axie Infinity and the Ronin Network, is...