Ronin set to transition to Ethereum layer 2 from independent sidechain
The purpose behind the migration is to enhance security, tokenomics and scalability, said Ronin, which suffered the largest DeFi bridge exploit on record in 2022.
What to know:
- Ronin, the gaming-focused blockchain behind Axie Infinity, will hard fork on May 12 to migrate from an independent sidechain to an Ethereum layer 2, causing about 10 hours of network downtime.
- During the migration window, all Ronin transactions and onchain game actions will be paused.
- The transition to the OP Stack and a new Proof of Distribution model will sharply cut RON token inflation and aim to improve security, scalability and costs after the network’s history-making $625 million bridge exploit.
“Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network,” Ronin said when announcing the migration. “It worked. Axie Infinity onboarded millions of gamers to crypto, and Pixels proved that it was possible to do it again.” The time has come to plug “back into the mothership.”
While operating as an independent sidechain in mid-May 2022, Ronin suffered what is still today the largest DeFI bridge exploit in history. Layer 2 protocols benefit from tighter links to the underlying blockchain than sidechains, offering benefits that include greater security.
The network’s native token, RON, is currently trading at around 11 cents with a market capitalization of about $89.5 million, according to CoinDesk data. While the token remains significantly below its 2024 peak, the migration sparked a rally, with prices climbing 30% over the last 30 days as investors eye a shift in the network’s supply dynamics.
