Can Ronin gain the trust of the crypto community and make a comeback?

Covered:

Ronin Rebuilding Trust

Ronina tier 1 solution largely created for the play-to-earn movement has seen impressive growth over the past year.

After recovering from the recent hack, Ronin has set his sights on future targets. In an elaborate road map that they shared on their websitegave Ronin a brief description of the development of their ‘Land Gameplay Community: Alpha’ and their AXS ecosystem for the rest of 2022.

The community aims to create a single application that will interact with the entire Axie Infinity ecosystem. This will include social networks, marketplaces and more games.

However, their overall goal has not yet been achieved. Don’t forget, Ronin must overcome many obstacles to reach his final destination.

One of the biggest hurdles would be regaining user trust given the Ronin Bridge hack that happened in March. Although the Ronin Bridge was opened on June 28, it still has a long way to go.

One of the ways Ronin improved security was by adding 21 independent validator nodes to collectively secure the network. But only 14 nodes was found.

Furthermore, ts total value locked (TVL) has weakened sharply in the last two quarters and has decreased by 82.7%. Well, TVL has been on a downward trend since August.

However, it registered a rise on 15 September. And it remains to be seen whether TVL will maintain this momentum.

Trends

How to Use Bitget Exchange to Buy Bitcoin and Crypto [2022]

In addition, there has been a drop in total revenue as can be seen from the image below.

It is here to note that Axie Infinity: Origin, a game built on Ronin Network was published at the beginning of the quarter. Thus causing a jump in daily income at the beginning of the year.

Since then, Ronin’s daily earnings (in USD) have gradually declined, as the initial enthusiasm surrounding the new release waned.

This was demonstrated by a drop in breeding fees, which are paid when players breed their axes.

That said, with the land grab and restoration of Ronin Bridge, the game update helped revitalize both Axie Infinity and Ronin.

The Ronin token, on September 20 at press time, was trading at $0.256 with a 2.85% increase in the last 24 hours.

The market value increased by 2.41% and the total trading volume had weakened by 17.09%.

*This article originally appeared in AMBcrypto.

Recommended: How to use Trust Wallet