Following its announcement of being listed on Coinbase, Ronin Network’s native token RON, which fuels gaming activities on the network, has surged by more than 10%.
Ronin Network‘s native RON token gained 11% to a high of $4.12 on Mar. 21 after Coinbase added the token to its listing. In a blog post, the Ronin Network team said the listing comes amid Ronin’s high daily activity, with active addresses surging over 500% since February, surpassing its previous peak during the Axie Infinity craze in 2021.
“Coinbase has also seen recent explosive growth this year as interest in web3 continues to build. Many of their users may be exploring web3 for the first time.” Ronin Network
Launched in early 2021 by Sky Mavis, Ronin Network is a blockchain specifically designed for play-to-earn on-chain activities. Thus far, the network rolled out a group of web3 games like Axie Infinity, Pixels, and Wild Forest among others, allowing players to earn crypto and non-fungible tokens (NFTs) for on-chain activities.
Eliza Crichton-Stuart, head of operations at GAM3S.GG, highlighted in a post that Ronin’s recent surge in on-chain activity might be fueled by engagement across various games, notably Pixels, which boasts 619,000 daily active unique wallets.
Pixels, reminiscent of classic farming games such as Harvest Moon and Stardew Valley, integrates a crypto token economy alongside NFT-based land plots and pets. Originally developed on the Polygon network, the game transitioned to Ronin Network last autumn, significantly bolstering the platform’s adoption. As crypto.news reported earlier, the migration led to a substantial increase in daily active users on Ronin, which surged from approximately 20,000 last autumn.