crypto-news-flash.com
- Binance has unveiled its plans to list Ronin (RON) for trading.
- Ronin is a pioneering blockchain gaming protocol that supports games like Axie Infinity.
Binance, one of the world’s largest crypto exchanges, has announced its decision to list Ronin (RON), an Ethereum-based gaming project on its platform following the token’s surge of over 108% in value over the past month.
The listing of Ronin on Binance marks a crucial moment for the project and highlights the growing importance of blockchain gaming in the broader crypto space.
Binance’s Support for Ronin
Binance revealed its plans to support Ronin for trading in a blog post, stating that it would provide users with the opportunity to engage with this unique gaming token. To enhance user awareness and safety, Binance noted that it will attach a seed tag to RON, requiring traders to pass quizzes every 90 days to ensure they understand the risks associated with trading these tokens.
The new spot trading pairs for RON on Binance will include RONIN/BTC, RONIN/USDT, RONIN/FDUSD, and RONIN/TRY, offering users a variety of options to trade against popular cryptocurrencies. Deposits for RONIN have already commenced, with open trading for the spot trading pairs starting on February 5, at 13:30 (UTC). Withdrawals will become available on February 6, at 13:30 (UTC), providing users with full access to their RONIN holdings.
Notably, RON was trading at $1.68 on January 8 and reached a high of $3.50 on Feb 6, representing a 108% rise. However, at the time of writing, RON has retraced by 3.6% and is trading at $2.87, with a market capitalization of $780 million.
Ronin, an EVM-compatible blockchain specifically tailored for Web3 gaming, has gained widespread recognition for its ability to scale gaming experiences to accommodate millions of daily active users. Developed by Sky Mavis, the team behind the popular gaming project Axie Infinity (AXS), Ronin stands out as a pioneering platform in the realm of blockchain gaming.
However, Ronin has not been without its challenges. In March 2022, the platform experienced a security breach, resulting in a loss of over $600 million. Despite this setback, Sky Mavis swiftly identified the attacker and red-flagged the exploiter’s address for purposes of investigation. Notably, Binance was among the key contributors to the compensation fund established to support victims of the hack, reaffirming its commitment to the security and resilience of the crypto ecosystem.
Despite these challenges, Ronin has continued to thrive, with recent data indicating a surge in activity within the Ronin ecosystem. Market intelligence firm Nansen reported a staggering 368% increase in active addresses on Ronin in November 2023, highlighting the platform’s growing popularity and adoption.
Collaborations With Ronin
In addition to its listing on Binance, Ronin has forged strategic partnerships to further its mission of advancing blockchain gaming and NFT adoption.
The integration with Binance Pay, announced in December, streamlines the process of wallet funding for Ronin users, enhancing accessibility and usability within the ecosystem.
Furthermore, Ronin has teamed up with Impossible Finance to deploy launchpad infrastructure for Web3 game launches. Calvin Chu, Core Builder of Impossible Finance, emphasized the potential of Ronin as a catalyst for the emergence of new projects, users, and communities, highlighting the synergies between the two platforms in driving the adoption of blockchain gaming and NFTs.