DeFi

Axie Infinity

Rise

Ronin, the Layer 1 blockchain developed by Sky Mavis, experienced a significant 149% year-over-year increase in DeFi TVL, reaching $147 million in Q3 2024.
There are several factors influencing this growth. One of the major catalysts was, however, the price surge of the RON token.
<h2 id="ronin-s-defi-nft-demand-grows">Ronin’s DeFi, NFT Demand Grows</h2>
According to Messari’s latest <a href="https://messari.io/report/state-of-ronin-q3-2024" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">report</a>, Ronin’s DeFi TVL rose from $59 million in Q3 2023 to $147 million in Q3 2024. The figure was boosted by a 30% increase in the RON token price and wider ecosystem adoption. At the same time, native token TVL fell by 36%, from 128 million to 82 million tokens, indicating less participation.
This could be because of fewer token-locking incentives, a shift to gaming and NFTs, and a preference for holding RON tokens. RON holders increased by 11,611%, reaching 527,000 in Q3 2024, with a 20% growth from Q2.
Interestingly, Katana DEX holds a dominant 99% share of the total DeFi TVL on the Ronin network, while the next two largest protocols, Sablier Finance and MetaLend, contribute just 0.0029% and 0.77%, respectively. As the main decentralized exchange on Ronin, Katana drives liquidity and token swaps for assets like RON, AXS, and SLP. While Katana’s TVL dropped 9% QoQ from $165 million in Q2 2024 to $150 million in Q3 2024, it saw a 154% YoY increase, rising from $59 million in Q3 2023 to $150 million in Q3 2024.
Throughout the year, Ronin’s daily NFT buyers generally outnumbered sellers, indicating a preference for holding. In Q3 2024, both buyers and sellers grew by 17%, with the former rising from 4,400 to 5,100 and the latter from 3,700 to 4,300. This growth followed a record-high in June this year, fueled by the Coinbase Learn campaign and Ronin Carnival, which featured Axie Infinity missions, a $1 million competition from Apeiron, and free trials from 0xScope. These events led to peak engagement with 28,000 buyers and 20,000 sellers.
Zooming out, Ronin’s daily transactions grew 24% QoQ in Q3, rising from 1.8 million to 2.2 million. This growth was driven by new games and partnerships. However, average daily transaction fees fell 20% QoQ, dropping from $7,000 to $5,000, likely due to Ronin focusing on expanding its ecosystem.
Compared to Q3 2023, daily transactions skyrocketed by 2,300%, from 90,000 to 2.2 million, and transaction fees rose 4,000%, from $134 to $5,000. Active addresses also grew by 23% QoQ, while new addresses increased by 22%.
<h2 id="ronin-s-security-woes">Ronin’s Security Woes</h2>
Known for being the victim of the most costly DeFi hack, Ronin was <a href="https://cryptopotato.com/largest-crypto-hack-ever-ronin-bridge-exploited-for-600m-in-eth-and-usdc/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">breached</a> in 2022 when an attacker used inadequate private key security to authorize a fraudulent transaction, draining $624 million from the cross-chain bridge.
In August 2024, the platform <a href="https://cryptopotato.com/ronin-network-falls-victim-to-another-exploit-loses-over-11m/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">suffered</a> another attack, losing $12 million due to a smart contract flaw introduced by a recent upgrade.
The post <a href="https://cryptopotato.com/ronins-defi-tvl-grows-149-yoy-boosted-by-ron-tokens-30-price-rise/" rel="noopener noreferrer nofollow">Ronin’s DeFi TVL Grows 149% YoY, Boosted by RON Token’s 30% Price Rise</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Ronin’s DeFi TVL Grows 149% YoY, Boosted by RON Token’s 30% Price Rise

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