How To Buy Ronin (RON)?

A common question you often see on social media from crypto beginners is “Where can I buy Ronin?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Ronin (RON)

First, you will need to open an account on a cryptocurrency exchange that supports Ronin (RON).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Ronin (RON) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Ronin (RON)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Ronin (RON) or Ronin (RON) trading pairs. Look for the section that will allow you to buy Ronin (RON), and enter the amount of the cryptocurrency that you want to spend for Ronin (RON) or the amount of fiat currency that you want to spend towards buying Ronin (RON). The exchange will then calculate the equivalent amount of Ronin (RON) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Ronin (RON) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy Ronin (RON)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Ronin (RON)?

Axies, a global phenomenon in the blockchain gaming industry, first introduced its new network in the second half of 2020 with an aim to seek a long-term solution that makes participating in the Axie game & economy fast, cheap, and seamless. The network Ronin is a sidechain made specifically for Axie Infinity. The Ronin Network is an Ethereum-linked sidechain built by Sky Mavis.

Axie Infinity is a pokemon-inspired digital pet universe that has grown to be the most-played blockchain game recently. In the game, each player owns a unique Axie and can earn Smooth Love Potions (SLP) by breeding new Axies or trading in the marketplace.

Axie was first built on Ethereum, however, due to a cripping fees and terrible network congestion, they had to seek solutions in order to maintain the user base.

Ethereum’s Layer-1 was simply not built for gaming. Games require fast and cheap transactions in order to scale and facilitate the thousands if not millions of micro-transactions that happen daily. The user experience has to be seamless and enjoyable. With transactions costing $50-100 and transaction speeds that are measured in minutes instead of seconds, Ethereum’s Layer-1 blockchain is simply too expensive and too slow. The downsides of Ethereum were limiting Axie Infinity’s ability to attract new players and retain existing ones. Spikes in gas fees and network congestion would slow the game’s economy to a halt and undo any traction that the game was getting. Things had to change if Axie Infinity was going to grow and cater to millions of players. The team decided to take matters into their own hands and Ronin’s mainnet was launched in February of 2021 to meet that need.

How does Ronin Network work?

Ronin is an Ethereum sidechain that was created with Axie Infinity’s community in mind. Sky Mavis, the team behind Axie Infinity, needed a reliable, fast, and cheap network that could cater to the demands of the game. They needed a scaling solution that put gaming first, was built to withstand the test of time and the ever-increasing demands of a fast-growing game. Ronin was their answer. 

What are sidechains?

Sidechains are Ethereum compatible, independent blockchains which have their own consensus model, block parameters and run in parallel to the Ethereum mainnet. They are one of the main Layer-2 scaling solutions on Ethereum that allow for more efficient processing of transactions – Polygon network is another example of a sidechain. Other popular Layer-2 scaling solutions include Optimistic Rollups such as Arbitrum. 

Ronin currently adopts a Proof-of-Authority (PoA) consensus model which is a reputation-based system that allows for fast transactions due to its limited number of validators and relatively centralized nature. Validators are handpicked by the team based on their credibility and unlike Proof-of-Stake blockchains, validators are “staking” their reputation instead of tokens. Validators risk losing their reputation if they become bad actors or negatively affect the network. Some examples of validators for the Ronin network include Binance, Ubisoft and Animoca Brands.

Why create their own chain?

Before Ronin was built, the team partnered with Loom network, an alternative Layer-2 scaling solution. After about a year, the Loom team decided to optimize their network for enterprise solutions instead of user-facing applications. This created a misalignment of goals between the two teams and Sky Mavis decided to end the partnership. Building their own blockchain would prevent a similar situation from occurring in the future.

Most existing Layer-2 solutions today are built with DeFi and payments in mind, not gaming. By creating their own blockchain, Sky Mavis is able to design and decide on the characteristics of the chain. The chain can be fully optimized for the needs of the Axie community, reducing potential future scaling issues that might arise by using existing blockchains. Other potential solutions, such as zkSync which uses a ZK-rollup consensus model, were too new and did not have the proper infrastructure to cater for the needs of Axie Infinity. Ronin was built to be an industry leading blockchain for gaming. It optimizes for near instant transactions and negligible fees that allows for millions of in-game micro-transactions to occur seamlessly. The network is the backbone of Axie Infinity, powers all its transactions and holds its assets – Axies, Land, SLP, AXS, Wrapped ETH (WETH). 

What is the Ronin Wallet?

A good crypto wallet is vital in creating a seamless user experience when interacting with a blockchain. Instead of leveraging existing wallets, Sky Mavis created their own Ronin wallet. The team partnered with Ramp to allow users to purchase Axie ecosystem tokens directly using fiat. The wallet allows users to have custody over their Axie related assets and is available on both desktop as a chrome extension and on mobile devices as an app. The wallet enables over 300k daily active addresses to interact with the network, peaking at 1.1m in November 2021. 

What is Katana? (The Ronin DEX)

Every blockchain has its own flagship decentralized exchange (DEX), a place where users are able to swap tokens freely within the ecosystem. Ethereum has Uniswap, Matic has Quickswap and Ronin has Katana. Better known as “Ronin DEX”, Katana allows users to easily swap between tokens within the Axie Infinity ecosystem without leaving the Ronin blockchain. This reduces the need to bridge assets out of the ecosystem and reduces friction when swapping between Axie’s tokens.

The DEX has 2 staking pools (SLP/ETH, AXS/ETH) where users can opt to become liquidity providers (LPs) by staking the relevant pairing. Liquidity providers receive 0.25% of each trade that taps into the pool, proportionate to their pool share. 10% of RON’s supply will be issued out to LPs over a 90 day period to incentivise LPs while doubling up as a way to distribute RON tokens to the Axie community. Being a LP is currently the only way to obtain RON tokens and that benefit has been enough to attract $900m in liquidity across the 2 pools. 

Ronin development updates in 2023

Ronin, a blockchain initially developed to support the popular game Axie Infinity, has seen a range of significant developments in 2023. Here’s a comprehensive overview of the most important updates:

• Transition to Delegated Proof-of-Stake (DPoS) Consensus Mechanism: One of the most notable advancements for Ronin in 2023 is its shift to a delegated proof-of-stake consensus mechanism. This transition marks a critical step in the blockchain’s evolution, enhancing its scalability and security features. This move is particularly significant as it comes after the network experienced a substantial hack, prompting a rethink and overhaul of its technical infrastructure​​.

• Expansion Beyond Axie Infinity: Ronin has broadened its scope beyond the Axie Infinity ecosystem, indicating a strategic shift towards a more inclusive and diversified blockchain platform. This expansion could potentially open new avenues for various gaming studios and applications to integrate with the Ronin network​​.

• Strategic Partnership with Impossible Finance: Ronin has entered into a strategic partnership with Impossible Finance. This collaboration aims to leverage Impossible Finance’s expertise in advisory services, business development, and infrastructure support to bolster Ronin’s ecosystem. Particularly notable is the launch of the “Ronin Launchpad,” which is designed to support the launches of new games and foster innovation within the gaming and NFT landscape​​.

• Development of New Games and Platforms: The Ronin network has been the foundation for the development of several new games and platforms in 2023:

  • The Machines Arena (TMA): A top-down shooter game that has integrated NFT skins as rewards and launched a Creator Program​​​​.
  • Bowled.io: A unique cricket-based social gaming platform, which has seen a significant increase in monthly active users​​​​.
  • Tribesters: Island of Solas: A social MMO by Tribes Studios, which is working towards launching its official website and a community portal​​​​.
  • Axie Champions: An Axie Infinity-inspired Match3 puzzle game that transitioned from Alpha to Beta and is gearing up for its official launch​​​​.

• MetaLend – A DeFi Protocol on Ronin: Ronin’s ecosystem now includes MetaLend, a decentralized finance protocol that allows users to borrow and lend against their on-chain assets like axies, land plots, and RON. This adds a layer of financial utility to the Ronin blockchain, making it a more versatile platform​​​​.

• Integration with Clique for Digital Identity: Ronin partnered with Clique, a platform that develops products to bring a gamer’s off-chain and on-chain history to life. This integration is aimed at enhancing user engagement and adding a layer of personalization to the gaming experience on Ronin​​​​.

• Network Upgrade and Binance Support: In June 2023, Ronin underwent a significant network upgrade and hard fork to improve its functionality and efficacy. Binance, one of the largest cryptocurrency exchanges, expressed formal support for this upgrade, underlining its commitment to providing a seamless trading experience and enhanced security for its users​​.

These updates and developments in 2023 mark a significant milestone in Ronin’s evolution, showcasing its commitment to expanding its gaming ecosystem, enhancing security, and increasing scalability. The diverse range of projects and partnerships indicates a strategic move towards broadening its use cases and solidifying its position in the blockchain gaming sector.

Official website: https://bridge.roninchain.com/

Best cryptocurrency wallet for Ronin (RON)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Ronin (RON)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).