The Ronin token (RON) has demonstrated remarkable resilience in the face of recent challenges, maintaining its value despite a turbulent start to its listing on the Binance cryptocurrency exchange. Despite initial volatility, the token’s price has remained steady, showcasing its potential strength within the gaming blockchain ecosystem.
Binance listing and price volatility
Following its listing on Binance, the Ronin token experienced significant price fluctuations, with a notable 40% decline on February 5th, dropping to $2.52 after a previous gain of 28% the week before. Despite this, the token has since stabilized, trading at $2.63 at publication.
The listing on Binance was marred by concerns of insider trading, fueled by both token accumulation observed on blockchain scanners and leaked communications from within Binance. Insiders reportedly accumulated RON tokens before the listing and swiftly sold them once trading began, leading to a temporary decline in price.
In response to these concerns, Binance co-founder Yi He announced plans to implement stricter internal controls to prevent information leaks and ensure fair listings in the future.
Despite the recent price volatility, the total value locked (TVL) on Ronin has shown signs of improvement, currently standing at $156 million. This figure represents a recovery from previous lows, particularly following the 2022 heist where North Korean hackers exploited the Ronin Bridge, resulting in a $600 million loss.
Sky Mavis, the developer behind Ronin, has prioritized user security in response to the heist, implementing rigorous security measures and conducting thorough code reviews. Notably, a circuit breaker system has been introduced to limit daily withdrawals, and the protocol’s bridge smart contract has been updated to allow validators to set withdrawal limits, enhancing overall security and trust in the platform.
Ronin’s unique value proposition
Despite challenges, Ronin remains focused on its core mission as a gaming-focused blockchain. Larsen, a representative of Sky Mavis, emphasized that competing for TVL with DeFi chains is not a priority, as Ronin’s ecosystem is tailored to meet the needs of blockchain gaming studios and players.
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