Earlier this year, Sky Mavis (the company behind the top play-to-win crypto game built on Ethereum) launched their Ethereum sidechain: Ronin. This launch was predicated upon an attempt to circumvent the high and volatile fees that have been plaguing Ethereum. Axie Infinity has already sold billions in NFTs to play its game, which has subsequently sparked the creation of many other crypto projects like Yield Guild Games and become a major source of income for people in lower income countries like the Philippines.
Earlier this month, the company launched Katana, the first Dex (decentralized exchange) built on Ronin. In the two week that the Dex has been available, Ronin has seen $1.8 billion in net assets transferred from Ethereum (ETH) to Ronin (RON). Beyond just the total value locked into the Katana Dex, the bridge between Ethereum and Ronin has been the most used Ethereum bridge, recording $7.5 billion in volume.
The launch of Katana brought Axie’s Smooth Love Potion (SLP) up 74%, a token which is rewarded for in-game play. Katana offers most of the features that we’ve come to expect from Dex’s, like swaps, pooling, and farming assets for returns (in RON).