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

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As an analyst with extensive experience in the blockchain and cryptocurrency sector, I must say that Ronin’s growth trajectory is nothing short of impressive. The 149% year-over-year increase in DeFi TVL, reaching $147 million in Q3 2024, is a testament to the platform’s resilience and adaptability in the face of adversity.

In Q3 of 2024, Ronin, a blockchain created by Sky Mavis, saw an impressive surge of 149% in decentralized finance (DeFi) Total Value Locked (TVL) compared to the previous year, amounting to $147 million.

Several elements contribute significantly to this development. Among them, a significant driving force has been the steep increase in the value of the RON token.

Ronin’s DeFi, NFT Demand Grows

As a crypto investor, I’ve noticed some interesting developments with Ronin’s DeFi sector. According to Messari’s latest report, the total value locked (TVL) in Ronin’s decentralized finance (DeFi) grew significantly from $59 million in Q3 2023 to an impressive $147 million in Q3 2024. This surge can be attributed to a 30% rise in the price of RON tokens and broader adoption within its ecosystem.

This surge might be due to decreased token-locking rewards, a trend towards gaming and NFTs, and a strong preference for holding RON tokens. By Q3 2024, the number of RON holders skyrocketed by an astounding 11,611%, reaching a staggering 527,000. This growth represents a solid 20% increase from the previous quarter.

It’s worth noting that Katana DEX accounts for an impressive 99% of the total TVL (Total Value Locked) in DeFi on the Ronin network, with Sablier Finance and MetaLend contributing a mere 0.0029% and 0.77%, respectively. As the primary decentralized exchange on Ronin, Katana plays a crucial role in providing liquidity and facilitating token swaps for assets such as RON, AXS, and SLP. Despite a 9% decrease in TVL quarter-over-quarter from $165 million in Q2 2024 to $150 million in Q3 2024, Katana experienced a significant 154% year-over-year increase, climbing 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.

In the broader perspective, Ronin experienced a 24% increase in daily transactions during Q3 compared to the previous quarter, climbing from 1.8 million to 2.2 million. This surge was primarily fueled by the introduction of new games and strategic partnerships. Conversely, the average daily transaction fees decreased by 20%, going down from $7,000 to $5,000, which might be attributed to Ronin’s efforts to expand its ecosystem.

In contrast to the third quarter of 2023, we witnessed a staggering 2,300% increase in daily transactions, jumping from 90,000 to an impressive 2.2 million. Transaction fees followed suit, experiencing a significant 4,000% rise, escalating from $134 to an impressive $5,000. The number of active addresses also expanded by 23% quarter-over-quarter, and new addresses saw a 22% increase as well.

Ronin’s Security Woes

2022 saw the infamous incident where Ronin, well-known for suffering the most expensive DeFi hack, was compromised. An unscrupulous attacker exploited weak private key security to sanction a bogus transaction, resulting in a staggering loss of $624 million from the cross-chain bridge.

In August 2024, our platform experienced yet another cyber-attack, resulting in a loss of approximately $12 million. This unfortunate incident was caused by an oversight in the programming (smart contract) that came with our latest update.

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2024-12-15 19:44