What is Ronin (RON)? Axie Infinity Game Token

Bittime - Have you ever heard Ron's (RON) in cryptocurrencies? You wonder what it is Ronin and its use in the crypto world? Check out this article.

What is Ronin (RON)?

Ronin (RON) is the native cryptocurrency of the Ronin blockchain, which is an EVM blockchain designed for developers building games with player-owned economies. Created by Sky Mavis to support the game Axie Infinity, RON can be earned as a reward or purchased from the secondary market. 

These tokens are used to secure and decentralize the Ronin Network, and can be used to pay gas fees and participate in staking to earn rewards.

Read too Axie Infinity (AXS): Future Price Potential (2024-2035)

Usage Token Ronin

Ronin (RON) has several functions in the Axie Infinity ecosystem:

1. Governance: RON holders can participate in decision-making by voting on proposals that affect the Axie Infinity ecosystem, allowing them to contribute to the direction of the platform.

2. Transaction Fees: RON is used to pay gas fees on the Ronin blockchain, which facilitates faster and cheaper transactions for players.

3. Staking: Users can stake their RON tokens with validators to earn rewards. This process helps secure the network and allows token holders to earn passive income.

4. Validator Selection: Staked RON tokens are used to elect validators, ensuring the network remains decentralized and secure.

5. Bridge or Bridging Rewards: RON is also used to encourage use of the Ronin Bridge, which connects the Ronin blockchain with other networks.

Overall, RON plays an important role in maintaining the decentralized nature of the Ronin blockchain and the Axie Infinity ecosystem.

Read Also 1 RONIN to IDR

How to Store Ronin Tokens

To store Ronin (RON) tokens, you have several options based on your needs and preferences:

• Store in Exchange: Storing your RON tokens on a centralized exchange (CEX) like KuCoin provides convenient access to investment products and features such as spot and futures trading, staking, and lending. Make sure the exchange has strict security measures to protect your assets.

• Non-Custodial Wallet: For better security, store your RON tokens in a non-custodial wallet, which gives you full control over your private keys. You can use a hardware wallet, Web3 wallet, or paper wallet. This option may be less convenient for frequent trading but ensures your assets are safe.

• Ronin Wallet: You can also store RON tokens in the official Ronin Wallet, which supports the Ronin blockchain. This wallet allows you to store, trade, and receive RON tokens.

• Dompet Crypto: Some crypto wallets support direct purchase of RON tokens. Follow the steps provided by the wallet to create a wallet, buy RON, and manage your assets safely.

Each method has advantages and disadvantages, so choose the one that best suits your security needs and preferences.

How to Buy Ronin Tokens

To buy Ronin (RON) tokens, you can follow these steps:

1. Buying Ronin (RON) on a Centralized Exchange (CEX):

1. Select CEX: Choose a trusted crypto exchange that supports purchasing Ronin (RON).

2. Create an Account: Enter the required information and set a secure password. Enable 2FA using Google Authenticator and other security settings.

3. Identity Verification: Complete KYC verification, which may require government-issued identification documents.

4. Add Payment Method: Follow the instructions provided by the exchange to add a credit/debit card, bank account, or other supported payment method.

5. Buy Ronin (RON): Use underlying assets fiat to buy Ronin (RON) directly, or first buy a popular cryptocurrency such as USDT and then exchange it for Ronin (RON).

    

Also Read How to Buy Ronin (RONIN)

2. Buying Ronin (RON) on a Decentralized Exchange (DEX):

1. Select DEX: Choose a decentralized exchange that supports Ronin (RON), such as Katana.

2. Buy Basic Digital Assets: Buy basic digital assets like USDT from secure centralized exchanges.

3. Send Underlying Assets to Your Wallet: Transfer underlying assets to your web3 wallet.

4. Exchange with Ronin (RON): Use underlying assets you to exchange with Ronin (RON) on DEX.

3. Buying Ronin (RON) via Crypto Wallet:

1. Select Wallet: Choose a trusted crypto wallet that supports Ronin (RON).

2. Download App: Download the wallet application to your device.

3. Create a Wallet: Create a new wallet address or import an existing one.

4. Buy Ronin (RON): Buy Ronin (RON) using a supported payment method, or first buy a more popular cryptocurrency such as USDT and then exchange it for Ronin (RON).

Be sure to check the fees and security settings for each method before making a purchase.

FAQs about Ronin (RON)

What is Ronin (RON)?

Ronin (RON) is the native cryptocurrency of the Ronin blockchain, designed to support the Axie Infinity game and used for transactions, staking, and governance within the ecosystem.

How to store Ronin tokens?

Ronin tokens can be stored on centralized exchanges, non-custodial wallets, official Ronin wallets, or RON-enabled crypto wallets, depending on the user's security and convenience preferences.

What is the main use of Ronin tokens?

Ronin's primary uses include paying transaction fees, participating in staking, selecting validators, and encouraging the use of the Ronin Bridge to connect the blockchain with other networks.

How to Buy Ronin (RON)?

Ronin can be purchased on centralized exchanges (CEX), decentralized exchanges (DEX), or through crypto wallets by following the appropriate registration, verification, and transaction steps.

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Reference

TheBigWhale, Ronin, Accessed January 15, 2025

Author: IN