- The RON utility update will take effect today, April 28, 2022.
- Since the proposal, the RON token has lost roughly 50% of its value.
- Likewise, the Axie Infinity governance token AXS dropped 40% following the bridge hack.
The long-proposed RON utility updates will take effect today, April 28, 2022. Additionally, the network will massively restrict free transactions, and users will need RON to carry out their trades. This is because the team behind Ronin aims to decrease players’ reliance on a zero-fees marketplace.
Additionally, the network changed its terms of use and no longer allows players to make trades without gas fees. To clarify, the clear out that the monthly allowance of free transactions is based on how many days in a month the player holds their asset.
Likewise, the Ronin bridge hack in late March had an immediate impact on the game’s on-chain metrics and people’s confidence in the network’s security. Dealing with the fallout from the bridge hack presumably took a toll on company time, which left little room for anything else.
The RON token dropped by 20% immediately after the hack and hasn’t recovered since. RON is the native token of the Ronin network that enables transactions on the blockchain. At the time of writing, RON trades at $1.11 with a 24-hour trading volume of $1,903,397.
Similarly, the price of the Axie Infinity (AXS) token dropped by 40% following the Ronin bridge hack. AXS, the governance token of Axie Infinity, trades at $39.09, with a 24-hour trading volume of over $307 million.
