Ronin (RON) is the native cryptocurrency of the Ronin blockchain, an EVM blockchain designed for developers building games with player-owned economies. It was created by Sky Mavis to support their game Axie Infinity. Users can earn RON as a reward or buy it from secondary markets. The token is used to secure and decentralize the Ronin Network and can be used to pay for gas fees and participate in staking to earn rewards.
Ronin (RON) is used in several ways within the Axie Infinity ecosystem:
Governance: RON holders can participate in decision-making by voting on proposals that impact the Axie Infinity ecosystem, allowing them to have a say in the direction of the platform.
Transaction Fees: RON is used to pay for gas fees on the Ronin blockchain, facilitating faster and cheaper transactions for players.
Staking: Users can stake their RON tokens to validators to earn rewards. This process helps secure the network and allows token holders to earn passive income.
Validator Selection: Staked RON tokens are used to select validators, ensuring the network is decentralized and secure.
Bridge Rewards: RON is also used to incentivize the use of the Ronin Bridge, which connects the Ronin blockchain to other networks.
Overall, RON plays a crucial role in maintaining the decentralized nature of the Ronin blockchain and Axie Infinity ecosystem.
To store Ronin (RON) tokens, you have several options based on your needs and preferences:
Store on an Exchange: Hold your RON tokens on a centralized exchange (CEX) like KuCoin. This provides convenient access to investment products and features such as spot and futures trading, staking, lending, and more. Ensure the exchange has strict security measures to protect your assets.
Non-Custodial Wallets: For enhanced security, store your RON tokens in a non-custodial wallet, which grants you complete control over your private keys. You can use hardware wallets, Web3 wallets, or paper wallets. This option may be less convenient for frequent trading but ensures your assets are secure.
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.
- Crypto Wallet: Some crypto wallets support direct purchases of RON tokens. Follow the wallet's steps to create a wallet, purchase RON, and manage your assets securely.
Each method has its pros and cons, so choose the one that best fits your needs and security preferences.
To buy Ronin (RON) tokens, you can follow these steps:
Buying Ronin (RON) on a Centralized Exchange (CEX)- Choose a CEX: Select a reliable and trustworthy crypto exchange that supports Ronin (RON) purchases, such as Coinbase or KuCoin.
- Create an account: Enter the required information and set a secure password. Enable 2FA using Google Authenticator and other security settings to add an extra layer of security to your account.
- Verify your identity: Complete KYC verification, which may require providing government-issued identification documents.
- Add a payment method: Follow the instructions provided by the exchange to add a credit/debit card, bank account, or other supported payment method.
- Buy Ronin (RON): Use fiat currency to buy Ronin (RON) directly, or first purchase a popular cryptocurrency like USDT and then exchange it for Ronin (RON).
- Choose a DEX: Select a decentralized exchange that supports Ronin (RON), such as Katana.
- Buy base currency: Purchase a base currency like USDT from a secure centralized exchange.
- Send the base currency to your wallet: Transfer the base currency to your web3 wallet.
- Swap for Ronin (RON): Use your base currency to swap for Ronin (RON) on the DEX.
- Choose a wallet: Select a reliable and reputable crypto wallet that supports Ronin (RON).
- Download the app: Download the wallet application to your device.
- Create a wallet: Create a new wallet address or import an existing one.
- Buy Ronin (RON): Purchase Ronin (RON) using a supported payment method, or first buy a more popular cryptocurrency like USDT and then exchange it for Ronin (RON).
Make sure to check the fees and security settings for each method before making a purchase.