Axie Infinity, a leading NFT breeding and battle game known for pioneering the play-to-earn model has successfully launched its Ronin sidechain. The intention behind Ronin is to bring economic freedom to Axie players by streamlining the user experience and removing the burden of expensive gas fees on Ethereum.
Gas fees are a hot topic right now, mainly in the DeFi sector. Where transaction charges on smaller Ethereum based token exchanges and actions hit all-time highs amidst pressure on the network. Fees that are quite acceptable when moving thousands of dollars but not at all acceptable when trying to purchase an Axie NFT or cash out your earned SLP for under $50 and having to possibly pay the same again in gas fees. Ronin will solve these issues.
“Building on Ethereum Mainnet is a bit like training inside the hyperbolic time chamber from Dragonball Z. We’ve had pressure weighing on us in the form of high transaction fees. This was good. In order to grow, we needed to be exceptional.”
For players, this means they can now breed, buy, and sell Axies on Ronin and The Axie Marketplace. More importantly, players will now be able to use AXS and claim SLP rewards on Ronin.
Timing is everything
In 2020 we observed a general decline in activity for Ethereum games from May onwards when gas transaction fees became too expensive due to the DeFi boom. From January to December daily activity across all Ethereum games dropped 45%. On a per-product basis, however, the situation was radically different and Axie Infinity grew 810%. Growth for Axie Infinity was more directly linked to external forces, particularly the price of its SLP token, which jumped 499% in early July 2020.
Interest in the game was further accelerated from September onwards as the top price paid for its rarest NFTs – Mystic Axies – rose from 150 ETH to 200 and then 300 ETH within two months.
Axie Infinity has given people from developing nations, and those with low-income possibilities, a way to make an income from playing games. Additionally, it can become an extra income stream for those interested in the game overall. Players can battle their Axies, breed and sell them, or even flip them to make an income.
Previously, if a person did a 15-hour shift on the game and amassed around $40 in tokens, cashing out on a daily basis would have been impossible due to a similar gas fee on Ethereum. But not anymore. Something that is exciting to the Axie Infinity community and surely will make the game spread even further.
How to migrate to Ronin in 3 easy steps:
1. Make sure you have the Ronin wallet installed on Desktop.
2. Migrate your Axies to Ronin from your Marketplace Dashboard. You can do this on desktop only, for now. Just press the “Transfer to Ronin” button and then sign two messages: one on Ethereum and one on Ronin.
3. Deposit ETH, AXS, and SLP to Ronin. Your old tokens will be automatically upgraded when any amount is deposited to Ronin. For example, if you have 200 old AXS and then deposit 100 to Ronin, you will now have 100 upgraded AXS on Ronin and 100 upgraded AXS on Ethereum.
If you want to keep these tokens on Ethereum, upgrade them here. Keep in mind that simply depositing AXS/SLP to Ronin saves you gas as you’re upgrading and depositing with 1 transaction.