$1.8 billion moved to Ronin DEX from Ethereum in 2 weeks

In the first two weeks since Sky Mavis, the team behind Axie Infinity (AXS), launched Katana, $1.8 billion in net assets bridged from Ethereum (ETH) to Ronin (RON), a recent DappRadar report revealed.

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According to the data acquisition and analysis company that keeps tabs on thousands of dapps across multiple blockchains, in this short timeframe, the first decentralized exchange (DEX) running fully on Ronin has reached $1.3 billion in Total Value Locked (TVL).

Meanwhile, Ronin, the Ethereum-linked sidechain made specifically for Axie Infinity, reached a new high, surpassing 1.1 million daily active addresses.

Farming RON

Axie became known as the spearhead of the play-to-earn movement and, according to DappRadar’s data, attracts more than 2 million daily active players.

Katana’s deployment increased the liquidity of all assets in the ecosystem, as the DEX currently allows users to swap between four tokens, featuring three liquidity pools, two of which enable users to farm Ronin’s native and governance token, RON.

Despite Ronin Bridge being fully functioning since May, the launch of Katana unleashed the value flow.

During the last 30-day period, the bridge recorded over $7,5 billion in volume and has surfaced as the most used solution to move assets out of Ethereum, outpacing Avalanche and Polygon bridges, amongst others.

During this timeframe, AXS and ETH represented over 57% of the total assets bridged from Ethereum.

“Ronin has shown the industry how interoperability can be executed successfully, and Ethereum gas prices shooting through the roof to impact a category as popular as gaming has highlighted just how important this is,” Modesta Masoit, Finance Director at DappRadar, commented on the findings of the report.

Meanwhile, the Ethereum-linked sidechain reached a new milestone, breaking through 1,1 million daily active addresses, reported journalist Colin Wu, citing Nansen’s data.