Ronin (RON) introduces rewards from new liquidity pools
- Ronin Blockchain, home of the popular Web3 game Axie Infinity, has announced that it will release rewards for the new RON liquidity pool starting with the latest block.
- The emission rewards previously distributed via WETH pairs are now available via the new RON pairs.
Ronin has eagerly shared that the rewards for the new RON Liquidity Pools will launch today on Katana DEX. Additionally, Ronin added that the issuance premiums of the WETH pairs would carry over to new RON pairs. The new liquidity pools will play an important role in making RON more liquid and accessible.
Migrate to Delegated Proof of Stake (DPoS)
Ronin’s new liquidity pools will act as the primary market maker by locking pairs of tokens in their respective smart contracts.
Ronin aims to redefine the dynamics of matching buyers and sellers to ensure a functioning market for most token pairs. Additionally, to incentivize users, Ronin will make available to liquidity providers to earn rewards from trading fees within their liquidity pools.
The opening of these new liquidity pools will play a crucial role in ronin’s migration to Delegated Proof of Stake (DPoS), making it easier to acquire and stake RON.
Here is how users can participate in the new liquidity pools:
- Users deposit liquidity into a RON liquidity pool to receive liquidity pool tokens.
- Users can then stake these liquidity pool tokens and earn RON rewards.
- It’s important to note that users receive rewards in proportion to their contribution to the original pool.
- The issuance premiums of the RON/WETH liquidity pool are approximately 60,422 per day.
- The RON/AXS liquidity pool rewards are around 24,169 per day.
- RON/SLP issuance premiums are approximately 12,084 per day.
- The RON/USDC liquidity pool rewards are around 24,169 per day.
In the official announcement, Ronin shared that they are discontinuing issuance rewards from WETH/AXS and WETH/SLP pools. However, the respective pools remain open. The blockchain has told liquidity providers to pull out and has proposed moving to RON pools.
Additionally, Ronin has updated the UI to prevent further deposits into the farms for the previous liquidity pools. The blockchain has also shared that the katana analysis dashboard will reflect the new RON pools by next week.
Ronin has also warned users to expect a big price drop on the Katana DEX a few hours after the rewards go live.
On the flip side
- Since the beginning of this year, Ronin’s main token, RON, is up 228%, according to data from CoinMarketCap.
- Axie Infinity’s AXS token has gained another 83% this year, according to CoinMarketCap data.
Why you should care
Many blockchain projects are transitioning from the power-hungry Proof of Work (PoW) consensus algorithm to the green Proof of Stake (PoS). , the altcoin market leader, officially moved to PoS with “The Merge” last year.
Ronin is also transitioning to a new consensus algorithm, Delegated Proof of Stake (DPoS), which will reportedly reach consensus faster than PoS. As mentioned earlier, the liquidity pools will help Ronin complete his migration.
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