The recent listing of Ronin (RON) on the well-known cryptocurrency exchange Coinbase has caused a lot of excitement in the world of blockchain games. This Ethereum-based altcoin, which is linked to the popular NFT game Axie Infinity (AXS), has become more well-known and valuable since it was first announced. But Ronin’s history of being easy to hack casts a shadow over its current success and shows how hard it is to keep blockchain ecosystems safe.
Listing on Coinbase helps Ronin’s rise
When Coinbase added Ronin to their platform, it was a big step forward for the altcoin. Coinbase, which is known for its easy-to-use interface and focus on well-known cryptocurrencies, is a way for regular investors to get into the crypto space. This listing showed that Coinbase believed in Ronin’s potential and the growing market for play-to-earn games. As expected, the news caused the price of RON to rise right away. Some sources say it went up 8.5% in just 24 hours.
Security Issues Continue After a Hack in 2022
Even though things look good for Ronin right now, it is important to remember that the altcoin had a major security breach in March 2022. An alleged North Korean hacking group called Lazarus attacked Ronin’s systems and stole an incredible $600 million worth of cryptocurrency. It was this event that showed Ronin’s network had holes, especially in its validator nodes.
There are always cybersecurity risks in the blockchain industry, and the hack was a stark reminder of that. However, it also demonstrated the value of strong security protocols. The speed with which the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) blacklisted the hackers’ Ethereum address showed that countries around the world are working together to stop cryptocurrency theft.
After the hack, Sky Mavis, one of Ronin’s developers, put in place stricter security measures to make their network safer. This dedication to safety is a good step for Ronin’s future. The listing on Coinbase also shows that big players in the cryptocurrency market trust the company again.
Plans for the Future for Ronin
The huge potential of blockchain gaming is shown by Ronin’s current success story. The “play-to-earn” model, in which players can get rewards in real life by doing things in games, interests a lot of people all over the world. Ronin will benefit a lot from this growth since it is the technology behind Axie Infinity.
A strong security system is needed for blockchain gaming to be successful in the long term. The Ronin hack is a lesson that shows how important it is to always be on guard and come up with new security protocols. For blockchain gaming to have a safe and long-lasting future, infrastructure must always be improved and developers, security researchers, and regulatory bodies must work together.
Looking Forward
Ronin has definitely caught the attention of the crypto world since it was recently listed on Coinbase and Axie Infinity is still very popular. The 2022 hack, on the other hand, still leaves severe scars that remind us of the security problems blockchain ecosystems face. As Ronin and other blockchain-powered games continue to grow, strong security measures will be essential to building trust and making sure the long-term success of this exciting new area of gaming.
