In Q3 2024, Ronin, a Layer 1 blockchain developed by Sky Mavis, saw a 149% year-over-year increase in its decentralized finance (DeFi) total value locked (TVL), reaching $147 million. This growth was influenced by the rise in the price of the RON token. The report also highlighted that there was less participation in the native token, potentially due to fewer token-locking incentives and a shift towards gaming and non-fungible tokens (NFTs). One notable finding was that Katana DEX holds a dominant 99% share of the total DeFi TVL on the Ronin network. The daily transactions on Ronin increased by 24% in Q3, driven by new games and partnerships. However, average daily transaction fees fell 20% as Ronin focused on expanding its ecosystem. It is worth noting that Ronin experienced significant security breaches in the past, ultimately losing millions of dollars.



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