Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Ronin’s DeFi TVL Grows 149% YoY, Boosted by RON Token’s 30% Price Rise

Ronin, the Layer 1 blockchain developed by Sky Mavis, experienced a significant 149% year-over-year increase in DeFi TVL, reaching $147 million in Q3 2024. There are several factors influencing this growth. One of the major catalysts was, however, the price surge of the RON token. Ronin’s DeFi, NFT Demand Grows According to Messari’s latest report , Ronin’s DeFi TVL rose from $59 million in Q3 2023 to $147 million in Q3 2024. The figure was boosted by a 30% increase in the RON token price and wider ecosystem adoption. At the same time, native token TVL fell by 36%, from 128 million to 82 million tokens, indicating less participation. This could be because of fewer token-locking incentives, a shift to gaming and NFTs, and a preference for holding RON tokens. RON holders increased by 11,611%, reaching 527,000 in Q3 2024, with a 20% growth from Q2. Interestingly, Katana DEX holds a dominant 99% share of the total DeFi TVL on the Ronin network, while the next two largest protocols, Sablier Finance and MetaLend, contribute just 0.0029% and 0.77%, respectively. As the main decentralized exchange on Ronin, Katana drives liquidity and token swaps for assets like RON, AXS, and SLP. While Katana’s TVL dropped 9% QoQ from $165 million in Q2 2024 to $150 million in Q3 2024, it saw a 154% YoY increase, rising from $59 million in Q3 2023 to $150 million in Q3 2024. Throughout the year, Ronin’s daily NFT buyers generally outnumbered sellers, indicating a preference for holding. In Q3 2024, both buyers and sellers grew by 17%, with the former rising from 4,400 to 5,100 and the latter from 3,700 to 4,300. This growth followed a record-high in June this year, fueled by the Coinbase Learn campaign and Ronin Carnival, which featured Axie Infinity missions, a $1 million competition from Apeiron, and free trials from 0xScope. These events led to peak engagement with 28,000 buyers and 20,000 sellers. Zooming out, Ronin’s daily transactions grew 24% QoQ in Q3, rising from 1.8 million to 2.2 million. This growth was driven by new games and partnerships. However, average daily transaction fees fell 20% QoQ, dropping from $7,000 to $5,000, likely due to Ronin focusing on expanding its ecosystem. Compared to Q3 2023, daily transactions skyrocketed by 2,300%, from 90,000 to 2.2 million, and transaction fees rose 4,000%, from $134 to $5,000. Active addresses also grew by 23% QoQ, while new addresses increased by 22%. Ronin’s Security Woes Known for being the victim of the most costly DeFi hack, Ronin was breached in 2022 when an attacker used inadequate private key security to authorize a fraudulent transaction, draining $624 million from the cross-chain bridge. In August 2024, the platform suffered another attack, losing $12 million due to a smart contract flaw introduced by a recent upgrade. The post Ronin’s DeFi TVL Grows 149% YoY, Boosted by RON Token’s 30% Price Rise appeared first on CryptoPotato . Bitcoin.com

---

Binance Founder Projects High-Scale Bitcoin Government Adoption in Ten Years

Former Binance CEO Changpeng Zhao pointed to increased government adoption of the asset in the next ten years. In an interview , he highlighted its use-case as the future of money to drive massive investment. This will increase the asset’s price as well as the wider crypto sentiment. Zhao hinted at more strategic Bitcoin reserves for countries to flip negative macro realities. Talks around a Bitcoin reserve in the United States gained momentum in the run-up to the U.S. Elections. With a rising national debt, crypto enthusiasts tip the asset to offset debt and promote finance and cross-border payments. A possible US backing could influence other jurisdictions to adopt the top crypto for payments and a reserve. After the U.S. election, the price of Bitcoin hit new milestones, shaking off previous corrections and setting the tone for positive projections. Trading above $100K, bulls set sights on a higher rally on the back of increased institutional adoption. These inflows to the asset could spike growth coupled with government adoption in the coming decade. Bitcoin’s Utility Over Gold Zhao highlighted the advantages Bitcoin (BTC) has over gold amid recent adoption. Bitcoin continues its upward trajectory backed by heavy institutional buys , with bulls projected over-the-top surges for the crypto leader in five years. Gold and Bitcoin are popular as a store of value for varying groups of investors with a decade-long debate on utilities. In a recent interview, Zhao noted that Bitcoin is more scarce, coupled with new use cases that could fuel its price. Bitcoin is termed digital gold because of its portability and access to a wider adoption net, which users say helps its case against precious metals. According to him, the scarcity of the asset will drive more investment in the coming years. On the other hand, the world doesn’t know the total supply of gold despite its availability for centuries. “I think it should be way more than that (a 16 trillion market cap), as you said it has many advantages over gold and gold is not a limited asset, people control the supply of gold by not mining and we don’t know how much they are. With Bitcoin, we know exactly how certain it is and there’s not a whole lot left.” CZ added. Bitcoin.com