Ronin (RON): how it works, supply and reviews
In short
- Type
- Ethereum layer 2 built on the OP Stack (since 2026); before that a separate chain
- Maximum supply
- 1,000,000,000 RON, fully unlockable after 108 months (9 years) from January 2022
- Risks and caveats
- Ronin's L2 infrastructure is operated by a single provider, Conduit; the docs do not describe a fallback if the sequencer stops.
- Checked
- 31 October 2026
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Key facts
- Ticker
- RON
- Official site
- roninchain.com
Key facts checked on 31 October 2026 against official sources.
What is Ronin
Ronin is a blockchain for games and consumer apps launched by Sky Mavis, the creator of Axie Infinity. It ran as its own chain from February 2021 and in 2026 returned to Ethereum as an OP Stack layer 2; RON pays gas and funds builder rewards.
Network and consensus
| Parameter | Details |
|---|---|
| Type | Ethereum layer 2 built on the OP Stack (since 2026); before that a separate chain |
| Sequencer | Ronin's L2 infrastructure is operated by Conduit; nodes run the standard op-node and reth |
| Chain ID | Ronin mainnet chain ID 2020; gas token RON |
| Block time | About 2 seconds; about 12 minutes to finalise on Ethereum |
| Launched | Mainnet launched in February 2021; became an Ethereum L2 in 2026 |
Supply and issuance
| Parameter | Details |
|---|---|
| Maximum supply | 1,000,000,000 RON, fully unlockable after 108 months (9 years) from January 2022 |
| Initial distribution | Community incentives 30%, Sky Mavis 30%, rewards 25%, ecosystem fund 15% |
| Issuance | Proof of Distribution pays RON emissions to builders based on on-chain activity they drive |
On 31 October 2026: 771,373,571 RON in circulation, 1,000,000,000 RON in total (source: Ronin supply API).
What RON is used for
- Paying gas on Ronin
- Builder rewards through Proof of Distribution
- Voting on ecosystem and treasury proposals (1 RON = 1 vote, from October 2026)
Who develops and governs Ronin
- Developer
- Sky Mavis, the creator of Axie Infinity, began developing Ronin in 2020
- Governance
- RON holders vote on economic and treasury decisions; protocol and security-critical decisions stay with validator governance for now
- Upgrade keys
- Since the Karst upgrade (7 October 2026) an L2 Contract Manager upgrades core contracts, replacing Ethereum multisig transactions
- Treasury
- The ecosystem fund is initially managed by the Sky Mavis core team
History
| Date | Event |
|---|---|
| February 2021 | Ronin mainnet launches; Axie Infinity moves to Ronin later in 2021. |
| 27 January 2022 | RON tokens are first unlocked. |
| 2026 | Ronin returns to Ethereum as an OP Stack layer 2. |
| 7 October 2026 | Karst upgrade brings Ethereum's Fusaka changes and the L2 Contract Manager to Ronin mainnet. |
Security and audits
- In March 2022 the Ronin bridge lost 173,600 ETH and 25.5M USDC after attackers took control of validator keys; Sky Mavis says user funds were being restored.
- Per Sky Mavis's postmortem, the FBI attributed the attack to the North Korea-based Lazarus Group and the US Treasury sanctioned the receiving address.
- After the breach Sky Mavis increased validator count, engaged forensics firms and launched a bug bounty of up to $1 million.
Security incidents
| Date | What happened | Source |
|---|---|---|
| 23 March 2022 | Key compromise: Attackers gained control of five of nine bridge validator keys (4 Sky Mavis, 1 Axie DAO) and drained 173,600 ETH and 25.5M USDC from the Ronin bridge; the breach was discovered on 29 March 2022. Funds returned: Sky Mavis said all user funds were in the process of being restored and that user funds in the bridge were guaranteed by its funding round, balance sheet and the core team. | roninblockchain.substack.com |
| 6 August 2024 | Exploit: White hats withdrew about 4K ETH and 2M USDC (~USD 12M) from the Ronin bridge through a potential exploit; Ronin paused the bridge about 40 minutes after the first on-chain action. All funds were returned the same day and Ronin's bug bounty programme paid the white hats a 500K bounty; the bridge was to be audited before reopening. Funds returned: Returned in full on 2024-08-06: the ETH (~USD 10M) first, then the final 2M (USDC); 500K bug bounty to the white hats. | x.com |
Risks and caveats
- Ronin's L2 infrastructure is operated by a single provider, Conduit; the docs do not describe a fallback if the sequencer stops.
- Protocol and security-critical decisions remain with validator governance; RON holder votes cover ecosystem and treasury matters.
- The Ronin bridge suffered a major validator-key compromise in March 2022.
Official links
- Website: roninchain.com
- Docs: docs.roninchain.com
- Block explorer: app.roninchain.com
- Blog: roninblockchain.substack.com
Questions and answers
What is Ronin?
Ronin is a gaming-focused blockchain launched by Sky Mavis in February 2021; since 2026 it is an Ethereum layer 2 built on the OP Stack.
Who created Ronin?
Sky Mavis, the creator of Axie Infinity, which began developing Ronin in 2020.
What is the maximum supply of RON?
1,000,000,000 RON; about 771 million were in circulation on 31 October 2026 per the Ronin supply API.
What was the Ronin bridge hack?
On 23 March 2022 attackers compromised Sky Mavis and Axie DAO validator keys and drained 173,600 ETH and 25.5M USDC; the FBI attributed it to the Lazarus Group.
Who runs Ronin's sequencer?
Ronin says its L2 infrastructure is operated by Conduit.
Sources
- Ronin — Home
- Ronin Docs — Introduction
- Ronin Docs — Tokenomics
- Ronin Docs — Network information
- Ronin Docs — Nodes
- Ronin Docs — Proof of Distribution
- Ronin supply API — circulating supply
- Ronin Newsletter — Ronin Governance
- Ronin Newsletter — The Karst Upgrade
- Ronin Newsletter — Back to Building: Ronin Security Breach Postmortem (Wayback)
- Ronin on X - bridge exploit notice (2024-08-06)
- Ronin on X - funds returned, bounty (2024-08-06)
- Ronin on X - final funds received (2024-08-06)
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