Ronin Network Boosts DeFi TVL by 149% Amid RON Token Price Surge and Katana DEX Upgrades
The Ronin network is undergoing notable developments, with two key updates occurring recently. Initially, in November, the network planned to enhance Katana DEX to version 3, focusing on trading efficiency and capital management by introducing concentrated liquidity pools and decreasing liquidity rewards by 75%. This move aligns with Ronin’s strategy to improve capital efficiency. In Q3 2024, Ronin reported a significant 149% increase in their DeFi total value locked (TVL), reaching $147 million, driven by a 30% rise in the RON token’s price and wider adoption of its ecosystem. Despite a decline in native token TVL by 36%, there is a noticeable shift towards gaming, NFTs, and holding RON tokens. Katana DEX holds a majority of the DeFi TVL, despite a slight dip in its TVL. Additionally, the increase in daily NFT transactions reflects a strong user preference supported by promotional campaigns. However, Ronin faces security challenges, with a recent $12 million loss due to a smart contract flaw following previous breaches.
Bullish
The news about Ronin indicates a bullish outlook due to several factors. The significant increase in DeFi total value locked (TVL) suggests strong growth and adoption of the network, driven by the increased price of the RON token and broad ecosystem use. Despite security incidents, the network’s resilience and strategic updates like the upgrade of Katana DEX show a focus on long-term efficiency and stability. These aspects are likely to enhance investor confidence and stimulate further trading activity, fostering a favorable environment for the RON token and related assets.