With TimeX’s integration of Axie Infinity’s custom Ronin sidechain, SLP transactions between the Axie ecosystem and the exchange are now fast, convenient, and low cost, allowing players to directly deposit and withdraw tokens without a bridge.
Back in September, TimeX listed Axie Infinity’s Smooth Love Potions (SLP) token, the native payment currency of the hugely popular play-to-earn game, Axie Infinity.
SLP is a great addition to TimeX and has proven popular among traders and game players, but the fees associated with Ethereum mainnet mean that it is uneconomical to transfer small amounts of tokens. For example, daily earnings in the game could easily be cancelled out by Ethereum’s gas fees.
Axie Infinity’s solution to the gas problem was the launch of their own custom sidechain, called Ronin, around 18 months ago. Ronin allows fast, low-cost transactions within the game, enabling Axie to scale to the hugely popular title it has become today. With the addition of Ronin to TimeX, tokens can now also be transferred between Axie Infinity and the exchange seamlessly.
About the Ronin sidechain
Ronin is Axie Infinity’s own Ethereum sidechain. It’s linked to Ethereum and is EVM compatible, meaning it shares the same functionality as mainnet. But it’s secured by a group of validators rather than proof-of-work miners, allowing a far greater degree of speed and efficiency than Ethereum L1.
Ronin is the ideal solution for a game like Axie, in which a huge number of relatively small transactions take place – something that would simply be impossible on mainnet. In fact, fees are even lower than on Binance Smart Chain, meaning players can spend more on the actual game rather than wasting funds on gas. Following migration from mainnet to Ronin earlier this year, all activity on Axie now takes place within the sidechain – something that has helped drive the game towards the incredible milestone of 2 million users.
The Ronin bridge to mainnet can still be used, if players need it, but it’s far more efficient to keep tokens within the Ronin sidechain and ecosystem. Axie players and CGU scholars have no need to use the bridge, since they can simply transfer tokens directly between TimeX and their playing accounts. For those who still have SLP tokens on mainnet, deposits and withdrawals via Ethereum L1 are still possible.
Building the Axie ecosystem
The Ronin ecosystem is growing fast, with its own Block Explorer, and the recent launch of the native Katana DEX (decentralised exchange). Axie Infinity remains one of the hottest play-to-earn titles in the blockchain gaming space, with SLP becoming one of TimeX’s most popular tokens for traders.
Needless to say, we’re excited to be able to add the Ronin network to TimeX and continue supporting Axie Infinity and its players! Greater use of Ronin means a better deal for players and traders, greater awareness of Axie Infinity, more fun and higher earnings for everyone!