2024

Ronin

Blockchain GameFi developer Sky Mavis will <a href="https://roninchain.com/blog/posts/2024-q1-katana-liquidity-mining-program-update" target="_blank" rel="noopener nofollow">slash</a> liquidity provider (LP) rewards provided by its Katana decentralized exchange (DEX) built on the Ronin blockchain by 50%. According to the Feb. 15 announcement, rewards will be cut by 50% in phase 1, starting March 1, and reduced by a further 50% in phase 2, for a total reduction of 75% from current emission levels.
“Over the past few months, average APR [annual percentage rate] in Katana liquidity pools has increased from ~20% to 70%,” Ronin wrote in justification for the reward cut while pointing out that the aggregate number of pooled tokens in Ronin liquidity pools has not increased in proportion to the Ronin’s (RON) price to balance out the APR. Since the beginning of the year, RON tokens have increased by 59% in value.
“This means the increase in reward value did not drive meaningful outcomes in DEX liquidity provision and may have gone past the optimal level of incentives,” Ronin staff concluded. As a result of the planned LP cuts, Ronin expects to save 2 million RON ($5.72 million) in expenses in Q1 2024 alone. “Fewer emissions mean lower inflation in circulating supply,” Ronin said, pointing out that the supply of fixed tokens is fixed at 1 billion.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/37e23090-e098-49b7-983e-49206d51093f.png" alt="" title="">
 <figcaption style="text-align: center;">
 Ronin’s Katana DEX LP rewards plan for Q1 2024
 </figcaption>
</figure>
Currently, the Katana DEX represents over 99% of the $200 million in total value locked (TVL) on Ronin. Although the RON token has since recovered its 2022 highs, its TVL has yet to recover to the $1-billion levels witnessed before a <a href="https://cointelegraph.com/news/axie-infinity-s-ronin-bridge-hacked-for-over-600m">devastating North Korean hack</a> two years prior. Nevertheless, the ecosystem has since recovered with a much-anticipated <a href="https://cointelegraph.com/news/ronin-ecosystem-recovers-after-strained-binance-token-listing">Binance listing earlier this month</a>.&nbsp;
Related: <a href="https://cointelegraph.com/news/binance-5m-bounty-ron-token-listing-debate">Binance offers $5M snitch bounty after RON token listing sparks ‘heated’ debate</a>

Sky Mavis to slash Ronin DEX liquidity rewards by 50%

Cointelegraph

Các bài viết khác được xuất bản trên 15 thg 2, 2024

Breaking: Terra Luna Proposes Deep Stablecoin & Cosmos Liquidity, USTC Price Up 38%

Ripple IPO Could Set New Records; Top Trader Predicts Soaring Future for Polkadot Rival

Future Looks Bright For Crypto In Indonesia: Pro-Blockchain VP Takes Office

Digitex Futures Exchange CEO Faces Criminal Charges, Potential 5-Year Sentence

Bitcoin Exceeds $50,000 Milestone as Pandoshi Approaches Presale Conclusion and Prepares for Exch...

USA Investigates Trust Wallet Owned by Binance! This Altcoin Price Dropped!

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!