Ronin is coming home to Ethereum on May 12th!
Lower inflation, more builder rewards ⚔
Key Points
Ronin’s migration to Ethereum is set for May 12th! This milestone will lower RON inflation, strengthen the Ronin Treasury, bolster our network’s security, and introduce a new automated RON reward system for builders called Proof of Distribution. After May 12th, Ronin will be part of Ethereum.
What YOU can do to prepare right now: Builders, register for Proof of Distribution here. RON holders, spread the word that Ronin is coming home! If you’re running a RPC node on Ronin Mainnet, please upgrade before the hardfork by following the instructions at the end of this article. The hardfork is scheduled for block #55577490.
What’s happening on May 12th? Expect ~10 hours of downtime on Ronin mainnet between 8am and 6pm PT. That means you won’t be able to make any onchain actions including token swaps, NFT trades, or unstaking. Thank you to our allies at Optimism, Conduit, Boundless, and EigenDA for making Ronin’s homecoming possible!
Ronin is almost home.
Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network. It worked. Axie Infinity onboarded millions of gamers to crypto, and Pixels proved that it was possible to do it again.
The time has come to plug Ronin back into the mothership: Ethereum.
In 2020, when we announced Ronin, Ethereum’s Layer 2 landscape was only an idea. The cost of data availability and settlement costs were also high. Today, Ethereum’s Layer 2s are battle-tested, and OP Stack powers millions of transactions every day. By joining forces with Ronin, Ethereum will inherit the only gamification engine of its kind while Ronin will upgrade its tokenomics, security, treasury revenue, and builder rewards. Here’s what’s happening:
How to register for Proof of Distribution
Anyone who has contributed to Ronin’s growth will soon be able to earn automated RON rewards. Proof of distribution is a merit-based reward system that funnels RON to top builders based on Builder Scores. Registration is open, and here’s what you need to do:
Step 1: Go to the Proof of Distribution website and connect your Ronin Wallet
Step 2: Complete the required fields under the info tab.
Note: The details you share will be public if your project is eligible for rewards.
Step 3: Click to the Contracts tab
Step 4: Enter the Ronin addresses for ALL smart contracts related to your project
Remember: The more you contribute to Ronin, the more you can earn. Make sure you aren’t leaving rewards on the table by omitting relevant smart contracts!
How builders can prepare for the migration
This hardfork will halt block production and is scheduled for block #55577490.
If you’re running a RPC node on Ronin Mainnet, please upgrade before the hardfork.
Release: https://github.com/ronin-chain/ronin/releases/tag/1.2.2
Docker Image: ghcr.io/ronin-chain/ronin:1.2.2-fb7fc1f
Developers, please refer to the guide on running a Ronin L2 node: https://github.com/conduitxyz/ronin-migration-reth-docker/blob/main/README.md (the steps are similar to the Saigon Testnet L2 migration’s.)
If you plan to continue operating a Ronin RPC node on L2, prepare your infrastructure to run reth and op-node. Once Ronin stops producing blocks, a downloadable state snapshot will be available. You can then launch your L2 node using the fresh state files and resume Ronin RPC operations.
What this means for Ronin and RON
Flattening RON Inflation
RON’s current inflation rate is over 20%. After this upgrade, it will be less than 1%. That means 20x fewer tokens will enter circulation via reward emissions, and RON’s new inflation rate will be lower than USD. It will be harder than ever to get RON.
More Ronin Treasury Inflows
The Ronin Treasury holds millions of RON and other tokens. After Ronin’s Homecoming, you’ll start to see new inflows from:
• The remaining 90M RON set aside for staking
• Net sequencer profits including total gas revenue minus Blob fees and expenses
• 1.25% of all Ronin Marketplace fees (increased by 2.5x from 0.5% to 1.25%)
The vision is simple: Ronin’s Treasury should belong to RON holders. That’s why we’re also looking at learnings from recent Axie Treasury and Governance experiments to empower our ecosystem’s most devoted missionaries.
Proof of Distribution: New Automated Reward System
If you contribute to Ronin’s growth, you will soon be able to earn RON rewards without lifting a finger. Proof of distribution is a merit-based reward system that funnels rewards to top builders based on Builder Scores. Here’s how we calculate that:
Gas spend: 18.13%
New users (holding more than 10 RON): 11.12%
Active users (holding more than 10 RON): 12.89%
NFT volume: 20.95%
DEX volume: 20.54%
Contract Volume: 16.37%
Sky Mavis will review the figures above on a monthly basis. This means they may change over time. In addition, certain volume processors will not receive Proof of Distribution rewards. For example, while Ronin Market may score high according to the above metrics, its network activity is driven by builders on Ronin. The purpose of Proof of Distribution is to reward those builders rather than Ronin Market itself.
FAQ
Q: How will the migration affect the games I play?
A: On May 12th, there will be ~10 hours of downtime where you won’t be able to complete any onchain actions. Games may be paused during this time. After the migration is complete, everything will go back to normal.
Q: What will happen to my staked RON?
A: We encourage you to unstake your RON before the May 12th migration date. However, if your RON remains staked on May 12th, it will be automatically unstaked for you after the migration is complete.
Q: How often will builders receive Proof of Distribution rewards?
A: Ronin will distribute rewards on a monthly basis using data from the previous four weeks.
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