Ronin's DeFi ecosystem has experienced remarkable growth, with a 149% year-over-year increase in total value locked (TVL) in the third quarter of 2024, reaching $147 million. This growth can be attributed to various factors, including a 30% rise in the price of the RON token.
Despite the overall growth in DeFi TVL, the native token TVL saw a decline of 36%, suggesting a shift in user behavior towards gaming, NFTs, and a preference for holding RON tokens. The number of RON holders increased significantly by 11,611%, reaching 527,000 in Q3 2024.
Katana DEX, the primary decentralized exchange on the Ronin network, dominates with a 99% share of the total DeFi TVL. Although its TVL saw a 9% decline quarter-over-quarter, it still represents a remarkable 154% increase year-over-year. Katana plays a crucial role in driving liquidity and facilitating token swaps for various assets.
The growth of the Ronin ecosystem is further evidenced by the increasing activity in the NFT market. In Q3 2024, both NFT buyers and sellers grew by 17%. Daily transactions on the Ronin network increased by 24% quarter-over-quarter, while average daily transaction fees decreased by 20%. When compared to Q3 2023, the growth in daily transactions skyrocketed by 2,300%, and transaction fees increased by 4,000%. Active addresses on the network also grew by 23% quarter-over-quarter.
Despite its impressive growth, Ronin has faced significant security challenges in the past, emphasizing the importance of robust security measures in the DeFi landscape. As Ronin continues to expand its offerings, addressing security vulnerabilities will be crucial in maintaining user trust and fostering long-term growth.