Ethereum (ETH)

0/ @Ronin_Network just hard forked to an @ethereum L2. Security now runs on Ethereum's full consensus layer, the same foundation securing over $100B in assets. Keepings low fees and speed for its 11M+ users. A breakdown 🧵 https://t.co/NZOQShvgoa

1/ Why Ronin existed in the first place. In 2021, Ethereum mainnet fees made gaming transactions economically impossible at scale. A player in the Philippines couldn't afford $20 in gas to breed an Axie. Sky Mavis built Ronin as a dedicated sidechain to solve exactly that. Fast, cheap transactions for millions of daily users across Southeast Asia. In its first nine months, Ronin processed 15% of all NFT trading volume globally.

2/ March 23, 2022, the big hack The Lazarus Group North Korea's state-sponsored hacking collective gained control of 5 of Ronin's 9 validator private keys and drained $625 million from the bridge. Still the largest DeFi exploit in history. > 4 Sky Mavis validators compromised directly through a spear-phishing attack on an employee > The 5th came through a backdoor, an access permission granted to the @AxieInfinity DAO in November 2021 to handle high transaction load, discontinued in December 2021, but never revoked > The attacker found it, used it and walked away with everything. That structural vulnerability was a bridge secured entirely by 9 nodes with no settlement layer beneath it.

3/ The clearest proof this model works. Look at @Celo. Celo made the exact same move standalone chain to Ethereum L2 on the @Optimism Stack in March 2025. Migrating to ethereun L2 enabled immediate composability with every other OP Stack chain, shared security, and access to an existing liquidity and developer ecosystem overnight. One year later, the numbers reflect it: > 840,000 peak daily active users, #1 across all Ethereum L2s, ahead of Base, Arbitrum, and Optimism > 1.3 million monthly active users, an all-time high > 365% protocol revenue growth year-over-year > $65 billion in stablecoin volume processed post-migration > Security costs down 99.8%

4/ Now here's where the economic overhaul becomes the real story. After migration: > Inflation drops from 20%+ to below 1%, a 20x reduction > 90 million tokens redirected from passive staking into the treasury > Marketplace fees rise from 0.5% to 1.25% > Treasury captures net sequencer profits going forward > Governance moves to token-weighted voting. Passive stakers see rewards reallocated toward active builders.

5/ The mechanism driving that change is called Proof of Distribution. Instead of rewarding validators for securing the chain passively, it rewards builders through a Builder Score, an on-chain composite of what they actually bring to the network, gas generated, new and retained users, NFT and DEX volume, contract activity. For developers building games, DeFi, consumer apps on on Ronin, the more real activity you drive, the more of the network's rewards you capture.

6/ So what does all of this mean for the 1.2 million people playing on Ronin today? The migration is invisible, no wallet changes, no action required. The hard fork executed yesterday at block 55,577,490, a roughly 10-hour pause, then the chain resumed on Ethereum settlement and @eigen_da for data availability. What changes over time is the ecosystem they're inside. Ronin is now part of the Superchain