At the time of writing this article, according to CoinGecko, native tokens of crypto exchanges manage around $129.6 billion. But one of the latest DEX, Katana, was created from the explosive growth of Axie Infinity. This DEX was launched its decentralized exchange called Katana in early November 2021.
Therefore, in this article, you will discover more about Katana and how you can use it.
What is the Ronin Katana DEX?
The ronin Katana DEX has become the go-to place for Axie Infinity players and DeFi farmers to swap tokens and earn very attractive yields.
The DEX is based on the Ronin blockchain, which is the side-chain network that powers the Axie Infinity ecosystem and wallet. According to its analytics dashboard, the platform currently has nearly $400 million in liquidity and a daily volume of around $60 million.
Also, according to DappRadar, Katana ranks as the second-highest DEX behind PancakeSwap with more than 51,000 users and $656.2 million in balance.
How to Use Katana DEX
Katana has four features:
Using Katana is pretty simple since it operates the same way as most token swap interfaces. First, users need to connect their Ronin wallets to swap tokens for very low transaction fees. Then, you need to buy $ETH to finally swap it to get $RON tokens.
Note: There are only a few tokens supported: its native token RON, wrapped Ethereum, USD Coin (USDC), and in-game tokens like AXS and SLP.
Multiple ways to buy 👇 pic.twitter.com/osCvyPSEU4
— CAGY (@cagyjan1) February 6, 2022
Inside Katana, there are some liquidity pools to deposit these tokens as collateral to earn a slice of the exchange’s fees. Just like other DEXs, depositors get liquidity provider (LP) tokens which can then be used to farm greater yields.
Then, these LP tokens can be deposited into various pools to farm $RON tokens. Additionally, The wETH/RON pool is the most popular with $180 million in liquidity with 8.2% APY. Katana provides a great way for Axie Infinity players to earn more using their in-game tokens.
Katana's RON rewards have been adjusted!
Here are the new reward structures:
AXS/ETH: 24,169.18 RON per day
SLP/ETH: 132,930.51 RON per day
RON/ETH: 84,592.15 RON per day pic.twitter.com/3rjatIKobj
— Ronin (@Ronin_Network) February 3, 2022
In this section, you can discover many indicators like liquidity, 24-hour trading volume, and price of the 5 supported tokens (WETH, RON, SLP, AXS, and USDC). Also, you can see many details about the top pairs and transactions inside the DEX.
On the other hand, users can:
- Download Mavis Hub, a launchpad for promising blockchain games.
- Use Ronin Explorer, where users can keep track of their transactions on Ronin.
- Interact Ronin Bridge to transfer your assets between Ethereum and Roni’s blockchains.
- Use the Marketplace to trade your in-game assets.
- Purchase crypto with fiat on Ronin
RON Token Price Outlook
Ronin’s native RON token has surged a whopping 20.9% over the past 24 hours. As a result, RON is currently trading at $2.96 according to CoinGecko. With a market capitalization of $439.6 million, RON is ranked at 173 so is a relatively small-scale token. It has declined by 31.7% from its January 27 all-time high of $4.20.
On the other hand, the AXS token is up 9.7% on the day to change hands for just over $69.38 at the time of writing this article. However, AXS has tumbled 57% from its all-time high of $165 in early November 2021.
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