Are you looking to showcase your brand in front of the gaming industry’s top leaders? Learn more about GamesBeat Summit sponsorship opportunities here.
Yield Guild Games has launched its native token, YGG, on the Ronin blockchain network in a move to foster Web3 gaming growth.
Following a community-driven governance proposal, Sky Mavis (Axie Infinity creator) and the Ronin community have embraced the launch of the YGG token, which officially went live today (Thursday, March 21, 2024).
The strategic decision to integrate the YGG token into the Ronin network aims to fortify the ecosystem by attracting both gamers and games. As part of this initiative, YGG tokens will be airdropped to wallets staking RON on the YGG validator, facilitating seamless engagement between the Ronin network and YGG platform.
The collaboration between YGG and Sky Mavis underscores their shared commitment to driving innovation in the web3 gaming industry, the companies said.
GB Event
GamesBeat Summit Call for Speakers
We’re thrilled to open our call for speakers to our flagship event, GamesBeat Summit 2024 hosted in Los Angeles, where we will explore the theme of “Resilience and Adaption”.
Apply to speak here
With a longstanding partnership and mutual influence, the introduction of the YGG token to Ronin marks a significant milestone in advancing the ecosystem. Jeff “Jihoz” Zirlin, cofounder and chief growth officer at Sky Mavis, expressed enthusiasm for this development, emphasizing the intrinsic connection between YGG and Ronin.
The Ronin network has experienced remarkable expansion over the past year, boasting 22 validators, including YGG, Google, Nansen, and Animoca Brands. With over 100,000 delegators and a total stake exceeding 187 million RON tokens across validators, Ronin has emerged as a prominent player in the Web3 gaming landscape.
YGG’s game partner, Pixels, witnessed a surge in daily active users (DAU) following its migration to Ronin, surpassing 130,000 and subsequently reaching 500,000 daily active users (DAU) and a million monthly active users (MAU). This achievement highlights the platform’s growing influence and the success of games within the Ronin ecosystem, including Apeiron and Wild Forest.
Eligible users who staked RON tokens through the YGG validator before March 11, 2024, will receive YGG tokens through an airdrop. The amount of tokens distributed will be determined by the duration and amount of RON staked, with additional bonuses for long-term stakers.
Moreover, the YGG token will be listed on Katana, Ronin’s native decentralized exchange, enabling liquidity pairings with other ecosystem tokens. Holding YGG tokens grants access to exclusive benefits, including token-gated quests and potential airdrops, further enhancing the Ronin community’s engagement and participation.
Earlier in March, YGG partnered with the venture fund arm of LongHash Ventures, a Web3 investment firm and accelerator.
LongHash is known for providing insights on governance, building renowned web3 projects, and connecting their partners to a larger community and ecosystem. Through this partnership, LongHash is now a YGG token holder and will play an active part in shaping the future of YGG’s guild protocol and developing its tokenomics around questing and on-chain guild progression.
The LongHash partnership further solidifies YGG’s position as a guild of guilds innovating systems for web3 gamers to connect and discover new games together. YGG has been pivotal in helping onboard and retain thousands of new players in games such as Axie Infinity: Origins and Pixels.
YGG’s introduction of on-chain reputation has advanced Web3 gaming ecosystems, providing players opportunities to build their credibility as constructive contributors to the space, while developers gain valuable insights into their community. The results have been significant, with the unique wallet numbers and social media engagement among partner games increasing steadily.
Since YGG’s inception in 2020, it has established partnerships with 101 games and networks including XPLA, Oasys, Polygon, Base, and Ronin, while backing numerous other infrastructure projects to enhance onboarding, DeFi accessibility, growth tooling, and more for the web3 gaming space. YGG’s partnerships are valued at $50.41 million as of February 2024. This remarkable growth in the value of the YGG treasury is a result of YGG’s unwavering commitment to the advancement of web3 gaming, even amid two years of challenging market conditions.
From its roots with YGG Pilipinas in the Philippines, YGG now supports a network of 3 million gamers in seven other regions worldwide to build local web3 gaming communities. Guild partners like NYXL in North America, OLA GG in Latin America, and SKYGG in Korea are actively developing a thriving web3 esports scene in their regions, introducing large pools of competitive players to web3 games.
VB Daily
Stay in the know! Get the latest news in your inbox daily
By subscribing, you agree to VentureBeat’s Terms of Service.
Thanks for subscribing. Check out more VB newsletters here.
An error occured.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : VentureBeat – https://venturebeat.com/games/longhash-ventures-teams-up-with-yield-guild-games-as-a-token-holder/
