RON: My Experience Using Ronin Network With Gas Fees
Ron has finally arrived! This token has been farmed for over 2 months now and finally it has been deployed. This token will be the ecosystem token which will be used inside the Ronin Chain. Are you feeling bullish or bearish for this token? Let’s find out more!
An announcement was released at around 6 pm which stated that Ron will soon be deployed. At around 8:22 pm, Ron which was farmed was ready to be claimed. The token started its initial value of $ 4.29 based on the coingecko website but comments in the discord server stated that it was a bit higher. But an hour later when I decided to claim my Ron, its value has dropped to a value at around $3.68. Though this was not as high as I expected, I decided to swap my Ron tokens to WETH to add in the RON-WETH liquidity pool. Time to farm more RON tokens!
Aside from the RON announcement, the developers have also included their take on the free transactions. 20 free transactions was given to all Ronin wallets. Aside from that, owners of Axies and Land were given extra free transactions based on its rarity. Since I have 4 Axies in my account, I got an extra 12 transactions. There was no explanations whether this is daily free transactions or not in the substack post.
My free transactions started at 32. This is due to having 20 free transactions and 3 more per Axie.
Note: This post will be about RON and the gas fees used for transactions in Ronin Chain. “Claiming Ron gas fees” as well as “staking in farm” are not included but will be updated after 24 hours. For more information on RON, do check out the official substack article.
Claiming RON and Impermanent Losses
If you have added liquidity in the AXS/WETH or the SLP/WETH pools and added the LP tokens in the farm, you should have claimable RON token by now. Claim it here. Claiming is very easy; just unlock your Ronin Wallet, then click the claim button. You should see your RON at your Ronin Wallet instead of WETH.
Claiming RON will have a 24 hour cooldown before you can claim again.
Since all players had 20 free transactions, I decided to claim my RON tokens. I was able to farm 21.5 RON! This equated to $ 80 value while I was writing this post but this is not enough to breakeven with the impermanent losses I had due to the SLP crash. I started with 200$ worth of SLP/WETH LP but is now currently valued at $ 61. For now, I decided to let my LP tokens stay for a longer time and try to farm more RON tokens since I have already made too much losses. It is also still “impermanent” in losses and would only be permanent after I unstake it.
$200 to $61
For now, I was not able to try claiming the token with gas fee. This means that I do not know how much as is used for claiming. This post will be updated after 24 hours to show how much gas will be used for claiming
Swapping Gas Fees
Now that I have claimed my RON tokens, it is time to try it out. First thing to check is swapping. I will convert some of my RON tokens to WETH.
The transaction’s gas fee is 0.000216 RON for swapping. This means with 1 RON token, I can swap 4,630x! Now that is a lot! If RON value goes up, this amount will be reduced but conversely, it will increase even more if the token’s value go down. However after checking the transaction detail, I have found out that less of the gas fee was used.
The actual amount of gas used was only, 0.00016495 RON. This means that I could swap 6,062x! Now that is a lot more!
Adding Liquidity Gas Fees
Since we now have an equal amount of WETH and Ron, it is time to add liquidity! The RON/WETH liquidity is a new pool released today. The LP token for this pool could also be used to farm more RON.
The gas fees for adding liquidity is almost the same as when I was swapping tokens. Now we know that this is the maximum amount of gas that can be used. However, this is could still change depending on the traffic of transactions.
As expected the amount of gas used was lower. It only used 0.000159945 RON. This is 76% of the amount shown before.
Farming with Gas Fees Impossible: Need to Edit Gas Fees
Since I now have LP tokens, I should be trying out the Farm right? Too bad, it failed 3x despite using gas fees! This means only one thing, there are more transactions that were prioritized rather than mine. If this was Metamask, the user only has to click a button to “speed up” or add more gas. In Ronin Wallet, this is harder. Clicking on “Edit priority” is for advanced users only.
There is no estimated amount of gas fee for “Fast” transactions so it is possible to overpay for the gas fee if one has to add Gas Price and Limit manually. So I opted to use my Free transaction. This worked! My transaction went through after 1 minute.
Conclusion: Faster, Yes. Better, Maybe?
Using free transactions has been the “normal” before RON was released. Transactions took minutes to complete and it could be dropped or fail from time to time. Using RON gas fees made transaction fater. It took only seconds to complete a transaction but this could still fail. This would have been better if there was an option to choose the priority setting like in Metamask since it was easier for beginners. But since RON has only been released for a day, I will give them some time for improvements before I make my final judgment.
Congratulations @grenfunkel! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 8000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
Support the HiveBuzz project. Vote for our proposal!
Good to see that RON costs for transactions are super low. I've only been using free transactions since launch. Hopefully this will be the start of an entire RON ecosystem, and I'm looking forward to RON staking for some yield farming with no risk of impermanent loss.