👀 Ronin eyes TradFi

BTC has hit a new all-time high. The TradFi excitement’s in the air — can you feel it?

Polymarket is now apparently worth $9 billion, thanks to a hefty $2 billion investment from the Intercontinental Exchange, owner of the NYSE, which is also (awkwardly) known as ICE. 

Polymarket’s US launch also appears to be imminent.

CEO Shayne Coplan’s message to founders is a simple one, but it’s one I’d give too, if asked: Be different. 

“If I learned one thing, it’s that bold ideas are everywhere, hidden in plain sight. It just takes someone crazy enough to spend their life willing it into existence,” he wrote.

Playing it safe in crypto means you’ll show up late to the party. Risk is inevitable.

— Kate Irwin

Why gaming must play into the current cycle

In screenwriting there’s a famous structure, or beat sheet, called Save The Cat! that writers often follow. It telegraphs the basic three-act structure that can be found in most Hollywood films, and further breaks it down into 15 beats. 

To put it very simply, it looks like this: Act One sets up the story, stakes, and conflict. Act Two explores the fun (and challenges) further by delivering on “the promise of the premise.” 

At the end of Act Two, something big happens to raise the stakes, and there’s a “downhill spiral” moment. The hero then reaches an “All Is Lost” moment, which is their lowest point, which helps spur a “Dark Night of the Soul” or the “Dark Decision” moment where the hero must learn something (typically the story’s lesson or message) and consider what they’ve lost. 

Act Three is the finale, which, according to this structural model, involves a new realization, a new plan, and executing the new plan.

Crypto gaming is having its Dark Night of the Soul moment — and the new plan has yet to emerge. 

I think crypto gaming has to learn something important: Our industry is about money first and foremost, and you can’t escape that fact even if you’re building a “good game” (which many are not). 

Crypto gaming has spent so much time trying to acquire users with airdrops and other tactics, and not enough time refining its revenue structures. 

While you might still see some relentless optimism from the “maxis” on the timeline, they’re absolutely the exception, not the norm, and they aren’t looking at the broader state of gaming token prices, funding, and releases overall when applying their stance to the sub-sector.

But there is hope.

Ronin remains one of the biggest players in crypto gaming. I’d argue their Axie Infinity franchise is the most successful crypto gaming IP ever, and they’re continuing to develop their upcoming mobile-first Axie MMO.

Their blockchain’s validators — which includes the likes of Google, Nansen and startups focused on the Ronin ecosystem — recently voted to transform the Ronin sidechain into an Optimism L2.  

But the Sky Mavis team is also exploring how best to fit into the current institutional cycle. 

“I’d say gaming is definitely a bit lost in the wilderness right now,” Ronin and Sky Mavis cofounder Jeff Zirlin told me in an interview. 

The price of Ronin’s native RON token has struggled this year. It’s down almost 75% in 2025, per Blockworks Research data. 

Ronin recently announced RON buybacks as part of its plan to refocus on its token.

They’re also looking for institutional investors — and see the shift as necessary across all of crypto gaming. 

“What we saw last cycle was that gaming and NFTs; they did well at the end of the cycle,” Zirlin said. 

“Crypto gaming will kind of need to find a way to tap into Wall Street this cycle. It’s gonna be tough, but I think there’s a path forward.”

There are indeed options. Besides looking at new ways to adapt their tokens, larger gaming projects could explore building out DeFi arms, put their treasuries to work in different ways, or otherwise look to gamify trading and investment in their ecosystems. 

And while it certainly feels like crypto gaming has been shrinking lately as some studios pivot to AI or shutter entirely, that correction is actually a good thing.

In screenwriting, it’s at the hardest moment in the story where most who attempt the challenge don’t survive.

It’s the reckoning, where teams have to seriously look at themselves and reflect on whether they have the strength to move forward — and find new paths for revenue. 

Zirlin is also optimistic about the contraction. 

“You’re seeing a lot of teams drop out, which I think will help consolidate attention and capital around the remaining solid teams,” he said.

As we enter Act Three, crypto gaming is ready to enter the final beats of Save The Cat: Gather the team, make the plan, and execute on that plan.

Crypto is changing TradFi derivatives as we know them. 

DAS: London will feature all the builders driving this change. 

Get your ticket today with promo code: DROP100 for £100 off.

📅 October 13-15 | London

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