Ronin Returns to Ethereum as TVL Remains 95% Below 2022 Bridge Hack Level

Blockchain gaming project Ronin Network said it will migrate from a standalone sidechain back to Ethereum as a Layer 2, calling the move a “homecoming.” Meanwhile, the network’s total value locked (TVL) remains far below the billion-dollar levels seen before its April 2022 bridge exploit.

In a blog post on Friday, Aug. 15 Sky Mavis — the team behind Ronin Network — described the migration as a path to stronger security and lower costs. The project also cited the Ethereum Foundation’s restructuring, as well as the recent surge in institutional interest in the largest altcoin. “Ethereum is winning the war for Wall Street’s attention and capital,” the blog post stated.

The announcement also outlines a major update to the tokenomics of Ronin’s native asset, RON: a Proof-of-Distribution model that will redirect staking rewards from validators to builders. The team says that the upgrade is expected to be completed in Q1-Q2 2026, presenting the change as a way to reward long-term contributors.

Declining Metrics

The team’s reference to growing institutional interest in Ethereum also suggests that new sources of capital are also a motivating factor for the move, as Ronin Network faces declining TVL, alongside on-chain activity.

“We are currently leveraging Ronin’s brand recognition, unstoppable community, and unquestionable traction to expand our borders to Wall Street,” Sky Mavis said in the post.

According to DefiLlama, Ronin’s TVL fell from roughly $1.2 billion before the April 2022 bridge exploit carried out by North Korean cybercriminals, to about $64.6 million as of today, Aug. 18, a decline of roughly 94.6%. That exploit, which resulted in the loss of more than $600 million, has left the network operating at a fraction of its pre-exploit scale.

User activity has also tracked the capital flight. Token Terminal records monthly active addresses at about 4.2 million in August 2024 versus 1.3 million in August 2025, a decline of roughly 69%.

On top of that, monthly transaction counts also dropped from roughly 16 million in August 2024 to about 5-6 million in August 2025, an approximately 62.5-68.8% fall, suggesting that the migration may be driven more by waning interest than by technical upgrades.

The Defiant contacted Sky Mavis and Ronin investor and web3 gaming giant Animoca Brands for comment but hasn’t received a response from either by press time.

After Sky Mavis outlined plans for migration, the price of RON declined by over 5% on a weekly frame and is down 4.3% today, trading at $0.545.