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Finding the Next Aster: 5 High-Revenue, Un-Tokenized Perp DEXs
This article spotlights five high-revenue, yet un-tokenized Decentralized Perpetual Exchanges (Perp DEXs), focusing on their protocol revenue, technical features, and growth potential. These projects demonstrate genuine profitability amidst intense competition in the sector. edgeX: The High-Performance Contender edgeX set a new revenue record for Perp DEXs in September 2025, with cumulative revenue reaching $49.47 million, solidifying its position as the second-highest revenue generator in th...
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Ronin and ROMW: A Mutual Attack and the Cost to Users
Recently, the development team of Ragnarok: Monster World (ROMW), 0x&, launched a "multi-chain architecture" server on CROSS Protocol, announcing that the game's progress and token system would be completely independent of Ronin. This move immediately caused an uproar in the community, with critics accusing it of a "soft rug pull" and expressing concerns about player rights and the future of the ecosystem.
Just two days after the announcement, on April 26, Aleksander Larsen, the co-founder and COO of Sky Mavis, publicly accused ROMW of "ignoring advice, secretly signing with another chain, and severely violating the cooperation agreement." He announced the termination of the professional cooperation with 0x&. This series of events has pushed the original deep cooperation into a trust crisis. While the Ronin ecosystem has suffered some damage, the future of ROMW has become even more uncertain.
Rashomon: Ronin and ROMW Disagree
"The game team ignored our advice and thus lost the support of the community. What's worse, they secretly signed an agreement with another blockchain, violating our agreement. Considering the support we have always provided to them, this is naturally surprising. Trust has been broken to such an extent that we have decided to terminate our professional cooperation with the development team of Ragnarok: Monster World, 0x&."
Recently, Aleksander Larsen, the co-founder and COO of Sky Mavis, the parent company of Ronin, condemned the ROMW development team for "betraying" Ronin and announced a split. The honeymoon period of just one year between the two sides has thus come to an end.
Ragnarok Online, a classic MMORPG developed by the South Korean company Gravity in 2002, has attracted over 100 million players worldwide and generated over $2 billion in revenue. Leveraging the classic IP of Ragnarok, 0x& launched the tower defense game Ragnarok: Monster World after obtaining authorization from Gravity, and announced in April 2024 that it would make its debut on the Ronin blockchain. According to the official press release at the time, 0x& not only established a partnership with Ronin but also received investment from Sky Mavis.
Ronin and ROMW: A Mutual Attack and the Cost to Users
In response to the accusations from Ronin's co-founder, ROMW denied having reached any secret agreements, stating that they have fulfilled all contractual obligations and had transparent communication with Sky Mavis as early as February 2024, including direct meetings with Aleksander Larsen. ROMW also stated that they will continue to operate the game on Ronin, regardless of future challenges, and further expressed: "We believe that decisions made without considering the interests of the community will ultimately harm the uniqueness of Ronin."
With both sides sticking to their own stories, the community is unable to discern the truth. However, in this Rashomon incident, the actions and attitudes of both Ronin and ROMW have slightly disappointed players and the community.
From Love to Hatred: The Sweetheart Turns into a Shrew
In fact, the day before Aleksander Larsen officially announced the split with ROMW, some community players had already noticed a clear rift between the two sides. In a post about the fishing game Fishing Frenzy, which Ronin's ecosystem had recently promoted heavily, Ronin co-founder Jihoz openly criticized ROMW, calling it a "poor imitation of Clash Royale." Jihoz said that ROMW was trying to make money on other platforms and directly belittled it, stating that they were now only focused on Ragnarok Landverse: Genesis.
Ronin and ROMW: A Mutual Attack and the Cost to Users
Ragnarok Landverse: Genesis is also based on the Ragnarok IP, and its game design is closer to the classic original, essentially being the Web3 version of Ragnarok Online. Developed by the metagame ecosystem developer Zentry (formerly GuildFi), Genesis was launched on Ronin at the end of March this year. Prior to this, Maxion, the flagship game studio controlled by Zentry, initially soft-launched Ragnarok Landverse on the BNB Chain in September 2023 after obtaining the IP authorization cooperation. The Genesis series launched on Ronin can also be seen as the latest adaptation and continuation of this version.
Jihoz's strong criticism led some community users to believe that his wording was overly harsh. Many players found it hard to understand this inconsistency. After all, it was they who had highly praised ROMW in the early days, and now they were the ones criticizing it fiercely. In addition, Larsen, who announced the split in his statement, also mentioned that due to ROMW's violation of trust regulations, they would take "punishment" by delisting the game and its assets from Sky Mavis products, including removing ROMW's related NFTs from the Ronin marketplace.
This decision also faced community skepticism, with some users calling it overly centralized and a "typical manifestation of authoritarianism." An open blockchain should not go to such lengths. There were also Ronin supporters who were not ROMW players, advising, "You should not delist their NFTs from your marketplace. It is not the fault of the end users, and it mainly harms the trading capabilities of Ronin users," hoping not to further damage the credibility of the Ronin ecosystem.
Subsequently, Larsen issued a statement saying that they had listened to community feedback and would not completely remove Ragmon assets from the Ronin marketplace. Instead, they would remove the tick mark to indicate that the official side does not recognize or support this game. However, searching for ROMW-related NFT collections on the Ronin marketplace has become much more difficult now. After ROMW's official announcement of "seeking a new home" and the confrontation between the two sides, the prices of related NFTs have plummeted significantly. In this inconsistency, the most affected are the gamers who had trusted the endorsement of Ronin's official side and the quality of ROMW.
Will ROMW and CROSS Have a Future Together?
ROMW's "new love," CROSS Protocol, is a dedicated sidechain based on Ethereum that supports on-chain games and NFT ownership verification. It is developed by the multi-platform game provider NEXUS, with governance rights handed over to the non-profit organization Opengame Foundation registered in Switzerland. In March this year, CROSS Protocol announced the completion of a $10 million private token sale.
On April 23, the ROMW development team 0x& released a series of posts discussing Season 4, updates, and other content. Among them, a post titled "ROMW on CROSS Beginner's Guide" took players by surprise. According to the introduction, the "multi-chain architecture" of ROMW means that the game running on CROSS is completely independent of the existing Ronin server, including having its own game progress, token economics, and leaderboard.
Ronin and ROMW: A Mutual Attack and the Cost to Users
This means that the developer is launching the same game on another network, with almost no economic connection between the two. For example, the xZeny token is the in-game token in CROSS, which players need to purchase a battle pass to obtain. It has no connection with the eZeny token in Ronin, which also requires purchasing a voucher to obtain, and cannot be exchanged. If players want to use a single game account and wallet to play on both servers, they need to use the network filter in their inventory to manage the assets they own on each network.
ROMW's actions have caused great outrage in the community, with players strongly criticizing it as a soft rug pull, accusing it of milking the Ronin community players and then looking for other ways to continue defrauding players' assets.
It is reported that in previous seasons, players would receive season-end ranking rewards in the form of eZeny tokens, which could be exchanged for temporary utility $RUPI. This token could be traded on the decentralized exchange on the Ronin network. Affected by the recent series of events, the price of $RUPI has plummeted, and the price of NFTs has also dropped to the lowest point. Therefore, the time and money invested by players in the original game will basically be in vain.
Ronin and ROMW: A Mutual Attack and the Cost to Users
Regarding ROMW's move to CROSS, players generally expressed anger and incomprehension, sarcastically calling CROSS a fake ecosystem full of bots. Some developers also said that ROMW's move was only because the game development needed continuous resource and financial support, and Ronin, which has multiple top Web3 games and is open without permission, apparently could not provide the support that ROMW wanted.
However, no matter what, for ROMW, which has already overdrawn its credibility and harmed the interests of players, it is already very difficult to rebuild an active player community.
Ronin and ROMW: A Mutual Attack and the Cost to Users
Recently, the development team of Ragnarok: Monster World (ROMW), 0x&, launched a "multi-chain architecture" server on CROSS Protocol, announcing that the game's progress and token system would be completely independent of Ronin. This move immediately caused an uproar in the community, with critics accusing it of a "soft rug pull" and expressing concerns about player rights and the future of the ecosystem.
Just two days after the announcement, on April 26, Aleksander Larsen, the co-founder and COO of Sky Mavis, publicly accused ROMW of "ignoring advice, secretly signing with another chain, and severely violating the cooperation agreement." He announced the termination of the professional cooperation with 0x&. This series of events has pushed the original deep cooperation into a trust crisis. While the Ronin ecosystem has suffered some damage, the future of ROMW has become even more uncertain.
Rashomon: Ronin and ROMW Disagree
"The game team ignored our advice and thus lost the support of the community. What's worse, they secretly signed an agreement with another blockchain, violating our agreement. Considering the support we have always provided to them, this is naturally surprising. Trust has been broken to such an extent that we have decided to terminate our professional cooperation with the development team of Ragnarok: Monster World, 0x&."
Recently, Aleksander Larsen, the co-founder and COO of Sky Mavis, the parent company of Ronin, condemned the ROMW development team for "betraying" Ronin and announced a split. The honeymoon period of just one year between the two sides has thus come to an end.
Ragnarok Online, a classic MMORPG developed by the South Korean company Gravity in 2002, has attracted over 100 million players worldwide and generated over $2 billion in revenue. Leveraging the classic IP of Ragnarok, 0x& launched the tower defense game Ragnarok: Monster World after obtaining authorization from Gravity, and announced in April 2024 that it would make its debut on the Ronin blockchain. According to the official press release at the time, 0x& not only established a partnership with Ronin but also received investment from Sky Mavis.
Ronin and ROMW: A Mutual Attack and the Cost to Users
In response to the accusations from Ronin's co-founder, ROMW denied having reached any secret agreements, stating that they have fulfilled all contractual obligations and had transparent communication with Sky Mavis as early as February 2024, including direct meetings with Aleksander Larsen. ROMW also stated that they will continue to operate the game on Ronin, regardless of future challenges, and further expressed: "We believe that decisions made without considering the interests of the community will ultimately harm the uniqueness of Ronin."
With both sides sticking to their own stories, the community is unable to discern the truth. However, in this Rashomon incident, the actions and attitudes of both Ronin and ROMW have slightly disappointed players and the community.
From Love to Hatred: The Sweetheart Turns into a Shrew
In fact, the day before Aleksander Larsen officially announced the split with ROMW, some community players had already noticed a clear rift between the two sides. In a post about the fishing game Fishing Frenzy, which Ronin's ecosystem had recently promoted heavily, Ronin co-founder Jihoz openly criticized ROMW, calling it a "poor imitation of Clash Royale." Jihoz said that ROMW was trying to make money on other platforms and directly belittled it, stating that they were now only focused on Ragnarok Landverse: Genesis.
Ronin and ROMW: A Mutual Attack and the Cost to Users
Ragnarok Landverse: Genesis is also based on the Ragnarok IP, and its game design is closer to the classic original, essentially being the Web3 version of Ragnarok Online. Developed by the metagame ecosystem developer Zentry (formerly GuildFi), Genesis was launched on Ronin at the end of March this year. Prior to this, Maxion, the flagship game studio controlled by Zentry, initially soft-launched Ragnarok Landverse on the BNB Chain in September 2023 after obtaining the IP authorization cooperation. The Genesis series launched on Ronin can also be seen as the latest adaptation and continuation of this version.
Jihoz's strong criticism led some community users to believe that his wording was overly harsh. Many players found it hard to understand this inconsistency. After all, it was they who had highly praised ROMW in the early days, and now they were the ones criticizing it fiercely. In addition, Larsen, who announced the split in his statement, also mentioned that due to ROMW's violation of trust regulations, they would take "punishment" by delisting the game and its assets from Sky Mavis products, including removing ROMW's related NFTs from the Ronin marketplace.
This decision also faced community skepticism, with some users calling it overly centralized and a "typical manifestation of authoritarianism." An open blockchain should not go to such lengths. There were also Ronin supporters who were not ROMW players, advising, "You should not delist their NFTs from your marketplace. It is not the fault of the end users, and it mainly harms the trading capabilities of Ronin users," hoping not to further damage the credibility of the Ronin ecosystem.
Subsequently, Larsen issued a statement saying that they had listened to community feedback and would not completely remove Ragmon assets from the Ronin marketplace. Instead, they would remove the tick mark to indicate that the official side does not recognize or support this game. However, searching for ROMW-related NFT collections on the Ronin marketplace has become much more difficult now. After ROMW's official announcement of "seeking a new home" and the confrontation between the two sides, the prices of related NFTs have plummeted significantly. In this inconsistency, the most affected are the gamers who had trusted the endorsement of Ronin's official side and the quality of ROMW.
Will ROMW and CROSS Have a Future Together?
ROMW's "new love," CROSS Protocol, is a dedicated sidechain based on Ethereum that supports on-chain games and NFT ownership verification. It is developed by the multi-platform game provider NEXUS, with governance rights handed over to the non-profit organization Opengame Foundation registered in Switzerland. In March this year, CROSS Protocol announced the completion of a $10 million private token sale.
On April 23, the ROMW development team 0x& released a series of posts discussing Season 4, updates, and other content. Among them, a post titled "ROMW on CROSS Beginner's Guide" took players by surprise. According to the introduction, the "multi-chain architecture" of ROMW means that the game running on CROSS is completely independent of the existing Ronin server, including having its own game progress, token economics, and leaderboard.
Ronin and ROMW: A Mutual Attack and the Cost to Users
This means that the developer is launching the same game on another network, with almost no economic connection between the two. For example, the xZeny token is the in-game token in CROSS, which players need to purchase a battle pass to obtain. It has no connection with the eZeny token in Ronin, which also requires purchasing a voucher to obtain, and cannot be exchanged. If players want to use a single game account and wallet to play on both servers, they need to use the network filter in their inventory to manage the assets they own on each network.
ROMW's actions have caused great outrage in the community, with players strongly criticizing it as a soft rug pull, accusing it of milking the Ronin community players and then looking for other ways to continue defrauding players' assets.
It is reported that in previous seasons, players would receive season-end ranking rewards in the form of eZeny tokens, which could be exchanged for temporary utility $RUPI. This token could be traded on the decentralized exchange on the Ronin network. Affected by the recent series of events, the price of $RUPI has plummeted, and the price of NFTs has also dropped to the lowest point. Therefore, the time and money invested by players in the original game will basically be in vain.
Ronin and ROMW: A Mutual Attack and the Cost to Users
Regarding ROMW's move to CROSS, players generally expressed anger and incomprehension, sarcastically calling CROSS a fake ecosystem full of bots. Some developers also said that ROMW's move was only because the game development needed continuous resource and financial support, and Ronin, which has multiple top Web3 games and is open without permission, apparently could not provide the support that ROMW wanted.
However, no matter what, for ROMW, which has already overdrawn its credibility and harmed the interests of players, it is already very difficult to rebuild an active player community.
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