Abstract

• Development Background: The GameFi ecosystem involves a more extensive value chain than DeFi, encompassing game studios, blockchain selection, platform distribution, and player communities, with each segment playing a vital role. In contrast, DeFi products primarily innovate through model iterations based on existing frameworks, allowing for easier code reuse. Consequently, for general-purpose blockchains, rapidly deploying a DeFi ecosystem is essentially mandatory, while developing a GameFi ecosystem remains discretionary.

• Value of Game Chains: Dedicated gaming blockchains can compensate for the lack of ecosystem resources in general-purpose chains. These chains are typically initiated by industry veterans with access to game studio resources, prioritizing player experience while ensuring fair profit distribution among studios and marketing channels.

• Competitive Landscape: In terms of Daily Active Addresses, Ronin leads among gaming-specific blockchains, with daily active addresses stabilizing at around 500,000 in March 2025. In terms of Transaction Volume, WAX has maintained the top position (including general-purpose chains) over the past three months, with daily transactions averaging 5 million.

• WAX Development Review: During the 2021-2022 NFT boom, WAX’s core team reaped substantial profits. However, from an operational standpoint, the team has shown clear signs of complacency in recent years, with NFT sales in 2024 amounting to only $5 million.

• Immutable Development Review: Immutable has consistently followed a “high investment, high output” development strategy. The team’s agile response to market changes and efficient execution of major IP blockchain adaptations demonstrate its pragmatic and high-performance operational DNA.

• Ronin Development Review: 2024 marked a transitional year for Ronin’s gaming ecosystem, with the launch of The Machines Arena, Lumiterra, and Apeiron. These games delivered strong performance, sustaining Ronin’s ecosystem momentum.

• Future Outlook: Looking at the evolution of Web2 gaming, top-tier game studios have the potential to become industry oligopolies (e.g., Blizzard Entertainment, Game Science), while well-funded internet companies can expand into gaming and dominate the sector (e.g., Tencent, NetEase). A similar trend is emerging in Web3: Sky Mavis leveraged the hit game Axie Infinity to evolve from a game studio into a Ronin ecosystem giant. General-purpose chains like Polygon, backed by strong financial resources, have also released several influential games.

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