Katana launched in 2021 as a decentralized exchange on Ronin, the network built for the Axie Infinity ecosystem. A report published shortly after launch said it had reached $163.23 million and processed 170,000 transactions—but those figures were attributed to a WuBlockchain tweet, and the report did not define the measurement period or provide underlying data. They are best treated as contemporaneous reported figures, not independently verified launch statistics.
What the launch figures say—and what they do not
On November 5, 2021, TechTimes reported that Katana had reached $163.23 million and executed 170,000 transactions shortly after launch. Its article attributed the $163.23 million figure to a WuBlockchain tweet; it did not link to an underlying dataset or explain the calculation or time window for either number. The figures therefore describe what was reported at the time, not a verified cumulative total or a directly comparable measure of current trading activity. TechTimes’ November 5, 2021 report is the available source for those launch claims.
Axie Infinity’s December 2021 development update offered a separate first-month snapshot: it said Katana had 409,000 unique users and more than 1.2 billion in deposited liquidity. The cited passage does not identify the liquidity figure’s currency, so it should not be read as a dollar amount. These are company-reported figures and are not directly interchangeable with the launch report’s $163.23 million or transaction count. Axie Infinity’s December 2021 update contains the first-month claims.
What Katana is and how a swap works
Ronin Support describes Katana as a decentralized exchange on the Ronin network. A DEX lets users swap tokens through liquidity pools rather than placing an order through a conventional centralized exchange. Ronin’s help materials describe the following basic flow:
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- Connect a Ronin wallet to Katana.
- Select the token to send and the token to receive.
- Review the displayed price and other swap details, including the expected output.
- Confirm the transaction in the wallet.
The received amount can differ from the estimate because of slippage: the price may move between quoting and execution, or the available pool liquidity may affect the swap. Ronin’s swap guide explains the workflow and its Main and Seed token labels. Main-tagged tokens are described as more established, with larger pools and less volatility; Seed-tagged tokens are described as higher-volatility, lower-liquidity, or experimental. These are platform classifications, not guarantees of safety or value.
Fees, pools and liquidity provision
Ronin Support’s Katana overview, dated June 25, 2024, listed RON/AXS, RON/SLP, RON/WETH and RON/USDC as main pools, alongside additional side pools. It stated a 0.30% exchange fee, divided into 0.25% for the pool provider and 0.05% for Axie Treasury. Because those terms are from a dated support page, check Katana’s live interface and current documentation before making a transaction; pool availability and fees may change. See the Katana overview.
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Liquidity providers deposit equal values of two tokens into a pool so that traders can swap between them. In return, providers receive a proportionate share of pool fees; some LP tokens may also be eligible for additional RON rewards. These mechanics do not guarantee a profit. Token prices, pool composition, fees, reward terms and withdrawal outcomes can affect what a provider ultimately receives.
Axie Infinity’s February 2023 announcement described RON reward emissions for a set of pools at that time and warned that slippage could be high for several hours when new rewards went live. Those emissions are historical, not current yield guidance. Axie’s announcement provides that dated context.
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How Ronin’s network status changed
Katana launched on Ronin in 2021. On May 13, 2026, Ronin announced that its migration to Ethereum was complete and described Ronin as an Ethereum Layer 2. Ronin said RON would remain the gas token and that the migration would not affect liquidity pools on Katana. This is Ronin’s statement as of that announcement date; it is not a claim that Katana’s individual pools, fees or token listings cannot change. Ronin’s migration announcement also said network-level RON emissions had fallen from 45 million RON per year to 5 million RON per year; that figure concerns the network, not Katana trading volume.
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Katana’s launch in context
- May 2021: Axie Infinity said it had a DEX design ready and an internal launch deadline, showing Katana was planned before its release. Axie’s May development update.
- November 2021: TechTimes published the $163.23 million and 170,000-transaction report, citing a WuBlockchain tweet for the dollar figure.
- December 2021: Axie reported 409,000 unique users and more than 1.2 billion in deposited liquidity during Katana’s first month, without specifying a currency for the liquidity figure in the cited passage.
- January 2022: Axie described RON’s role in paying Ronin gas fees and historical free-transaction allocations for asset holders. Those allocations should not be assumed to remain available. Axie’s RON announcement.
- February 2023: Axie announced a new set of liquidity pools and reward emissions, which were specific to that period.
- May 13, 2026: Ronin announced its Ethereum migration was complete and said the change would not affect Katana liquidity pools.
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