The “Play-to-Earn” mania of 2021 is dead. But from its ashes, a stronger, more sustainable “Play-and-Earn” ecosystem has emerged. In late 2025, gaming remains the #1 sector in crypto by daily active wallets, surpassing even DeFi.
If you are looking to invest in the infrastructure of Web3 gaming, two giants likely dominate your watchlist: Immutable (IMX) and Ronin (RON).
At CryptoScopeLab, we analyzed on-chain data, developer activity, and token unlock schedules to answer the critical question: Are these tokens still a “Buy” at current levels?
1. Immutable (IMX): The “Apple” of Web3 Gaming
Immutable has positioned itself not just as a blockchain, but as a full-service platform for game developers. With the launch of Immutable zkEVM (powered by Polygon), they have solved the biggest problem in crypto gaming: gas fees and wallet friction.
The Bull Case (Why Buy?)
- Massive Pipeline: Immutable has over 300+ games in development. High-profile titles like Guild of Guardians and Illuvium are actively running on the chain.
- The “Passport” Feature: Their “Immutable Passport” allows gamers to log in with an email (no seed phrases required). This is the key to onboarding millions of non-crypto users.
- Institutional Trust: Unlike many anonymous teams, Immutable is VC-backed and has deep partnerships with GameStop and Ubisoft.
The Bear Case (Risks)
- Tokenomics: IMX has an aggressive token unlock schedule. Monthly rewards for developers and staking rewards constantly add sell pressure to the market.
- Utility: While the tech is great, the IMX token is primarily used for staking and governance. It needs more “burn” mechanisms to become deflationary.
Lab Verdict: Safe Long-Term Hold. IMX is the safest bet for institutional adoption, but don’t expect 100x overnight. It’s a slow compounder.
2. Ronin Network (RON): The King of Daily Active Users
While Immutable focuses on “future” games, Ronin is dominating the “now.” Originally built by Sky Mavis for Axie Infinity, Ronin has successfully pivoted into a general-purpose gaming chain.
The Bull Case (Why Buy?)
- The “Pixels” Effect: The migration of the hit game Pixels to Ronin proved the chain is not a “one-trick pony.” It currently hosts the highest number of daily active unique wallets in the entire gaming sector.
- Exchange Listings: Being listed on Binance (and earning “Earn” program support) has massively increased its liquidity.
- Yield Potential: Staking RON offers attractive APR% for validators and delegators, creating a “lock-up” incentive that reduces circulating supply.
The Bear Case (Risks)
- Centralization Concerns: Although becoming more decentralized, Ronin is still heavily influenced by Sky Mavis. A hack or bridge exploit (like the one in 2022) is always a lingering fear for investors.
- Niche Focus: Unlike Immutable which targets AAA graphics, Ronin focuses on mobile/browser-based casual games.
Lab Verdict: High Risk / High Reward. If a new viral game launches on Ronin in 2026, the RON token could outperform almost every other L2 token.
Head-to-Head Comparison: IMX vs. RON
| Feature | Immutable (IMX) | Ronin (RON) |
| Primary Focus | AAA Games & Platform Infrastructure | Mobile/Casual & Social Gaming |
| Tech Stack | ZK-Rollup (Ethereum L2) | Sidechain (Moving to L2) |
| User Experience | Seamless (Passport) | Wallet-Centric (Ronin Wallet) |
| Token Economics | High Inflation (Rewards) | Moderate Inflation (Staking) |
| Best For | Conservative Investors | Degen / Yield Hunters |
Final Lab Analysis: Which One Should You Pick?
The answer depends on your investment timeline and risk appetite.
Buy Immutable (IMX) if:
- You believe Ubisoft and major studios will dominate Web3 gaming.
- You want a “pick-and-shovel” play (investing in the infrastructure, not the specific game).
- You prefer lower volatility and higher security.
Buy Ronin (RON) if:
- You follow on-chain data and see Daily Active Users (DAU) as the only metric that matters.
- You want to farm high staking yields while you hold.
- You are betting on the “Social Gaming” narrative (farming games, RPGs).
The CryptoScopeLab Strategy
In our portfolio simulation, we hold a 60/40 split favoring Immutable (IMX) due to its lower regulatory risk and superior technology (ZK-Rollups). However, Ronin is the “wildcard” that could provide explosive gains during a gaming altseason.
Disclaimer: This analysis is for educational purposes only. Cryptocurrency investments are volatile. Always do your own research (DYOR) before buying.
Yo, in Ronin we trust