Ronin Treasury to start buying back millions of RON starting next week

5 hours ago

The Ronin Treasury is looking to bargain backmost implicit $4 cardinal worthy of RON tokens from the unfastened marketplace successful a bid to trim the circulating proviso of the token, which could propulsion up prices.

The gaming-focused blockchain Ronin Network announced connected Sunday that it volition statesman swapping each of its Ether (ETH) and USDC (USDC) holdings for RON implicit the people of a month, starting connected Sept. 29.

The buybacks volition summation the magnitude of Ronin (RON) successful the treasury and alteration the magnitude of Ronin tokens successful circulation. There are presently 693 cardinal retired of a full 1 cardinal tokens circulating, giving Ronin a marketplace capitalization of $355.7 million.

The buyback strategy volition “further align our ecosystem, tokenholders, and builders arsenic Ronin evolves into a full-fledged layer-2,” the squad said, adding that it volition besides alteration much maturation “as the remainder of the satellite comes backmost to Web3 gaming.”

The Ronin Treasury is presently worthy astir $5.5 million, and its largest holding is its 896 Ronin Wrapped Ether (WETH), valued astatine astir $3.9 million.

Less ETH, much RON

In summation to the Ether, the treasury besides contains 652,000 USDC (which volition besides beryllium sold), 1.2 cardinal RON and wrapped RON and respective memecoins.

The funds were accumulated done fees from the Katana DEX, Ronin Market, and Ronin Name Service implicit respective years, it stated.

The buyback represents astir 1.3% of RON’s existent circulating supply, and the treasury has nary plans to merchantability any.

Ronin returns to Ethereum

Ronin announced its comeback successful August, stating that it is returning arsenic a layer-2 web connected Ethereum.

The concatenation was primitively spun disconnected from the Ethereum mainnet successful 2021 arsenic it sought amended web speeds and cheaper transaction fees for its non-fungible token (NFT) Web3 game, Axie Infinity.

The squad has present noted the emergence of Ethereum and wants to beryllium portion of that growth. “Ronin’s Homecoming to Ethereum is approaching. Wall Street is jumping into our industry,” it stated.

The web has declined since its Ronin Bridge sidechain was hacked for $600 cardinal successful March 2022, the industry’s largest crypto hack astatine the time.

Total worth locked fell from astir $1.2 cardinal successful aboriginal 2022 to existent levels astir $56 million, according to DeFillama.

RON terms reacts

RON prices reacted sharply to the announcement with an 11% spike to scope $0.54 connected Sunday; however, it had fallen backmost to $0.51 astatine the clip of writing.

RON is presently down much than 88% from its March 2024 all-time precocious of $4.45 and has traded level for the past six months.