- Ronin begins $4.5M RON buyback Sept. 29, converting ETH and USDC into 1.3% of circulating token supply.
- Treasury reshaped as Ronin swaps 890 ETH and 652K USDC, boosting reserves with no RON sales planned.
- March “Cerastes” upgrade adds fee burns and treasury accrual, creating dual deflationary pressure on RON supply.
The Ronin Network has announced plans to repurchase millions worth of its native RON token from the open market, beginning September 29. The network’s treasury will liquidate its Ether (ETH) and USDC holdings, valued between $4.5 million and $5 million, and convert them entirely into RON over the course of a month.
According to Ronin’s team, the operation represents about 1.3% of the token’s circulating supply, which currently stands at 693 million out of a total 1 billion. The buyback, executed through third-party market makers, comes as Ronin prepares its transition into a full-fledged layer-2 on Ethereum.
Treasury Reshaping with Less ETH and More RON
Ronin disclosed that its treasury is currently worth around $5.5 million, with its largest holding being 896 Wrapped Ether valued near $3.9 million. In addition, the treasury includes 652,000 USDC, 1.2 million RON and wrapped RON, alongside several smaller memecoins.
Notably, the funds were accumulated from fees generated by the Katana decentralized exchange, the Ronin Market, and the Ronin Name Service. By swapping all ETH and USDC into RON, the treasury will significantly increase its RON reserves. The team emphasized that no RON sales are planned during or after the buyback.
New Tokenomics with Dual Deflationary Pressure
The buyback aligns with structural changes introduced earlier this year. On March 17, Ronin rolled out the “Cerastes” upgrade, which added EIP-1559–style gas mechanics to the chain. The new system burns a base portion of transaction fees while directing another share into the treasury.
According to Messari, this mechanism could generate as much as 3 million RON annually, representing 0.3% of total supply. Combined with the scheduled buybacks, the system introduces dual deflationary effects that will reduce circulating supply over time.
Ronin’s Homecoming to Ethereum
The move also coincides with Ronin’s strategic return to Ethereum. Originally came from Ethereum in 2021 to serve the Axie Infinity ecosystem, the chain focused on faster transactions and lower costs.
However, the network later suffered setbacks, including a $600 million hack on the Ronin Bridge in March 2022. Total value locked fell sharply from about $1.2 billion in early 2022 to around $56 million today, according to DefiLlama.
The Ronin team described the current initiative as part of a broader “homecoming” strategy, aligning builders, tokenholders, and ecosystem participants as Web3 gaming activity regains momentum.
