Quick Take
- Ronin Treasury will convert all ETH and USDC into RON starting September 29
- Buyback equals ~1.3% of RON’s current circulating supply at today’s prices
- Move follows Ronin’s adoption of OP Stack and plans to become an Ethereum L2
Ronin Network has announced a major token buyback program that will begin September 29. The Ronin Treasury will convert its entire balance of ETH and USDC into RON, a move the team says is designed to align the ecosystem and reduce the circulating supply of its native token.
The treasury currently holds over $4.5 million in assets, including 895 ETH and 650,000 USDC. These funds have been collected over the past four years through fees on the Katana DEX, trading on Ronin Market, registrations with Ronin Name Service (RNS), and a portion of network gas fees. At current prices, the buyback represents about 1.3% of RON’s circulating supply.
Most of the treasury’s assets are not in RON, with only 12% currently held in RON or wrapped RON. To correct this imbalance, the treasury will work with third-party market makers to conduct all swaps onchain over the course of a month. The network will also collect fees on these trades, further adding to the treasury.
The Web3 gaming chain said the aggressive buyback timeline reflects its confidence in RON’s long-term value. The announcement framed the decision as a “first arrow from our quiver” ahead of the network’s homecoming to Ethereum and its expansion as a full-fledged Layer 2.
The buybacks follow Ronin’s adoption of the Optimism OP Stack earlier this month, which will transition the chain from a standalone sidechain into an Ethereum Layer 2. The migration unlocked up to $7 million in milestone-based grants and developer incentives, while also positioning Ronin within the broader Superchain ecosystem. The upgrade is expected to deliver faster block times, stronger security, and new tools for builders deploying Web3 games on the network.
“These buybacks will further align our ecosystem, token holders, and builders as Ronin evolves into a full-fledged L2,” the team said. “They will also position our movement for more growth as the rest of the world comes back to Web3 gaming.”
The team emphasized that the treasury will only be buying RON and has no plans to sell or release tokens back into circulation. Future buyback schedules will be coordinated with Ronin’s governing validators.
The buyback comes as Ronin positions itself for its next stage of growth, with upcoming milestones including staking and expanded game integrations. The network, built by Sky Mavis, is best known as the home of Axie Infinity but has grown into a broader hub for Web3 gaming over the past two years.
