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The Ronin Treasury is aiming to repurchase over $4 million in RON tokens from the open market to diminish the circulating supply of the token, potentially resulting in price increases.
The gaming-centric blockchain Ronin Network declared on Sunday that it shall commence converting all its Ether (ETH) and USDC (USDC) reserves into RON over a month-long period, beginning on Sept. 29.
The repurchases will augment the quantity of Ronin (RON) in the treasury while reducing the quantity of Ronin tokens available on the market. Presently, 693 million out of a total of 1 billion tokens are circulating, positioning Ronin with a market valuation of $355.7 million.
The repurchase initiative will “further unify our ecosystem, token holders, and developers as Ronin transitions into a comprehensive layer-2,” the team proclaimed, noting that it will also facilitate more expansion “as the global landscape returns to Web3 gaming.”
The Ronin Treasury is presently valued at about $5.5 million, with its most substantial holding being 896 Ronin Wrapped Ether (WETH) worth approximately $3.9 million.
Less ETH, more RON
In addition to Ether, the treasury also holds 652,000 USDC (which will likewise be liquidated), 1.2 million RON, wrapped RON, and several meme coins.
The resources were amassed through fees from the Katana DEX, Ronin Market, and Ronin Name Service over several years, it mentioned.
The buyback constitutes around 1.3% of RON’s existing circulating supply, and the treasury has no intentions of liquidating any.
Ronin returns to Ethereum
Ronin revealed its revival in August, indicating that it is reemerging as a layer-2 network on Ethereum.
Related: Creator of Axie Infinity, Ronin network returns to Ethereum as L2
The chain was initially spun off from the Ethereum mainnet in 2021 as it pursued enhanced network speeds and lower transaction costs for its non-fungible token (NFT) Web3 game, Axie Infinity.
The team has now observed the ascendance of Ethereum and aims to be a part of that progress. “Ronin’s Homecoming to Ethereum is imminent. Wall Street is entering our sector,” it articulated.
The network has seen a decline since the Ronin Bridge sidechain was breached for $600 million in March 2022, which was the most significant crypto hack in the industry at that moment.
Total value locked plummeted from approximately $1.2 billion in early 2022 to current figures around $56 million, according to DeFillama.
RON price reacts
RON is presently down more than 88% from its all-time peak of $4.45 in March 2024 and has remained relatively stable over the past six months.
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