- The Ronin Network, which powers the game Axie Infinity, is launching a month-long buyback program to acquire its native token, RON, by converting all of its Ether and USDC treasury holdings.
- The initiative aims to purchase over US$4 million worth of RON from the open market, representing approximately 1.3% of the token’s circulating supply.
- The move follows Ronin’s August decision to rebrand as an Ethereum layer-2 network after its disastrous US$600M hack in 2022.
The network behind the once popular NFT game Axie Infinity, Ronin, will conduct a month-long buyback program of its native token RON. It starts September 29 and involves converting all Ether and USDC in the Ronin Treasury into RON.
The initiative aims to buy over US$4 million (AU$6.1 million) from the open market to reduce supply and potentially strengthen its treasury holdings, as per the announcement. The buyback equals about 1.3% of RON’s circulating supply, which stands at 693 million tokens out of a 1 billion maximum. It does not plan to sell any of its holdings.
These buybacks will further align our ecosystem, token holders, and builders as Ronin evolves into a full-fledged L2. They will also position our movement for more growth as the rest of the world comes back to Web3 gaming.
Ronin Network.The treasury currently holds about US$5.5 million (AU$8.4 million) in assets, led by 896 Wrapped Ether (wETH) worth roughly US$3.9 million (AU$5.9 million), alongside 652,000 USDC, 1.2 million RON, wrapped RON, and several memecoins.
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Price Below 2024 High Despite Strategic Rebranding
The announcement follows Ronin’s August decision to reestablish itself as an Ethereum layer-2 network, a new start after the chain, created in 2021 to support Axie Infinity with lower fees, struggled since it was hacked for over US$600 million (AU$916 million) in March 2022.
Total value locked dropped from US$1.2 billion (AU$1.83 billion) to around US$56 million (AU$85 million), according to DeFiLlama. Back then it was the largest hack in crypto history. Today it’s surpassed by Bybit’s massive US$1.5 billion (AU$2.3 billion).
RON rose 11% to US$0.54 (AU$0.82) on the news before retreating to US$0.51 (AU$0.78). The token remains 88% below its March 2024 peak of US$4.45 (AU$6.80).
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