Ronin to Repurchase 1.3% of Current RON Supply

Ronin to buy back $4.6M in tokens, reducing RON supply by 1.3%.

The team behind the gaming sidechain Ronin will conduct a buyback of native tokens worth approximately $4.6 million to reduce the circulating supply of RON.

RON Buybacks: Unleashing the Ronin Treasury

Ronin’s sleeping giant is waking up.

Over the past four years, the Ronin Treasury has accumulated a massive trove of tokens.

This silent stockpile has been growing in the shadows for too long.

We’re ready to unleash the beast.

On… pic.twitter.com/CLVSAkdDDH

— Ronin (@Ronin_Network) September 21, 2025

According to the announcement, over four years, the project has accumulated $4 million in ETH (including the wrapped version WETH) and approximately 652,000 USDC in its treasury.

In total, the Ronin Treasury holds assets worth about $5.3 million, of which only approximately $78,500 is in RON. The funds have been accumulated through fees from the DEX Katana, the Ronin Market marketplace, and the RNS service fees. 

As part of the announced buyback, the treasury will exchange all ETH and USDC from its reserves for the native Ronin token through third-party market makers over the month starting September 29.

This will remove approximately 9.4 million RON from circulation—about 1.3% of the current supply. The team does not intend to sell or use them otherwise.

“The aggressive schedule reaffirms our strong belief that RON is undervalued and ready for a new growth phase. This is the first step towards achieving our strategic goal,” Ronin stated.

Will the Buyback Help?

In August, the project announced the transition of the Web3 game Axie Infinity sidechain back to Ethereum as a full-fledged Layer 2 network. The team will use OP Stack tools to build the L2 solution. The protocol separated from the blockchain of the second-largest cryptocurrency due to low throughput and high fees in 2021.

“Ronin is spending the last of its treasury on buying back 1.3% of its own tokens and will rely on Optimism grants for further development. It seems the key terms of their deal are now clear,” one commentator remarked sarcastically.

Some users believed that withdrawing such a small volume of the asset from the market while maintaining issuance is unlikely to significantly impact price dynamics.

“The buyback will increase the amount of RON in the treasury and reduce supply. This will further unite our ecosystem, token holders, and developers as Ronin evolves into a full-fledged L2 network. It will also prepare our movement for further growth as the rest of the world returns to Web3 games,” Ronin stated. 

At the time of writing, RON is trading at approximately $0.5—86.5% below its all-time high of $4.45, recorded in March 2024 (CoinGecko). Over the past day, the token has depreciated by 8.5%, more than double the overall crypto market correction.

The total value locked on the Ronin sidechain has plummeted from a record ~$1.5 billion in December 2021 to $52.3 million. The dominant share of this figure is attributed to the Katana exchange—nearly $51 billion. This platform, along with Axie Infinity, generates almost all the revenue from network fees.

The number of active monthly users of the blockchain game has decreased from a peak of 2.8 million (January 2022) to 195,000 (Active Player). After a minor surge in interest in June 2024, Axie Infinity is losing tens of thousands of players monthly.

In late March 2022, Ronin fell victim to a hacker attack on its cross-chain bridge to Ethereum, losing over $625 million. The sidechain suspended operations and resumed only in July after a relaunch.

Back in autumn 2024, Sky Mavis, the studio behind Axie Infinity and Ronin, laid off 21% of its staff as part of a strategic reorganization.