Ronin Treasury is looking to buy back more than $ 4 million worth of RON tokens from the open market to a bid to reduce the shifting -shifting token supply, which can push prices.
The gaming dedicated to the blockchain ronin network announced In the week starting to change all its ether (Eth) and USDC (USDC) Holdings for Ron over a month, beginning on September 29th.
Purchases will increase the amount of Ronin (Ron) to treasury and reduce the amount of Ronin tokens in circulation. There are currently 693 million in a total of 1 billion shifting tokens -switch, providing Ronin a market capitalization of $ 355.7 million.
The purchase scheme is “further align our ecosystem, tokenholders, and builders while Ronin is emerging in an entire layer-2,” the team said, adding that it will allow greater growth “as the rest of the world returns to playing the web3.”
The Ronin Treasury is currently worth about $ 5.5 million, and its biggest handling is the 896 Ronin wrapped in ether (weth), worth nearly $ 3.9 million.
Fewer ethics, more ron
In addition to Ether, Treasury also contains 652,000 USDC (also for sale), 1.2 million Ron and Ron’s wrapped and several memecoins.
Funds are accumulated by fees from Katana DexRonin Market, and Ronin’s name service for many years, it said.
Buyback represents approximately 1.3% of the current circulating -switch supply, and Treasury has no plans to sell anything.
Ronin returns to Ethereum
Ronin announced its return in August, saying it was back as a layer-2 network in Ethereum.
Related: Axie Infinity Creator Ronin Network to return to Ethereum as L2
The chain originally collapsed from Ethereum Mainnet in 2021 as it demanded better network speed and cheaper transaction fees for not bad tokens (NFT) Web3 gameAxie Infinity.
The team has now mentioned the rise of Ethereum and wants to be part of that growth. “Ronin’s return to Ethereum is approaching. Wall Street is jumping in our industry,” he said.
The network has refused since the Ronin Bridge Sidechain is hacked For $ 600 million in March 2022, the industry’s largest crypto hack at that time.
The total amount locked fell from around $ 1.2 billion in early 2022 to current levels around $ 56 million, According to In Defillama.
Ron’s price responds
RON prices responded strongly to the announcement with a 11% spike to reach $ 0.54 on Sunday; However, it fell to $ 0.51 at the time of writing.
Ron is currently declining more than 88% from March 2024 all-time high $ 4.45 and exchanged flat for the past six months.
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