Ronin Treasury to start buying back millions of RON starting next week
The Ronin Treasury will begin a $4.6 million RON buyback starting on Sept. 29, which is expected to reduce the circulating supply of RON by 1.3%.
The Ronin Treasury is looking to buy back over $4 million worth of RON tokens from the open market in a bid to reduce the circulating supply of the token, which could push up prices.
The gaming-focused blockchain Ronin Network announced on Sunday that it will begin swapping all of its Ether (ETH) and USDC (USDC) holdings for RON over the course of a month, starting on Sept. 29.
The buybacks will increase the amount of Ronin (RON) in the treasury and decrease the amount of Ronin tokens in circulation. There are currently 693 million out of a total 1 billion tokens circulating, giving Ronin a market capitalization of $355.7 million.
