Ronin (RON), $4.5 million token buyback… 'Enhancing long-term value'

The gaming-focused blockchain Ronin (Ronin, RON) is launching a token buyback to boost its token value. Sky Mavis, the developer of Ronin, said on the 25th that it will launch a token buyback worth $4.5 million that converts all of its held Ethereum (ETH) and USD Coin (USDC) into RON.

Ronin is a game-specific Ethereum Virtual Machine (EVM) network built by Sky Mavis, the developer of Axie Infinity. Recently, Ronin announced it will formally transition to an Ethereum Layer 2 (L2) through a final hard fork in the first half of next year.

Over the past four years, Ronin's ecosystem activity has accumulated 890 ETH (about $4 million) and 650,000 USDC (about $650,000). This represents about 1.3% of the total RON circulation. The buyback will be executed on the Ronin network on-chain starting from the 29th and will be carried out in cooperation with third-party market makers.

This buyback will be conducted as a one-way (one-way) purchasing strategy without sell-offs, and there are no plans to sell RON or allow external outflows. It is also expected to strengthen bonds among token holders, developers, and the community and serve as an opportunity to enhance RON's long-term value.

Trung Nguyen, co-founder and CEO of Sky Mavis, said, 'This move will support RON's long-term value while serving as an important turning point in Ronin's Ethereum-based L2 transition.'