Ronin Governance: RGP-1 Would Put Treasury Funds in Katana Pools

Ronin wants RON holders to vote on how it uses part of its treasury, the crypto it keeps in reserve. On the 23rd of October 2026, it published its first proposal for them. It is called RGP-1, short for Ronin Governance Proposal 1. ^[1]

The plan would put about $185K into two pools on Katana, Ronin’s exchange. A pool holds two tokens so people can swap one for the other. Ronin would pair RON it already holds with ether and a coin that tracks the US dollar. ^[1]

Ronin said more money in the pools would make RON easier to trade, so big trades would move the price less. The treasury would also earn more of the trading fees. ^{[1] [2]}

The plan has a cost. Ronin’s own test found that over the last six months, as RON fell, the deposits would have done worse than simply holding the tokens. ^[1]

There is no date for the vote yet. To pass, it needs at least 66% of the For and Against votes, and at least 20M RON must take part. ^[1]

Since Ronin published RGP-1 on the 23rd of October 2026, RON has fallen 2.7%. It went from $0.05514 on the 22nd to $0.05364 on the 25th of October 2026.

1. 1. 6 October 2026. Ronin Waypoint Wallet Migration: Axie Infinity Players Have Until October 16
2. 2. 12 October 2026. Axie Infinity Co-Founder Jihoz Invites Games to Ronin After Abstract Announces Chain Shutdown
3. 3. 23 October 2026. Ronin publishes RGP-1, its first treasury proposal

RON: daily closes and the levels it turned at: data table

Date	RON	Floor	Ceiling
2026-08-09	0.0533	0.0467	0.0557
2026-08-10	0.0518	0.0468	0.0560
2026-08-11	0.0502	0.0468	0.0564
2026-08-12	0.0490	0.0469	0.0567
2026-08-13	0.0489	0.0469	0.0570
2026-08-14	0.0480	0.0470	0.0574
2026-08-15	0.0498	0.0471	0.0577
2026-08-16	0.0483	0.0471	0.0581
2026-08-17	0.0487	0.0472	0.0584
2026-08-18	0.0473	0.0473	0.0587
2026-08-19	0.0503	0.0475	0.0591
2026-08-20	0.0528	0.0477	0.0594
2026-08-21	0.0597	0.0478	0.0597
2026-08-22	0.0588	0.0480	0.0594
2026-08-23	0.0563	0.0482	0.0591
2026-08-24	0.0560	0.0484	0.0588
2026-08-25	0.0545	0.0486	0.0586
2026-08-26	0.0553	0.0488	0.0583
2026-08-27	0.0570	0.0490	0.0580
2026-08-28	0.0542	0.0492	0.0577
2026-08-29	0.0534	0.0494	0.0574
2026-08-30	0.0534	0.0496	0.0571
2026-08-31	0.0521	0.0498	0.0568
2026-09-01	0.0513	0.0500	0.0565
2026-09-02	0.0502	0.0502	0.0562
2026-09-03	0.0524	0.0501	0.0559
2026-09-04	0.0509	0.0499	0.0556
2026-09-05	0.0528	0.0497	0.0553
2026-09-06	0.0544	0.0495	0.0550
2026-09-07	0.0547	0.0493	0.0547
2026-09-08	0.0540	0.0492	0.0554
2026-09-09	0.0534	0.0490	0.0560
2026-09-10	0.0503	0.0488	0.0567
2026-09-11	0.0504	0.0486	0.0573
2026-09-12	0.0517	0.0485	0.0580
2026-09-13	0.0544	0.0483	0.0586
2026-09-14	0.0578	0.0481	0.0593
2026-09-15	0.0491	0.0479	0.0599
2026-09-16	0.0478	0.0478	0.0605
2026-09-17	0.0501	0.0484	0.0612
2026-09-18	0.0536	0.0489	0.0618
2026-09-19	0.0595	0.0495	0.0625
2026-09-20	0.0585	0.0501	0.0631
2026-09-21	0.0638	0.0507	0.0638
2026-09-22	0.0647	0.0513	0.0644
2026-09-23	0.0575	0.0519	0.0651
2026-09-24	0.0608	0.0525	0.0657
2026-09-25	0.0664	0.0531	0.0664
2026-09-26	0.0654	0.0537	0.0667
2026-09-27	0.0661	0.0543	0.0670
2026-09-28	0.0612	0.0549	0.0673
2026-09-29	0.0620	0.0555	0.0677
2026-09-30	0.0631	0.0561	0.0680
2026-10-01	0.0652	0.0567	0.0683
2026-10-02	0.0647	0.0573	0.0686
2026-10-03	0.0661	0.0579	0.0689
2026-10-04	0.0693	0.0585	0.0693
2026-10-05	0.0672	0.0591	0.0696
2026-10-06	0.0677	0.0597	0.0699
2026-10-07	0.0633	0.0603	0.0703
2026-10-08	0.0609	0.0609	0.0706
2026-10-09	0.0639	0.0604	0.0710
2026-10-10	0.0682	0.0600	0.0713
2026-10-11	0.0704	0.0596	0.0717
2026-10-12	0.0720	0.0592	0.0720
2026-10-13	0.0657	0.0587	0.0720
2026-10-14	0.0620	0.0583	0.0720
2026-10-15	0.0641	0.0579	0.0720
2026-10-16	0.0621	0.0575	0.0720
2026-10-17	0.0607	0.0570	0.0720
2026-10-18	0.0561	0.0566	0.0720
2026-10-19	0.0579	0.0562	0.0720
2026-10-20	0.0587	0.0558	0.0720
2026-10-21	0.0606	0.0553	0.0720
2026-10-22	0.0551	0.0549	0.0720
2026-10-23	0.0556	0.0545	0.0720
2026-10-24	0.0543	0.0541	0.0720
2026-10-25	0.0536	0.0536	0.0720

What we have published before

• We covered “Axie Infinity Co-Founder Jihoz Invites Games to Ronin After Abstract Announces Chain Shutdown” on the 12th of October 2026 ^[3].
• We covered “Ronin Waypoint Wallet Migration: Axie Infinity Players Have Until October 16” on the 6th of October 2026 ^[4].

Since our article of the 12th of October 2026, RON has fallen 25.5%, from $0.07204 to $0.05364 on the 25th of October 2026.

What the token actually does

RON is the ecosystem token for the Ronin chain.

RON pays for transactions on the Ronin network. ^[5] It is also what holders vote with. In RGP-1, each RON counts as one vote. ^[1] Games linked to RON include The Beacon, Cambria and Axie Infinity: Origins. ^[3]

Game	Kind
The Beacon	Action, Role-Playing, and Rogue-lite
Cambria	MMO, RPG, and PVP
Axie Infinity: Origins	Card, Strategy, and PVP
Sunflower Land	Simulation, MMO, and NFT
Craft World	Simulation, Idle, and Strategy
Grand Arena	Card, Collectible, and Strategy
Fableborne	Action RPG, Strategy, and Base Building
Axie Infinity: Terrariums	Idle, Simulation, and Strategy
Apeiron	Card, Strategy, and Roguelite
Lumiterra	MMORPG, Open-World, and Adventure
BitMiner	Idle, Mining, and Simulation
PIXELS	MMORPG, Simulation, and Social
Ragnarok Landverse: Genesis	MMORPG and Fantasy
Axie Classic	Strategy, Card Game, and Turn-Based
Party Icons	Shooter, Battle Royale, and Party

What people are saying

Community

On the day Ronin posted RGP-1, an X user called Aurora asked how the money would be tracked once it sat in the pools. By LPs, Aurora meant the treasury’s deposits in the pools. ^[6]

• Aurora @AxieAur X how will the funds being used in LPs be tracked and monitored? holders need to have assurances the money that belongs to the treasury continues to belong to the treasury. ^[6] the 23rd of October 2026

Performance

In the three months to the 25th of October 2026, RON rose 4.0%. The wider gaming market fell 16.1% over the same window.

• It trades 99% below its all-time high, set in March 2024. The wider gaming market is down 95% from its own.

RON and Gaming Token Index – Composite, day by day: data table

Date	RON	Gaming Token Index – Composite
2026-07-26	100.0	100.0
2026-07-27	97.6	94.1
2026-07-28	95.3	96.7
2026-07-29	89.3	97.3
2026-07-30	92.7	98.2
2026-07-31	97.9	100.7
2026-08-01	93.9	102.1
2026-08-02	93.5	94.9
2026-08-03	93.1	92.7
2026-08-04	92.9	88.6
2026-08-05	96.4	90.0
2026-08-06	97.9	88.2
2026-08-07	99.3	89.4
2026-08-08	107.4	95.7
2026-08-09	103.3	103.5
2026-08-10	100.4	85.7
2026-08-11	97.3	81.1
2026-08-12	95.1	82.0
2026-08-13	94.8	79.5
2026-08-14	93.1	77.1
2026-08-15	96.5	74.4
2026-08-16	93.7	74.5
2026-08-17	94.4	73.6
2026-08-18	91.7	72.4
2026-08-19	97.5	74.6
2026-08-20	102.5	78.0
2026-08-21	115.9	83.6
2026-08-22	114.1	83.5
2026-08-23	109.3	83.4
2026-08-24	108.6	82.6
2026-08-25	105.7	81.0
2026-08-26	107.3	81.0
2026-08-27	110.6	82.9
2026-08-28	105.1	81.8
2026-08-29	103.6	82.1
2026-08-30	103.6	81.9
2026-08-31	101.0	80.8
2026-09-01	99.4	80.5
2026-09-02	97.4	80.5
2026-09-03	101.6	83.4
2026-09-04	98.8	81.6
2026-09-05	102.4	83.3
2026-09-06	105.5	83.3
2026-09-07	106.1	84.4
2026-09-08	104.7	84.4
2026-09-09	103.5	83.2
2026-09-10	97.6	80.1
2026-09-11	97.7	80.7
2026-09-12	100.3	81.5
2026-09-13	105.6	82.7
2026-09-14	112.1	83.0
2026-09-15	95.3	79.6
2026-09-16	92.6	79.0
2026-09-17	97.2	81.8
2026-09-18	103.9	86.2
2026-09-19	115.5	87.9
2026-09-20	113.4	87.2
2026-09-21	123.8	92.5
2026-09-22	125.5	94.1
2026-09-23	111.5	91.8
2026-09-24	117.9	94.0
2026-09-25	128.8	96.8
2026-09-26	126.9	97.3
2026-09-27	128.2	98.6
2026-09-28	118.6	94.1
2026-09-29	120.3	95.5
2026-09-30	122.5	92.1
2026-10-01	126.5	93.7
2026-10-02	125.5	98.6
2026-10-03	128.2	102.0
2026-10-04	134.3	104.6
2026-10-05	130.4	104.6
2026-10-06	131.4	102.3
2026-10-07	122.8	99.5
2026-10-08	118.1	96.2
2026-10-09	124.0	98.1
2026-10-10	132.2	100.0
2026-10-11	136.5	100.2
2026-10-12	139.7	97.5
2026-10-13	127.4	95.5
2026-10-14	120.3	91.7
2026-10-15	124.3	91.7
2026-10-16	120.5	90.5
2026-10-17	117.8	90.2
2026-10-18	108.8	85.6
2026-10-19	112.3	87.7
2026-10-20	113.9	90.3
2026-10-21	117.6	94.0
2026-10-22	107.0	86.4
2026-10-23	107.9	87.4
2026-10-24	105.4	85.0
2026-10-25	104.0	83.9

RON against Gaming Token Index – Composite: data table

Window	RON	Gaming Token Index – Composite
1 year	-85.97%	-69.30%
6 months	-46.80%	-26.90%
3 months	+4.04%	-16.12%
1 month	-19.21%	-13.36%

More on the story

Ronin said its treasury held about $1.1M at market prices. About $92K of that was in WETH, a form of ether, and USDC, a coin that tracks the US dollar. RGP-1 would use about 17% of the treasury, to fix a problem Ronin said users had raised. ^[1]

The plan would move 21.97 WETH and 39,469.2 USDC. Each would be paired with RON the treasury already holds, about 1.62M RON at prices on the 23rd of October 2026. The RON side can never go above 5M RON. If it would, both deposits shrink to fit. ^[1]

Ronin’s figures show how far a big trade moves the price. A $10,000 trade against USDC moved RON’s price 4.9%, and would move it 4.1% with RGP-1. ^[2] Against WETH, the move would fall from 0.95% to 0.90%. ^[1]

Ronin said the treasury would keep its share of the pools in its own wallet. It would not move it, stake it or borrow against it. A report would follow within 7 days of the deposits, and then one every quarter. Each quarterly report would show the fees earned and compare the deposits with simply holding the tokens. ^[1]

RON holders could pull the money out with another vote. If a pool is ever compromised, the plan can be paused in an emergency, with a review within 72 hours. The treasury could also add more once a quarter from new WETH and USDC, without a new vote, as long as the RON stays under 5M. ^[1]

The cost comes from how a pool works. A pool keeps its two tokens in balance, Ronin said. If RON halves or doubles against WETH or USDC, a deposit is worth about 5.7% less than holding the tokens. This is called impermanent loss. The loss goes away if prices return to where they were. ^[1]

Ronin tested the plan on past trading. Over six months, as RON fell about 45%, the deposits would have earned $6.2K in fees but lost $8.0K to impermanent loss. That left them $1.8K behind simply holding the tokens. Over three months, they would have finished $2.2K ahead. Ronin said past results “don’t perfectly line up with the future”. ^[1]

Ronin expects the treasury to earn about $14.1K a year in fees, based on the last 30 days of trading. It gave a range of $6.1K to $16.0K a year. “These are estimates based on recent activity, not guarantees,” it said. ^[1]

Ronin posted a list of questions and answers on the 22nd of September 2026. One question said the deposits would cut the fees of people already supplying the pools. Ronin answered that holders who did not want the treasury earning fees this way could vote against. It said the fees would go back into the ecosystem rather than sit idle. ^[7]

Before the vote, RGP-1 has to gather support from RON holders, starting on Ronin’s Discord, for at least 7 days. The Ronin team then checks it, and holders get 3 days to review. The vote itself runs for 7 days, with one vote per RON. ^[1]

If RGP-1 passes, the deposits are made within 14 days. If it fails, the treasury keeps its WETH and USDC, and a new version can come back after 30 days. ^[1]

Separately, Ronin is closing its Ronin Waypoint wallet. Users had until the 16th of October 2026 to move their assets out. ^[4] A grace period ends at 15:00 UTC on the 31st of October 2026. Ronin told users who had problems moving to file a support ticket as soon as possible. ^[8]

References

1. ↑ “RGP-1: Putting the Treasury to Work” (Ronin, on its blog, the 23rd of October 2026) Source
2. ↑ (Ronin, on X, a thread on RGP-1, the 23rd of October 2026) Source
3. ↑ “Axie Infinity Co-Founder Jihoz Invites Games to Ronin After Abstract Announces Chain Shutdown” (our own coverage, the 12th of October 2026) Source
4. ↑ “Ronin Waypoint Wallet Migration: Axie Infinity Players Have Until October 16” (our own coverage, the 6th of October 2026) Source
5. ↑ (Ronin documentation, “Tokenomics”, read on the 26th of October 2026) Source
6. ↑ (Aurora, @AxieAur, on X, the 23rd of October 2026) Source
7. ↑ “Ronin Governance” (Ronin, on its blog, the 22nd of September 2026) Source
8. ↑ (Ronin, on X, a post on Ronin Waypoint, the 23rd of October 2026) Source

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