The Ronin governance portal is now taking votes on RGP-1, a proposal that would place a share of the Ronin treasury into liquidity pools on Katana V2. Voting lasts 14 days and ends on 24 November at 10:00 UTC (17:00 Vietnam time). Holders of RON cast votes directly, with each RON counting as one vote. A wallet’s voting power equals the RON it held at the snapshot block, which was recorded when RGP-1 was published on the portal.
According to the announcement, this is the first time RON holders get a direct vote on a treasury decision. Until now, treasury decisions were handled through validator governance. A passing vote would see the treasury supply roughly $177K of liquidity to two pools: RON/USDC and a newly created RON/rETH pool.
How community feedback changed the plan
In its original form, the proposal matched treasury WETH with RON in the RON/WETH pool. While the proposal was under discussion, a community member using the name TheGuillotine noted that RON/WETH is already the deepest pool on Ronin, meaning the treasury’s WETH would make little difference there. They proposed using staked ETH in its place.
Under the updated version, the WETH is converted into rETH (Rocket Pool’s staked ETH) and placed in RON/rETH. The announcement says this creates Ronin’s first real market for staked ETH, and the ETH collects staking rewards in addition to trading fees. Nothing changes in the RON/USDC portion.
What happens if RGP-1 passes
The Ronin Treasury Safe would:
- Put 40,054.4 USDC into the Katana V2 RON/USDC pool
- Swap 22.34 WETH for rETH (roughly 19.01 rETH) and deposit that amount, plus the 0.66 rETH the treasury already holds, into the Katana V2 RON/rETH pool
Both deposits are paired with RON from the treasury’s existing holdings, roughly 1.96M RON combined. The Treasury Safe keeps the LP tokens. The treasury’s AXS, SLP and other tokens are left alone.
Traders on Ronin would see the change in price impact. Per the announcement, a $10,000 swap on RON/USDC currently shifts the price 5.4%, and that would drop to 4.5%. The RON/rETH pool has no liquidity at the moment. Once RGP-1 is carried out, a $1,000 swap in that pool would shift the price by about 2%.
Expected income and the risks involved
Based on trading volume over the past 30 days, the proposal projects about $9.4K a year for the treasury, split into $8.4K from trading fees and $1.0K from rETH staking rewards. Volume could push that anywhere from $6.7K to $13.0K, and the figure is $6.6K if RON/rETH sees no trading. Because trading activity has dropped lately, these numbers sit below those in the first draft. The announcement calls them estimates and says they are not guaranteed.
The proposal sets out the following risks:
- Impermanent loss. Should RON halve or double relative to the token it’s paired with, that position ends up worth 5.7% less than simply holding both tokens. Run against the past six months, during which RON dropped about 56%, the positions would have ended $7.3K behind holding. Run against the past three months, they would have ended $2.3K ahead.
- New dependencies. rETH depends on Rocket Pool and on the Chainlink CCIP bridge connecting Ronin and Ethereum.
- A new market. RON/rETH launches with zero trading, so fee income there may fall short of the estimate. Staking rewards keep accruing even if RON/rETH sees no trades.
To reduce bridge and conversion risk, the WETH is converted on Ethereum via CCIP and kept in a Safe controlled by the same three signers as the Treasury Safe (2-of-3). The conversion has to return no less than 99.5% of the WETH’s value, and costs are capped at 0.5%. A 1,800 rETH cap on the rETH bridge lane limits how much rETH a bridge fault could mint on Ronin. A depeg falls under the emergency pause.
Limits and reporting
- Matching RON is capped at 5M RON unless a new vote approves more
- Top-ups can happen no more than once per quarter and only with new WETH, rETH or USDC that the treasury receives
- The LP tokens remain in the Treasury Safe and cannot be transferred, staked or posted as collateral
- Exiting requires either a passed governance proposal or an emergency pause followed by a post-mortem within 72 hours
- An execution report, covering the WETH conversion, is due within 7 days, with quarterly reports after that. The positions will be added to the treasury dashboard
Three questions from the community are addressed in the announcement. Asked whether to hold off until RON recovers, it says RON’s price is set mainly on centralized exchanges, so these pools do little to hold it down, and the quarterly top-ups already make staged additions possible. On liquidity incentives, it says these help only when they are sustainable and will be considered in later proposals. On trust, it cites RGP-1’s status as the first direct vote by RON holders.
How to vote
To vote, holders connect a Ronin Wallet to the governance portal, open RGP-1, choose Yes (For), No (Against) or Abstain, then confirm. Moving RON after the snapshot has no effect on voting power.
- For: within 14 days of the vote closing, the Treasury Safe converts the WETH and completes both deposits.
- Against: the deposits do not happen. A revised proposal may come back after a 30-day cooldown.
- Abstain: counts toward quorum without supporting either side.
For RGP-1 to pass, Yes votes must make up at least 66% of combined Yes and No votes, and the 20M RON quorum must be reached.
Before it reached the portal, RGP-1 was discussed on the forum in the public-temp-check channel on Discord, confirmed by RON holders and reviewed by the Ronin Ecosystem team. That sequence is now the standard path: discussion, confirmation by holders, ecosystem review, and then publication on the portal, with the snapshot taken at the publishing block and a 14-day voting window. Passed proposals are executed onchain within 14 days of the vote ending. Voting periods have been extended from 7 days to 14, which the announcement says was done because holders asked for more time to vote.