George TsagkarakisVoting on RGP-1, a proposal to put part of the Ronin treasury into liquidity pools on Katana V2, is open on the Ronin governance portal. The vote runs for 14 days and closes on 24 November at 10:00 UTC (17:00 Vietnam time). RON holders vote directly at 1 RON = 1 vote. Voting power is the RON held at the snapshot block, taken when RGP-1 went live on the portal.
The announcement calls RGP-1 the first time RON holders vote directly on a treasury move. Earlier treasury decisions went through validator governance. If it passes, the treasury adds about $177K of liquidity across two pools: RON/USDC and a new RON/rETH pool.
What changed after community feedback
The first version paired treasury WETH with RON in the RON/WETH pool. During the discussion phase, a community member posting as TheGuillotine pointed out that RON/WETH is already Ronin’s deepest pool, so the treasury’s WETH would barely move it, and suggested staked ETH instead.
The revised proposal converts the WETH into rETH, Rocket Pool’s staked ETH, and deposits it into RON/rETH. According to the announcement, that opens Ronin’s first real staked-ETH market, and the ETH earns staking rewards on top of trading fees. The RON/USDC part is unchanged.
What RGP-1 does if it passes
The Ronin Treasury Safe would:
- Deposit 40,054.4 USDC into the Katana V2 RON/USDC pool
- Convert 22.34 WETH to rETH (about 19.01 rETH) and deposit it, together with the treasury’s existing 0.66 rETH, into the Katana V2 RON/rETH pool
Each deposit is matched with RON the treasury already holds, about 1.96M RON in total. The LP tokens stay in the Treasury Safe. The treasury’s AXS, SLP and other tokens are not touched.
For anyone trading on Ronin, the effect is on price impact. The announcement says a $10,000 swap on RON/USDC would move the price 4.5%, down from 5.4% today. RON/rETH has no liquidity now. After RGP-1, a $1,000 swap there would move the price about 2%.
Income estimates and risks
At the last 30 days’ trading volume, the proposal estimates the positions would bring the treasury about $9.4K a year: $8.4K in trading fees and $1.0K in rETH staking rewards. Depending on volume, the range is $6.7K to $13.0K, and $6.6K if RON/rETH doesn’t trade at all. Trading has slowed recently, so these figures are lower than in the first version. The announcement describes them as estimates, not guarantees.
The proposal lists these risks:
- Impermanent loss. If RON halves or doubles against a paired token, that position is worth 5.7% less than holding the two tokens. Replayed over the last six months, as RON fell about 56%, the positions would have finished $7.3K behind holding. Over the last three months, they would have finished $2.3K ahead.
- New dependencies. rETH relies on Rocket Pool and on the Chainlink CCIP bridge between Ronin and Ethereum.
- A new market. RON/rETH starts with no trading, so its fees could come in under the estimate. Staking rewards still accrue even with no RON/rETH trading.
To limit the bridge and conversion risk, the WETH is converted on Ethereum through CCIP and held by a Safe with the Treasury Safe’s three signers (2-of-3). The conversion must return at least 99.5% of the WETH’s value, with costs capped at 0.5%. The rETH bridge lane is capped at 1,800 rETH, which limits how much rETH a bridge fault could create on Ronin. The emergency pause covers a depeg.
Limits and reporting
- A 5M RON cap on matching RON without a new vote
- Top-ups at most once a quarter, using new WETH, rETH or USDC the treasury receives
- LP tokens stay in the Treasury Safe and are not transferred, staked or used as collateral
- Exit through a passed governance proposal, or an emergency pause with a post-mortem within 72 hours
- An execution report within 7 days, including the WETH conversion, then quarterly reports. The positions join the treasury dashboard
The announcement also answers three community questions. On waiting for RON to recover first, it says RON’s price is mostly set on centralized exchanges, so these pools barely hold it back, and quarterly top-ups already allow staged adds. On liquidity incentives, it says they can help only if they are sustainable and will be looked at in future proposals. On trust, it points to RGP-1 being the first direct RON holder vote.
How the vote works
Holders connect a Ronin Wallet on the governance portal, open RGP-1, pick Yes (For), No (Against) or Abstain, and confirm. Moving RON after the snapshot does not change voting power.
- For: the Treasury Safe converts the WETH and makes both deposits within 14 days of the vote closing.
- Against: no deposits are made. A revised proposal can return after a 30-day cooldown.
- Abstain: counts toward quorum without backing either side.
RGP-1 passes if Yes reaches at least 66% of Yes plus No votes and the 20M RON quorum is met.
RGP-1 went through forum discussion in the public-temp-check channel on Discord, RON holder confirmation and a Ronin Ecosystem team review before reaching the portal. That is now the standard process: discussion, holder confirmation, ecosystem review, then portal publishing with the snapshot taken at the publishing block and voting open for 14 days. A passed proposal goes onchain within 14 days of the vote closing. Votes now run for 14 days instead of 7, which the announcement says follows holder requests for more time to vote.
