Key Points
Real decision power: RGP-1 is the first Ronin Governance Proposal. RON holders decide how they want to utilise their Treasury.
The treasury is activated: Treasury WETH and USDC, paired with treasury RON, become liquidity in the RON/WETH and RON/USDC pools on Katana.
Stronger RON markets: Deeper liquidity for everyone who trades RON, with more trading fees flowing back to our collective treasury.
RGP-1 is the first proposal to run through Ronin Governance, utilising ≈17% of the treasury to fix a pain point highlighted by users. You’ve come up with the idea. You’re the ones who hold the decision. Ronin implements it.
The treasury becomes active.
The Ronin Treasury holds ≈$1.1M at market prices which includes ≈$92K of WETH and USDC, ready to be deployed for RGP-1. As a RON holder you’ll have the capacity to decide how to utilise over $1M. Your ideas can help shape Ronin’s future.
What RGP-1 does.
With your approval, the Ronin Treasury Safe deposits:
21.97 WETH into the Katana V2 RON/WETH pool
39,469.2 USDC into the Katana V2 RON/USDC pool
Each deposit is matched with RON the treasury already holds, about 1.62M RON at today’s price. Together they add about $185K of liquidity to RON markets.
Every token comes from the treasury’s own balances. No market buys, no market sells!
The LP tokens stay in the Ronin Treasury Safe and remain treasury assets.
They aren’t transferred, staked in farms or used as collateral.
What it unlocks.
Deeper RON markets. More liquidity means trades move the price less.
Price impact of a $10,000 swap:
Fees back to the treasury. Every swap through these pools pays a 0.3% fee. The treasury already earns 0.05% of every trade. RGP-1 adds the 0.25% liquidity provider share on its own positions.
At the last 30 days’ trading volume, that’s an estimated $14.1K a year, about $1.2K a month. The proposal models a range from $6.1K to $16.0K a year, depending on estimated trading volume.
These are estimates based on recent activity, not guarantees.
Tested on real markets.
We replayed RGP-1 against the last three and six months of real Katana trading, through real market swings.
Over the last three months, the positions would have earned $2.7K in fees against $0.5K of impermanent loss, finishing $2.2K ahead of simply holding the tokens. Over six months, as RON fell about 45% against both tokens, $6.2K in fees covered about three-quarters of the $8.0K impermanent loss, leaving the positions $1.8K behind holding. In a flat or recovering market, most of the fee income is profit.
Impermanent loss is the trade-off every liquidity pool makes. A pool keeps its two tokens in balance, so if RON halves or doubles against WETH or USDC, the position is worth about 5.7% less than holding. If the price ratio comes back, so does the value, and the fees stay.
Past results don’t perfectly line up with the future, so RGP-1 will report every quarter and RON holders can exit with a governance vote.
Guardrails built in.
Fixed amounts. The WETH and USDC amounts are set. Matching RON follows each pool’s price at execution.
RON cap. Matching RON is capped at 5M RON in total. If the cap is reached, both deposits scale down in proportion.
Slippage protection. Minimum amounts are set at 99.5% of the amounts submitted.
Top-ups. At most once a quarter, using new WETH or USDC the treasury receives, within the same 5M RON cap. Going further needs a new vote.
Exit. By a passed governance proposal, or an emergency pause to protect funds if a pool is ever compromised. A post-mortem follows within 72 hours.
Scope. Two Katana V2 positions. Katana V3 or new pairs like RON/AXS come through their own proposals.
On-chain. Reported. Accountable.
RGP-1 is executed by the Ronin Treasury Safe at 0x22cefc91e9b7c0f3890ebf9527ea89053490694e.
Within 7 days of execution, the execution report goes public: transaction hashes, amounts deposited, LP tokens received, the treasury’s share of each pool and pool prices at deposit. The positions join the treasury dashboard.
Every quarter after that, RON holders see fee income against the $14.1K base case and the result against holding.
Your token could be next.
RGP-1 covers WETH and USDC. The treasury also holds AXS, SLP and a wide range of ecosystem tokens, and the proposal already runs the same analysis on each one.
If you’re building on Ronin and want treasury RON paired with your token? RGP-1 is your template. Bring a proposal with the amount, the Katana pool, expected fees, a six-month backtest and the exit plan, and let RON holders decide to support your game!
How RGP-1 is YOUR decision!
Phase 1: Forum Discussion. Open in public-temp-check forum on Discord. 20 votes move it to Phase 2.
Phase 2: RON Holder Confirmation. 30 upvotes from RON holders, with the proposal open for at least 7 days.
Phase 3: Portal Publishing. After a publishing check by the Ronin Ecosystem team, the proposal goes live on the governance portal.
Phase 4: Voting Snapshot. RON balances are snapshotted at the publishing block, followed by 3 days for review.
Phase 5: RON Weighted Vote. 7 days, 1 RON = 1 vote. To pass, For needs at least 66% of For + Against.
Phase 6: Execution. On-chain within 14 days of the vote closing.
When it reaches the vote:
For: the Treasury Safe makes both deposits within 14 days of the vote closing.
Against: the treasury holds its WETH and USDC as they are. A revised proposal can return after a 30-day cooldown.
Abstain: counts toward quorum without backing either side.
RGP-1 passes if For votes reach at least 66% of For + Against, with a quorum of 20M RON (For, Against and Abstain all count).
Your treasury. Your decision.
This is the first full run of Ronin Governance, and RON holders choose what happens.
You have over $1,000,000 at your disposal!
