Key Points
Voting is OPEN. RGP-1 is on the governance portal for 14 days, weighted by the RON you held at the snapshot block.
You improved the proposal. After community feedback, the treasury’s ETH now goes into a new RON/rETH pool instead of the already deep RON/WETH pool.
What it does. 40,054.4 USDC into RON/USDC and about 19.67 rETH into RON/rETH, matched with treasury RON for ~$177K of liquidity.
RGP-1 has been through discussion, RON holder confirmation and the Ronin Ecosystem review, and it’s improved along the way with your feedback.
It’s now live on the governance portal, and RON holders decide, voting closes 24 Nov at 10:00 UTC (17:00 VN).
You Improved RGP-1
The first version paired treasury WETH with RON in the RON/WETH pool. In the discussion phase, TheGuillotine pointed out that RON/WETH is already Ronin’s deepest pool, so our WETH would barely move it, and suggested staked ETH instead.
The WETH now becomes rETH, Rocket Pool’s staked ETH, and goes into RON/rETH. That opens Ronin’s first real staked-ETH market, and the ETH earns staking rewards on top of trading fees.
RON/USDC stays as it was.
What you’re voting on
If RGP-1 passes, the Ronin Treasury Safe:
Deposits 40,054.4 USDC into the Katana V2 RON/USDC pool
Converts 22.34 WETH to rETH (about 19.01 rETH) and deposits it, 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. Together they make about $177K of liquidity. The LP tokens stay in the Treasury Safe, and the treasury’s AXS, SLP and other tokens aren’t touched.
Deeper markets. A $10,000 swap on RON/USDC would move the price 4.5%, down from 5.4%. RON/rETH has no liquidity today. After RGP-1, a $1,000 swap would move it about 2%.
Income back to the treasury. At the last 30 days’ trading volume, the positions would bring in about $9.4K a year: $8.4K in trading fees and $1.0K in rETH staking rewards. Depending on volume, the estimate ranges from $6.7K to $13.0K, and it’s $6.6K if RON/rETH doesn’t trade at all. Trading has slowed recently, so these are lower than in the first version. They’re estimates, not guarantees.
The trade-offs
Impermanent loss. If RON halves or doubles against a paired token, that position is worth 5.7% less than simply 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’d have finished $2.3K ahead.
New dependencies. rETH relies on Rocket Pool and on the Chainlink CCIP bridge between Ronin and Ethereum. To limit that:
The WETH is converted on Ethereum through CCIP, 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
A brand new market. RON/rETH starts with no trading, so its fees could come in under the estimate. Even with no RON/rETH trading at all, the staking rewards still accrue.
Guardrails
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 put in the Treasury Safe. Not transferred, staked or used as collateral
Exit by a passed governance proposal, or an emergency pause with a post-mortem within 72 hours
Reporting: execution report within 7 days, including the WETH conversion, then every quarter. The positions join the treasury dashboard
What else we heard
“Wait for RON to recover first?”
RON’s price is mostly set on centralized exchanges, so these pools barely hold it back. Staged adds are already built in through quarterly top-ups.
“What about liquidity incentives?”
They can help, but only if they’re sustainable. They’ll be looked at in future proposals.
“Why should holders trust this?”
Past treasury moves went through validator governance. RGP-1 is the first time RON holders vote directly, 1 RON = 1 vote.
How to vote
Go to the governance portal and connect your Ronin Wallet
Open RGP-1 and read the proposal
Pick Yes (For), No (Against) or Abstain and press confirm
Your voting power is the RON you held at the snapshot block, taken when RGP-1 went live on the portal. 1 RON = 1 vote. Moving RON after the snapshot doesn’t change it.
What each choice means
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 come back after a 30-day cooldown.
Abstain: counts toward quorum without backing either side.
RGP-1 passes if Yes reaches at least 66% of Yes + No and the 20M RON quorum is met.
Governance is now 5 phases
RGP-1 taught us a lot, so we’ve simplified the process:
Forum Discussion. The proposal opens for discussion in the public-temp-check forum on Discord.
RON Holder Confirmation. RON holders confirm it’s ready to move on.
Ronin Ecosystem Review. The Ronin Ecosystem team checks it before it’s published.
Portal Publishing, Snapshot and Vote. It goes live on the portal, the snapshot is taken at the publishing block, and voting opens straight away for 14 days.
Execution. A passed proposal goes onchain within 14 days of the vote closing.
Votes now run for 14 days instead of 7, because you told us you wanted more time to vote. We will continue to listen and action feedback to improve the governance process.
