let's do a quick fundamental analysis of @Ronin_Network. First, let's determine how much $ron is actually in circulation: 721m circulating subtract 31.4m, rewards 29.2m, community 89.5m, sm unlocked 50m, sm locked 72.1m, ecosystem fund i am going to treat these compartments as 'out of circulation'. i will treat them similar to how a company on the stock market would dilute their shareholders to raise cash should they be sold to the open market. that puts us at a total of 448.8M circulating we have weekly revenues going into the Ronin treasury currently of about $6k a week from NFT trades (.5%) and katana dex trades (.05%). that comes out to about $312,000 in revenue per year based on recent network activity. there are a couple of other revenue generators like bridge fees, but i'm going to leave those out in this example. if we divide the current market cap by this annual revenue number, we get a price to revenues ratio of 385x. for comparison sake, aave trades at 18x revenues. 385x is a very high price for how much revenue the Ronin treasury currently generates. the setup has been unchanged since 2023. i would like to prioritize more revenue going to treasury. there are a couple of ways to do this: - increase % fee on Katana DEX trades - SM takes lower % fee on marketplace trades. they currently take 2% while the Ronin Treasury gets 4 times less at .5% this is simple math, and it boils it down to the fact that more revenue needs to go the Ronin treasury as we continue to build. things can change quickly in terms of activity on the demand side, but i would like to see an urgent effort to increase the amount of revenue going to the Ronin Treasury. once Ronin starts generating more revenue, it can be argued that it should be worth more from a fundamental viewpoint.

until then, we will continue to see people talking about a lack of emphasis on maximizing shareholder value. we cannot continue to serve multiple masters. the chain itself is executing well. gaming has been in the hole for a long time. but as we build out, we need new structures to facilitate real value accrual to the Ronin treasury.

until then, we will continue to see people talking about a lack of emphasis on maximizing shareholder value. we cannot continue to serve multiple masters. the chain itself is executing well. gaming has been in the hole for a long time. but as we build out, we need new structures to facilitate greater value accrual to the Ronin treasury.

ethereum has a similar problem. people don't know how to value the chain because it doesn't capture value as much as it facilitates it. should we be using fundamental analysis to price this chain, or is this about something bigger where the applications on the chain and the economic activity it supports should also be taken into consideration when valuing the chain? an interesting question, and this is my napkin math as i think about these things.

i think an argument can be made that $ron shouldn't be valued strictly on the Treasury inflows as it is also 'video game money' that enables the economic activity that occurs on the chain. from this side of the argument, we don't need to worry so much about fundamental analysis and more just about growth and domination. if we can get to a place where $ron is used as the predominant and most trusted video game money, then it lives within its own class. all this economic stuff interests me, i don't know the answer, and i look forward to continuing to try to help and improve the sustainability and success of our community as we move forward.

i think an argument can be made that $ron shouldn't be valued strictly on the revenues and Treasury inflows as it is also 'video game money' that enables the economic activity that occurs on the chain in a similar way that ether is 'ultrasound money'. from this side of the argument, we don't need to worry so much about fundamental analysis and more just about growth and domination and utilization of ron across applications. if we can get to a place where $ron is used as the predominant and most trusted video game money, then it lives within its own class. all this economic stuff interests me, i don't know the answer, and i look forward to continuing to try to help and improve the sustainability and success of our community as we move forward.

@khrazzsnwboardr @Ronin_Network Thanks t swift