The Roundtable Hold is where Tarnished can rest and recuperate without fear of being attacked by trolls, Death Birds, or other Tarnished (except for two separate occasions). It’s also the place where the Two Fingers reside, providing the player with important guidance in their quest to become the Elden Lord.
But what even is the Roundtable Hold? It’s entirely inaccessible from anywhere in the Lands Between, with the player only able to fast travel there after being invited by Melina. Although clearly populated by other Tarnished, it’s unclear how any of them can come and go as they please. We don’t even know where they leave to.
With so many unanswered questions, it’s only natural that someone would ask about the Roundtable Hold on the Elden Ring subreddit. Nobody knows for sure, but user Kurenai_Jack provides a great summary of how the Elden Ring community explains the weirdness of the Roundtable Hold. Minor spoilers ahead if you haven’t beaten the game yet.
"It's most likely a remembrance of the Fortified Manor hewn into the Erdtree, like the remembrances of the bosses," explained Kurenai_Jack. "That's why it burns when you burn the Erdtree."
Eagle-eyed Tarnished can spot the Fortified Manor in Leyndell, a location that looks suspiciously like the Roundtable Hold. The Fortified Manor was where the Dragon Knights assembled when the Golden Order was at its peak. With the Knights disbanded, the Fortified Manor lies abandoned but for a red summon sign that lets you invade the world of Vargram the Raging Wolf and Errant Sorcerer Wilhelm.
Most of the residents or Roundtable Hold are transients, but Hewg tells us that he’s bound to the place through forces beyond his control. Kurenai_Jack speculates the Hewg is also a remembrance of the Erdtree--a long-dead prisoner whom we only meet because of his failure to deliver Marika a weapon capable of killing a god. It would explain why Hewg loses his memories when the Erdtree starts burning, and why we can find Hewg’s hammer at the Fortified Manor.
Perhaps we’ll learn more about the Roundtable Hold if and when Elden Ring gets its rumored DLC.