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Axie Infinity’s Ronin Bridge is seeking its way back to crypto space following a $600 million hack, with additional features and a new design
Developer firm behind Axie Infinity, the popular play-to-earn NFT game, Sky Mavis has recently announced that after almost three months, Ronin bridge is back online. Ronin Bridge was attacked several months ago and a hack compromised about $600 million. Axie Infinity’s Ethereum based sidechain, the Ronin Bridge allows users to transfer their assets between Ethereum mainnet and the sidechain.
It was on 29th March, when Ronin bridge was hacked and about 173,600 ETH along with 25.5 million USDC stablecoin were stolen from the platform. This all happened due to hackers successfully getting access to the private validator keys. Overall the hack had made the Ronin bridge face a loss of about $620 million.
As per the recent announcement by Sky Mavis on 28th June, the Ronin bridge is now back online after a full three audits including one internal and two external audits along with new design and users who got affected by the stealing of assets will be fully compensated. They made it clear that all wETH and USDC that users on the Ronin Network owned now have backing in 1:1 with ETH and USDC on Ethereum respectively. As it was promised, the assets of all the users have now been restored.
This is made possible due to recompensation by Sky Mavis that includes 117,600 ETH and 25.5 million USDC while providing the liquidity in ETH to back the wrapped ETH of users on the Ronin Network. About 46,00 ETH has already been reimbursed in April already. The liquidity has been received from the funds of Axie Infinity balance and founders in order to support the move. Meanwhile, Binance has also supported a $150 million funding round as a gesture of help to Sky Mavis in order to repay users of Axie Infinity.
Revamp of Ronin bridge design includes an update in the smart contract software by Sky Mavis that would enable validators now to put daily limits on withdrawals. Initially, the amount is set to be $50 million at this point. Additionally, the developer’s teams also introduced a circuit breaker system; using this system, the withdrawal’s monetary value can be broken down into three tiers further.
During the investigation of Ronin Bridgehack, Sky Mavis found out that at the time it had only nine validator nodes out of which only four were accessible by the employees. To counter this vulnerability, Sky Mavis has started to increase the count of nodes to 21, that would be raised upto 100 nodes in total.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
