RONIN BRIDGE TIED TO AXIE INFINITY
Sky Mavis, developers of the popular play-to-earn (P2E) NFT game Axie Infinity have announced that the Ronin Bridge is back online in three months after being robbed of more than $ 600 million.
The Ronin Bridge is an Ethereum sidechain built for Axie Infinity, and enables users to transfer goods between the sidechain and the Ethereum mainnet.
On March 29, 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) were released from the bridge after hackers gained access to private verification keys. The robbery was worth more than $ 620 million at the time.
According to an announcement made on June 28 from the Sky Mavis team, Ronin's bridge is back online after three book reviews (one internal, two external), a new design and a full compensation for stolen consumer goods.
“All wETH and USDC users run by Ronin Network users are now fully supported 1: 1 by ETH and USDC in Ethereum, as promised. All users are made perfect. ”
In total, Sky Mavis has now returned 117,600 ETH and 25.5 million USDC by providing ETH funding to ETH (wETH) for users in the Ronin network.
In April, approximately 46,000 of that ETH was already compensated after Binance offered a bridge to its trading site so users could exchange WETH with ETH. Liquidity is taken from the Axie Infinity balance and the founders ’funds to support this initiative. Binance also earned $ 150 million to help Sky Mavis bring back Axie Infinity users.
The remaining 56,000 stolen ETH total assets belong to Treasurer Axie DAO and will remain intact as Sky Mavis “works with law enforcement to recover funds.”
As part of the upgraded bridge design, Sky Mavis has updated its smart contract software to allow verifiers to set daily withdrawal limits, the original value being set at $ 50 million in this category. The team also introduced a circuit breaker system that divides withdrawal amounts into three categories.
Phase 1 is a $ 1 million withdrawal, and requires 70% of guarantors to sign, and Phase 2 is worth more than $ 1 million and requires 90% of authorization signatures. Phase 3 is a withdrawal of more than $ 10 million and requires 90% signature guarantee, minimum transaction fee and seven-day review process.
"The new bridge design incorporates a circuit breakdown system as an emergency plan that enhances the safety of the bridge by stopping major suspicious withdrawals."
Sky Mavis admitted in a post-mortem report at the end of April that its lack of segregation had put Ronin's bridge in danger of being robbed. At that time there were only nine validator nodes, and employees had access to four of them.
After a rapid increase in the number of nodes to 11, Sky Mavis has announced plans to increase the number to 21 within three months of autopsies, with the long-term goal of exceeding 100 sites in total.
The team did not provide an update on how many validator nodes the Ronin network currently has in a recent announcement.
Axie Infinity saw its NFT monthly sales tank in 2022, with data from CryptoSlam showing the game went from $ 126.4 million in January to just $ 2.8 million in June.