SNEAK PEEK
- The bridge has undergone internal and two external audits.
- The Ronin Bridge must be accessed and used for deposits/withdrawals through the Ronin Bridge UI.
- Funds sent directly to the Ronin Bridge’s contract addresses will be lost forever.
Ronin Bridge is open and ready for use, as announced by the Axie Infinity team. Users can easily make deposits as well as withdrawals to and from the Ronin network.
According to the team, user funds are backed 1:1 by the new bridge, which has undergone one internal and two external audits. Work to release Land Staking is under process.
In 2 hours and 50 minutes, we’ll be deploying a large Origin patch that officially puts us into Phase 2.
— Axie Infinity🦇🔊 (@AxieInfinity) June 30, 2022
Let’s keep rolling 🤝 pic.twitter.com/Hg0RYWwiZC
To increase the bridge’s security, the new bridge design has a circuit-breaker system as a contingency plan; it works by stopping large suspicious withdrawals.
On March 29, 173,600 ETH and 25.5M USDC were drained from the Ronin bridge. Sky Mavis and Axie Infinity took the responsibility of covering all users’ funds.
Upon opening their bridge on April 2, Binance allowed Ronin Network to withdraw ETH and turn that into ETH. As of now, 46,000 wETH has been transferred to Binance from Ronin users.
Binance has transferred 46,000 wETH to Axie Infinity on the Ronin Network. It has been transferred to a burn address on the Ronin Network, thus, taking them out of circulation.
This has left 71,600 ETH and 25.5M in liabilities, which have been reimbursed by Sky Mavis.
Sky Mavis performed a full reassessment alongside independent auditors Certik and Verichains after the Ronin exploit in March.
The governance process will be done through a decentralized voting mechanism. The governors will be empowered to vote for changes like adding/removing validators, upgrading contracts, changing thresholds, etc. Only one governance vote can be held at a time and must be completed before moving to a new vote.
Bridge Smart Contract software has been updated to enable the validators to set a daily withdrawal limit from the Ronin Bridge. The daily withdrawal limit is set to $50M initially, and the limit is reset every day at 00:00 UTC.
If the $50M limit hits early in the day, an administrator can reset it. Tier3 withdrawals will not count towards this daily limit because it needs administrative action.
Previously, Today NFT News reported that Axie Infinity announced an updated version of the Ronin mobile wallet to compensate for losses that resulted due to the hack.
