Ronin Officially Reopens RON-ETH Bridge
Ronin Network has announced the launch of the second version of the RON-ETH Bridge after a series of successful audits.
Ronin Network has officially reopened its bridge for community members after the security hack early this year. Three audits preceded the reopening, and they were aimed at identifying and addressing the problems connected to the bridge while restoring the confidence of users in the project.
The bridge will provide an interface where users can easily carry out transactional activities on the RON network. Users are cautioned to carry out all transactional activities only on the Ronin Bridge UI because direct deposits made into the Ronin Bridge contact address may result in a permanent loss of funds.
Update on the Ronin Bridge Attack
On March 29, 2022, the premier version of the Ronin Bridge was attacked, and a total of 173,600 ETH and 25.5M USDC was drained from the network. Sky Mavis and Axie Infinity have expressed their commitment to recovering users' funds and have enabled Ronin Network users to withdraw 46,000 wETH, which can be converted to ETH.
Currently, the Bridge has 71,600 ETH and 25.5M USC in liabilities after the reimbursement by Sky Mavis. In addition, all wETH and USDC owned by Ronin network users are fully backed 1:1 by ETH and USDC on Ethereum, and all users’ assets have been replenished.
Breakdown of the Audit
After the incident, a full assessment was conducted by Sky Mavis alongside external auditors Certik and Verichains. These audits helped in identifying and enforcing notable modifications to the bridge. These modifications include the Introduction of a Decentralized voting mechanism to promote democracy and the addition of the Ronin Circuit-Breaker System to oversee daily withdrawal limits. The full technical details of the audit can be accessed via this link.
Currently, the team is working hard to strengthen the network's security, and they hope to see Ronin become the standard for blockchain gaming and consumer applications in the near future.