Performing three assessments on the reopened Ronin Bridge contains additional security layers to better secure user payments. After being unavailable for over three months, Axie Infinity confirms that Ronin Bridge is going up again with better protection.
Developers will permanently destroy any payments that users give directly to Ronin Bridge’s contract accounts.
The Ronin Bridge hack cost the blockchain gambling platform approximately $600 million in user payments. As a result, the new bridge completely backs all user money 1:1.
Regarding the three audits, they were able to conduct the first one within the company. It is with the help of two external audits before its resumption. The two external auditors were Certik and Verichain.
Axie Infinity Enhances Strong Encryption
For further security, the new bridge has a circuit breaker system. This concept is a backup strategy that will stop huge suspicious withdrawals from the Bridge.
Anyone wishing to withdraw $1 million must have 90 percent of the validator’s signature. A withdrawal of $10 million or more will need 90 percent of the validator’s signature as well as human approval.
Furthermore, they modify Bridge’s smart contract software to allow validators to establish a daily withdrawal restriction from the Bridge. It was previously put at $50 million. However, an operator will be able to modify it.
The blog article further warns users not to transmit payments directly to the Ronin Bridge Contract address because they will be permanently lost. Consequently, clients should only utilize the user interface to connect the Bridge for deposits and withdrawals.
Capital Disbursement Commence
Axie Infinity discusses the advancements since the exploit and how to compensate their clients. The Axie Infinity DAO receives 56,000 wETH from the 173,600 ETH and 25.5M USDC looted from the Bridge. Thus, this will remain without the need for collateral as the creators work with law authorities to retrieve the cash.
Hence, they were able to refund all debts totaling 71,600 ETH and 25.5 million USDC into the network.
The Ronin Bridge binds the Ronin sidechain to Ethereum. However, this is critical to the Axie Infinity ecosphere functionality. With its relaunch, Axie Infinity creators want to reverse the fall in daily users and regain consumers’ confidence.
During the week of March 28, CryptoSlate reveals that hackers were able to plunder over $600 million from Ronin Network. This is the bridge side chain that allows crypto activities for the game. As a result, the developer briefly suspends withdrawals for players on the platform. This sparks concerns that this may damage the site’s user base.
Nonetheless, as per Sky Mavis, the creator of the play-to-earn concept, the number of daily active users has been declining even before the March 23 robbery.
Furthermore, following the Ronin exploit in March, Sky Mavis did a thorough examination. This is in collaboration with independent auditors Certik and Verichains. These audits help the company to identify and execute several areas for progress.
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