Three months after suffering one of the biggest hacks in decentralized finance (DeFi) history, Sky Mavis announced that the Ronin Bridge is now online and ready for deposits and withdrawals.
Ronin Bridge Back Online
On Tuesday, June 28th, Sky Mavis announced that the Ronin Bridge had been relaunched. In March, the Ronin Bridge was exploited, resulting in $625 million worth of cryptocurrencies being stolen from the protocol.
According to Sky Mavis, the Ronin Bridge was released after just three rounds of audit, including an internal audit and two external audits conducted by Certik and Verichain.
Better Security for the Ronin Bridge
Sky Mavis reports that the new bridge has been equipped with better security measures. The new bridge design now features a circuit-breaker system as a contingency plan to halt large, suspicious withdrawals.
The Ronin Circuit Breaker System also introduces a three-tier limit threshold for increased validation security. ‘Tier 3’ withdrawals will also be subject to a seven-day review process.
In addition, all funds on the Axie Infinity Ronin bridge are now fully backed on a 1:1 basis by the new bridge, and users have been made whole. A daily withdrawal limit has now been established on the network, set at $50 million.
The Ronin bridge allows the exchange of funds between the Ethereum and Ronin blockchains.
On the Flipside
- Aleksander Leonard Larsen, the chief operating officer of Sky Mavis, stated that they are “fully committed to reimbursing the players” who lost funds in the hack.
Why You Should Care
The tenacity of Sky Mavis has paid off as the network, featuring the Axie Infinity Play to Earn game, is now the most used dApp on the market, with 183,000 unique wallets, according to DappRadar.
Find more information on the Ronin Bridge hack below:
Read our follow-ups to the attack here: