After being offline for almost three months, Axie Infinity has announced that Ronin Bridge will be more secure and up and running again.
Ronin Bridge has opened!
• All user funds will be fully funded 1: 1 by the new bridge.
• The bridge has undergone an internal audit and two external audits.
• This week we are still on track for the release of Land Stake.— AxieInfinity 🦇🔊 (@AxieInfinity) June 28, 2022
The blockchain gaming platform has lost over $ 600 million in user funding through the Ronin Bridge exploit.
All user funds will be fully funded 1: 1 by the new bridge
The new Ronin Bridge has been audited three times. Before resuming, one audit was conducted internally and two external audits were conducted. Certik and Verichain conducted two external audits.
Axie Infinity adds a security layer
New bridge include Circuit breaker system for enhanced security. This design is an emergency response plan that prevents large-scale suspicious withdrawals through the bridge.
Everyone needs 90% of the validator’s signature before withdrawing $ 1 million. Withdrawals of $ 10 million or more require 90% of verifier’s signatures and human reviews.
In addition, the bridge’s smart contract software has been updated to allow validators to set a daily withdrawal limit from the bridge. Initially set at $ 50 million, it will be reset by the administrator.
The blog post also warned that users should not send funds directly to the Ronin Bridge contract address. Then such funds will be lost forever. Instead, the user only needs to access the Bridge for deposits and withdrawals through the user interface.
Start paying funds
Axie Infinity explained the development after the exploit and how to refund to the user.
Of the 173,600 ETH and 25.5 million USDC stolen from the bridge, 56,000 wETH belonged to Axie Infinity DAO. This remains under-collateralized as the developers work with law enforcement agencies to recover the funds.
However, all debt reaching 71,600 ETH and 25.5 million USDC was fully returned to the network, “fully supported 1: 1 by Ethereum’s ETH and USDC.”
The Ronin Bridge connects the Ronin sidechain to Ethereum (ETH) and is key to the operation of the Axie Infinity ecosystem. The developers of Axie Infinity hope to reopen, reversing the daily decline in users and regaining their trust.
