According to recent reports, Axie Infinity has relaunched its Ronin bridge with some added features. The platform said it conducted three different audits before reopening the bridge.
The co-founders of the popular dApp announced the bridge’s reopening on Twitter. They also showed commitment to ensuring users get back their lost funds.
Ronin Bridge Relaunch Features Security Changes
Ronin Network stated that:
“The design of the new bridge is different from the one that was hacked. It has a circuit-breaker mechanism as a new contingency plan. This increase the bridge’s security by preventing any large shady withdrawals.”
Earlier in March, hackers breached the Ronin Network, the home of the Axie Infinity game. This led to a loss of crypto worth over $620 million.
However, the latest Circuit Breaker introduces a withdrawal limit on the platform. The withdrawal threshold has three tiers. Also, withdrawals at the third tier are subject to a review which takes seven days.
According to Sky Mavis’ chief operating officer, Aleksander Leonard Larsen, the firm will reimburse users. Also, it is developing a plan to ensure that users get their funds back.
Presently, Axie Infinity and Sky Mavis’ total liability is over 25.5M USDC and 117,600 ETH. Also, 56,000 ETH is missing from the company’s DAO treasury.
Furthermore, the Ronin Network has issued a caution to users. It informed them not to send funds to the bridge’s contract addresses. If they do so, they will lose the funds permanently.
The Ronin Network Uses Decentralized Governing Process
“Meanwhile, all USDC and wETH owned by users on the Ronin Network are now secured. We have backed them 1:1 by USDC and ETH on Ethereum. Meanwhile, the new version of the platform’s mobile wallet will have no downtime,” the company stated.
Additionally, the Ronin Network has altered the governing process of the platform. Now, the governing process is decided using a decentralized voting system.
Also, the network has upgraded the Bridge Smart Contract software. This will allow validators to set a limit for daily withdrawal on the platform.
Initially, the limit for daily withdrawal is set at $50M. The limit will change every day when the time is 00:00 UTC. The withdrawal limit feature will help safeguard the platform.
According to DappRadar, the number of active clients on Axie Infinity’s Ronin Network has increased. In the last week, users have increased by over 6.7%.
The most used decentralized app in the past week is Axie Infinity. The network has over 183,000 wallet addresses. Activities have returned to the platform since the hackers attacked it in March.
