Axie Infinity’s Ronin bridge upgrade continues to be delayed until May

 491 total views

2022-05-02 13:48:31

Since a serious security incident that caused more than $600 million in damage, the Axie Infinity development team is working to fix technical issues. However, there is still a lot of work to be done and the upgrade of the Ronin Bridge continues to be postponed until May.

The upgrade of the Ronin bridge will continue to be delayed until May

Ronin is an Ethereum (ETH) sidechain built specifically for Axie Infinity. The Ronin Bridge is used by players to move assets from the Ethereum network over the Ronin network. On March 23, an attack targeting Ronin security vulnerabilities took place, resulting in the loss of 173,600 ETH ($508.2 million) and 25.5 million USDC. This is considered one of the biggest crypto thefts ever.

See also: Details of the $600 million hack of game startup NFT Vietnam

It was originally planned that the Ronin Bridge would complete the patching and upgrade by the end of April, but the time has been announced to be pushed back to mid or late May.

Representative from Sky Mavis said.

“We originally expected to be able to roll out the upgrade by the end of April, but this is not a process that we can rush,” the update said, adding that the “bridge will secure billions of dollars in assets and it needs to be done right.”

Until the bridge is reopened, the cryptocurrency exchange Binance will support the Ronin Network with both withdrawals and deposits of ethereum (wETH) and USD coin (USDC) for crypto-based game users Axie Infinity (AXS) common. The team’s next step is to implement a validator dashboard that can approve large transactions and add and remove new validators. Accordingly, all pending withdrawals must be migrated before the redesigned bridge can be implemented. Sky Mavis adds that it is looking to become a “Zero Trust organization”. This refers to a security perspective where the development team will constantly scan for new threats that may be targeting the company.

“Our goal is to be a completely defragmented, zero trust organization. Zero-trust is a framework that assumes that Sky Mavis is always at risk from external and internal threats.”

The Ronin team is currently focusing on redesigning their still-closed cross-chain bridge. In addition, increasing the number of validators – entities that act as verifications of transactions. At the time of the security breach, the sidechain had nine validator nodes. Sky Mavis is planning to expand the total number of validator nodes to 21 in the next three months and aims to have more than 100 nodes in the long run to enhance sidechain security.

In recent weeks, Sky Mavis says it has been conducting internal surveillance checks in partnership with two cybersecurity firms, CrowdStrike and Polaris Infosec.

#Axie #Infinitys #Ronin #bridge #upgrade #continues #delayed

Related Posts

Leave a Reply

Your email address will not be published.

Close Bitnami banner