Ronin Bridge Reopens, Lost Funds Replenished by Sky Mavis

Ronin bridge faced one of the biggest DeFi exploits, with most funds liquidated.
  • Ronin bridge underwent two security audits before rebalancing funds on both sides.
  • Land staking is coming this week to Axie Infinity.

The Ronin team announced the re-launch of the RON-ETH bridge, about three months after one of the biggest exploits was discovered. In the meantime, the bridge ensured refinancing of the lost funds, while undergoing new security audits.

The Ronin hack took away more than $631M in USDC and ETH. The assets were mixed on Tornado Cash and later some were resold or liquidated on both centralized and decentralized exchanges. Binance managed to intercept around $5M of the funds. 

Ronin remains supported mostly by the activity on the Axie marketplace and Axie gameplay. Despite being used for some of the gas fees, RON remains bound to its lower price range. No RON, AXS or SLP tokens were affected by the hack, which targeted the more liquid ETH and the USDC stablecoin.

Just hours after the bridge relaunch, there was a peak in activity as some of the earlier holders tried to withdraw.

Before the bridge, the only way to regain ETH was to trade, but that was almost impossible with limited volumes on the Katana DEX. Essentially, liquidity providers could not gain access to their ETH. The withdrawals will also have a limited effect as RON, SLP and AXS still rely mostly on centralized listings for their price discovery. 

Land Staking Coming to Axie Infinity

The long-awaited land staking is coming this week to Axie Infinity. Owning land will add to previous AXS staking and passive income programs. The smart contracts to ensure staking have been already built, a recent live chat revealed.

The income from land stalking will depend on the type of biome and the rarity of the NFT, with Genesis land plots having the biggest earnings potential.

Staking for AXS is set to expire in 2024, and RON staking will also become part of the ecosystem. 

RON managed to recover to $0.33 from a recent dip to $0.25, but still far from previous bullish predictions for valuations as high as $17.

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