Something terrible happened to Ronin Bridge on March 23th. The team announced that a hack happened and they lost 173k ETH and 25.5M USD in an attack by Lazarus Hacker Group.
After that incident, the bridge was offline for a while to scaffold the security of the bridge. Now, it is online once again after $622M Hack. The users can deposit or withdraw their cryptocurrencies or digital assets as before. However, Ronin BUT!
Ronin Lost Credibility After Hack
Axie Infinity is one of the leading Play2Earn model game that went viral and each Axie was traded for more than $200 regardless of their attributes. When the hype settles down and the hack incident takes place, the activity on game and the value of tokens declined sharply.
Axies are sold only for $4! I cannot believe it is real but they are only sold for $4 after Ronin Bridge starts operating. Sad to admit but the hack case + the centralized validators of the chain may not end up well for this functional but manipulated bridge.
Ronin Validators are held by Team!
Unfortunately, Ronin is purely centralized. How?
the Ronin bridge had been vulnerable due to insufficient decentralization, with the firm itself controlling nearly half of the validators that approved transactions.
As Decrypt news metions, half of the validators are owned by the team and they have all authority to manipulate the side-chain & bridge operations if they wish!
Sorry but there is no room for that in crypto.
Immutable X & Polygon are Doing Great!
Actually, Ronin is not the only option for projects or crypto ecosystem.
Immutable X and Polygon Layer 2 are doing amazing stuff these days.
Yes, we are having problems with Polygon though they happen rarely. However, the layer 2 scalability is one of the focus areas of the team works on.
I have more faith in Polygon rather than Ronin.
Staking is coming, Gods Unchained is doing perfectly fine; NFT collections are going to be launched more and the team is working hard to add value to the project.
Among several options we have, Ronin, unfortunately, has less room for it to shine bright as before. I wish Axie Infinity operates on Hive blockchain like Splinterlands and initiate cross-chain transactions built between Hive and Ethereum.
Layer 2, Side Chains and Cross-chain operations are the future of crypto ecosystem.
Will Ronin be the cool guy in the party again? Or will it be dethroned by Immutable X, Polygon or Hive?
You tell us 😉
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It’s def going to be somehow hard to regain the trust of users in using that bridge.
In a somewhat similar situation that happened in Thorchain, at least, funds were reimbursed from treasury, shall we say it’s absurd that such company as Axie don’t have access to some sort of treasury? So it was easy for Thorchain to regain trust.
But you may never know….people might warm up to it faster than expected. I’m not sure I would though.
Posted Using LeoFinance Beta
Thorchain is an amazing project that is supported by thousands of people. Ronin, on the other hand, is just one of the "options" for L2 experience on Ethereum.
I'm not sure if it can outperform IMX, Polygon, Arbitrum or other options :)
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What can we do? Is there an alternative?
Immutable X, Polygon, Arbitrum, Optimism and more incoming bro ^^
Thanks man, I will check it out.
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