Ronin Gaming Network adopts Chainlink's CCIP to enhance security on its Ethereum bridge, following multiple hacks and significant financial losses.
Ronin Gaming Network has taken a significant step to bolster the security of its Ethereum bridge by adopting Chainlink's Cross-Chain Interoperability Protocol (CCIP). This decision comes after a series of security breaches that have plagued the network, aiming to protect assets bridged to the Ronin ecosystem.
The Ronin Network, developed by Sky Mavis, is a blockchain platform designed to facilitate gaming and digital asset transactions. However, it has faced significant security challenges, leading to substantial financial losses. The most notable incident occurred in March 2022, when the network lost $622 million due to a hack attributed to North Korea's Lazarus group. This incident highlighted the urgent need for improved security measures.
In a recent vote, validators for the Ronin Bridge opted to implement Chainlink's CCIP as the network's primary cross-chain infrastructure. The decision was made after a thorough selection process that included proposals from Chainlink, LayerZero, and Axelar. Chainlink emerged as the clear winner with 10 votes, while LayerZero received 3 votes and Axelar none.
Phuc Thai, Head Researcher at Sky Mavis, emphasized that security was the top priority in selecting a cross-chain protocol. The integration of CCIP is expected to significantly enhance the security of assets transferred to the Ronin ecosystem.
The decision to adopt CCIP comes on the heels of several security breaches that have affected the Ronin Bridge:
These incidents have underscored the need for robust security measures to protect users and their assets.
The integration of Chainlink's CCIP will begin with support for bridge transfers between Ethereum and the Ronin Network. The full migration is expected to take place over the next two to three months. Importantly, users will not need to take any action during this transition; all existing tokens on Ronin will be automatically upgraded to utilize CCIP for cross-chain transfers.
Chainlink's CCIP is designed with multiple decentralized oracle networks, an independent risk management network, and additional security features such as rate limiting and time-locked upgrades. This comprehensive approach aims to provide a more secure environment for users engaging with the Ronin ecosystem.
The adoption of Chainlink's CCIP marks a pivotal moment for the Ronin Gaming Network as it seeks to enhance the security of its Ethereum bridge. With a focus on protecting user assets and preventing future breaches, this move is expected to restore confidence in the Ronin ecosystem and facilitate safer cross-chain transactions.
