Finance Redefined: Axie Infinity’s Ronin bridge faces worst hack, Binance lau...
In this week's DeFi newsletter, we discuss Axie Inifnity's Ronin bridge hack, Binance's new Bridge 2.0 launch, the rise in DeFi TVL and more. The last week of March saw the decentralized finance (DeFi) market surge to new highs as institutional investors returned to the market. Amid the rising popularity of DeFi products, Axie Inifity’s Ronin bridge faced the worst hack in crypto history, raising security concerns for the market.MetaMask integrated Apple Pay support, allowing users to purchase crypto using their Apple Pay account directly, and Binance launched Bridge 2.0 to integrate CeFi....
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While price volatility remained a key factor, major DeFi tokens registered double digit loss over the past week as the DeFi TVL hovers near $50 billion mark. Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week.This past week, the DeFi ecosystem saw Axie Infinity’s Ronin bridge relaunch with a fully backed 1:1 Ether (ETH) nearly three months after the infamous $600 million hacks.MakerDAO plans to invest $500 million into United States Treasurys and bonds to weather....
Since the hack of Axie Infinity’s Ronin bridge, developers behind the game have raised $150 million to reimburse the affected users. In late March, Ronin, an Ethereum sidechain built for the popular play-to-earn nonfungible token game Axie Infinity, was hacked for over 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) for a combined value of over $600 million. The breach on the Ronin bridge was confirmed by Sky Mavis, the developers behind the popular play-to-earn (P2E) game:There has been a security breach on the Ronin Network.https://t.co/ktAp9w5qpP— Ronin (@Ronin_Network) March....
Axie Infinity's Ronin Bridge hackers have started moving their funds despite early hopes of a dialogue between the creators and the hackers. The decentralized finance (DeFi) world saw another week of increased on-chain and developer activity even when the overall market cap took a slight dip amid overall market retrace. The creators of the popular play-to-earn nonfungible token (NFT) game Axie Infinity raised $150 million to reimburse hack victims of the Ronin bridge exploit.The decantralized application, o daily user count surged to 2.4 million in the first quarter of 2022, while....
The popular blockchain game Axie Infinity has been left shaking after the $650 million Ronin bridge hack. The studio behind the game, Sky Mavis, has been taking multiple measures to try to secure the network and win back the confidence of users. The latest move announced is a $1 million bug bounty program that invites white hat hackers to stress test the blockchain. Co-Founder and COO of Sky Mavis and Axie announced: “Calling all whitehats in the blockchain space. The Sky Mavis Bug Bounty program is here. Help us keep the Ronin Network secure while earning a bounty up to $1,000,000....
The developers are currently working on a security upgrade and plan to increase the number of validator groups to 21 before making Ronin Bridge live again. Sky Mavis, the creator of the popular play-to-earn nonfungible token game Axie Infinity has raised $150 million in a new funding round led by Binance. The fundraiser is aimed at reimbursing lost funds from the recent exploit on Axie Infinity’s Ronin bridge, resulting in losses of over $600 million. The funding round also saw participation from Animoca Brands, a16z, Dialectic, Paradigm and Accel.As Cointelegraph reported earlier, the....