Axie Infinity's AXS rise by 20% as a result of this development.
Axie Infinity's AXS rise by 20% as a result of this development.
On Friday, Ronin Network announced that the $620 million Ronin hack will not be repeated and that the Ronin bridge would be restarted on June 28. Ronin has passed the external audit carried out by blockchain security firm Certik with a few minor adjustments suggested by the company.
Axie Infinity's AXS token has increased more than 20% in the previous 24 hours as a result of the Ronin restart and payment announcement, with the biggest surge occurring in just 3 hours. The AXS price is now $17.30 at the time of writing.
Ronin Network Announces Restart and Refund for Ronin Bridge
Consumers who suffered financial losses as a result of the $620 million Ronin bridge hack in March were promised compensation by Axie Infinity and Sky Mavis, the owner of Ronin Network. The company would start the refund process right away after Ronin bridge operations have restarted.
It's interesting to note that on June 24, Ronin Network tweeted that the Ronin bridge would reopen on June 28. More, it disclosed to returning users the money they lost as a result of the hack.
Ronin Network also exhorts all validators to upgrade their software in preparation for a Ronin hard-fork. The following steps for upgrading their validating node have also been communicated to validators. Guidelines for updating non-validating nodes have also been made available.
According to a Sky Mavis representative, users will be able to withdraw one Ethereum (ETH) for each one they had in March once the bridge reopens.. Additionally, the 56,000 missing ETH tokens from the AXS DAO won't be collateralized.
The Ronin Network and Ronin Bridge both passed two internal Verichains Lab audits at the end of May. Ronin intended to submit to an external audit conducted by Certik in order to improve security; the audit was approved by the company on June 21.
The redesigned Ronin bridge will no longer be used for large-scale, automatically initiated fund withdrawals. The company also plans to replace the current 9 validator nodes with 100 new ones to increase security.
AXS Token from Axie Infinity soars by 20% in one day.
The Ronin bridge's reopening update caused the price of Axie Infinity's AXS token to increase by almost 20% during the past day. In fact, within the past three hours, the price of AXS has increased by 12%.
The market cap increased 18% to $1.37 billion as a result of the trading volume's more than 50% increase in the previous 24 hours.
