Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined
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 treasuries and bonds to weather the ongoing bear market. Polkadot announced that they would transform their governance model to move towards complete decentralization. While decentralized autonomous organizations (DAOs) are seen as the future of governance, a recent study shows less than 1% of all holders have 90% of the voting power in DAOs.
The top 100 DeFi tokens again plunged into a sea of red after showing some fightback last week. The majority of the top-100 tokens registered double-digit losses over the past week.
Sky Mavis, developers of the popular play-to-earn (P2E) nonfungible token (NFT) game Axie Infinity announced the relaunch of Ronin bridge on June 28, three months after it was hacked for more than $600 million.
On March 29, 173,600 ETH and 25.5 million USD Coin (USDC) were drained from the bridge after hackers managed to gain access to private validator keys. The hack was worth more than $620 million at the time.
According to the Tuesday announcement from the Sky Mavis team, the Ronin bridge is back online after three audits (one internal, two external), a new design, and full compensation of users’ stolen assets.
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MakerDAO is currently voting on a proposal aimed at helping it weather the bear market and utilize untapped reserves by investing 500 million Dai (DAI) stablecoins into a combination of
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