- October 10, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Ronin has integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to enhance the security of its cross-chain bridge, according to an Oct. 10 statement shared with CryptoSlate.
Ronin explained that all crypto currently bridged using the Ronin Bridge will transition to CCIP for native cross-chain transfers.
The network will initially support transfers between Ethereum and Ronin. The full migration process is expected to take two to three months.
Why CCIP?
Ronin revealed that it conducted a thorough selection process, considering LayerZero and Axelar before choosing Chainlink’s CCIP as its primary cross-chain infrastructure.
According to Ronin, CCIP was selected due to its superior security, which is achieved through multiple Decentralized Oracle Networks (DONs), an independent risk management network, high-quality node operators, and additional security measures such as rate limiting and time-locked upgrades.
The blockchain gaming platform explained that its CCIP integration is expected to significantly boost the security of assets transferred to the Ronin Network. Additionally, it will improve user experience and free up resources to accelerate Ronin’s adoption.
Sky Mavis head researcher Phuc Thai said Chainlink’s CCIP security and reliability made it an obvious choice for the gaming network. Thai added:
“Beyond cross-chain interoperability, we are keen to work on integrating Chainlink’s suite of oracle services that will serve as an important foundation for the next phase of DeFi growth on Ronin.”
Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, also expressed enthusiasm at the move, stating:
“CCIP will empower the Ronin community to take full advantage of the multi-chain landscape and accelerate the adoption of Web3 gaming.”
Ronin’s security challenges
The partnership follows a recent white-hat Maximal Extractable Value (MEV) $10 million exploit on the Ronin network, which caused the network to halt operations and reignited concerns around its bridge security.
In 2022, the network suffered one of the largest hacks in crypto history, losing over $600 million in assets. Since then, Ronin has worked to strengthen its security, transitioning to a specialized bridging solution and conducting audits with two external firms to improve its resilience.
The post Ronin embraces Chainlink’s CCIP for secure cross-chain gaming future appeared first on CryptoSlate.
