Validators on Ronin Network Vote to Adopt Chainlink's Cross-Chain Interoperability Protocol
Validators for the bridge that connects Ethereum to the Ronin Network have voted to adopt Chainlink's Cross-Chain Interoperability Protocol (CCIP) as the network's canonical cross-chain infrastructure. This decision aims to enhance Security for assets bridged to the Ronin ecosystem, as stated in a press release by Chainlink.
The selection process involved proposals from Chainlink CCIP, LayerZero, and Axelar, with Chainlink securing the backing with 10 votes, while LayerZero obtained 3 votes, and Axelar received none.
Enhancing Security for the Ronin Ecosystem
- Phuc Thai, Head Researcher at Ronin developer Sky Mavis, emphasized the importance of security in choosing the cross-chain protocol to secure the future of the Ronin ecosystem.
- The decision to improve Ronin Bridge’s security features follows multiple past hacks on the system that have resulted in significant losses of assets.
Previous Security Incidents on Ronin Network
The Ronin Bridge has experienced security breaches in the past, with notable incidents including:
- In early August, the bridge lost about $12 million worth of assets.
- In March 2022, a hack led to the loss of $622 million from the network, attributed to North Korea's Lazarus hacking group.
- A hack in February saw $9.5 million worth of ETH taken from Ronin Bridge's Wallets.
Implementation of Chainlink's CCIP
The integration of Chainlink's CCIP will start 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.
Users do not need to take any action during this transition. Existing tokens on Ronin will be upgraded to use CCIP for native cross-chain transfers without requiring user-triggered migrations.
Why Chainlink's CCIP Was Chosen
Chainlink's CCIP was selected due to its robust security features, including:
- Utilization of multiple Decentralized oracle networks.
- An independent risk management network.
- Node operators and additional security measures like rate limiting and time-locked upgrades.
With these features, Chainlink's CCIP is expected to enhance the security and efficiency of cross-chain transactions within the Ronin ecosystem.
Conclusion
The Adoption of Chainlink's Cross-Chain Interoperability Protocol by validators on the Ronin Network marks a significant step towards enhancing the security and reliability of cross-chain transactions. By leveraging Chainlink's proven Technology, the Ronin ecosystem is poised to strengthen its infrastructure and protect assets from potential security breaches.
Stay tuned for further updates on the implementation of CCIP within the Ronin ecosystem as the migration progresses seamlessly over the coming months.
