Ronin, a popular blockchain gaming platform, has recently announced its integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to enhance the security of its cross-chain bridge. This move comes after a recent $10 million exploit on the Ronin network, which raised concerns about its security measures.
According to a statement shared with CryptoSlate, Ronin will be transitioning all crypto currently bridged using the Ronin Bridge to CCIP for native cross-chain transfers. Initially, the network will support transfers between Ethereum and Ronin, with the full migration process expected to take two to three months.
The decision to choose CCIP was the result of a thorough selection process by Ronin, which considered other options such as LayerZero and Axelar. CCIP stood out due to its superior security features, including multiple Decentralized Oracle Networks (DONs), an independent risk management network, high-quality node operators, and additional security measures like rate limiting and time-locked upgrades.
The integration of CCIP is expected to significantly enhance the security of assets transferred to the Ronin Network, improve user experience, and accelerate Ronin’s adoption. Sky Mavis head researcher, Phuc Thai, expressed confidence in Chainlink’s CCIP security and reliability, stating that it will serve as a crucial foundation for the next phase of DeFi growth on Ronin.
Thodoris Karakostas, Head of Blockchain Partnerships at Chainlink Labs, also shared his enthusiasm for the partnership, mentioning that CCIP will empower the Ronin community to take full advantage of the multi-chain landscape and accelerate the adoption of Web3 gaming.
The recent security challenges faced by Ronin, including the MEV exploit and the $600 million hack in 2022, have prompted the platform to focus on strengthening its security measures. This includes transitioning to a specialized bridging solution and conducting audits with external firms to enhance its resilience.
Overall, the integration of Chainlink’s CCIP is a significant step towards improving the security and functionality of the Ronin Network, paving the way for a more secure and efficient cross-chain transfer process for users.