The battle-hardened Ronin Bridge reopens after a $600 million hack

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) information, a newsletter curated to bring you some of the biggest events of the past week.

Last week, almost three months after the infamous $600 million hacks, the DeFi ecosystem witnessed the relaunch of Axie Infinity’s Ronin bridge with a fully backed 1:1 Ether (ETH).

MakerDAO plans to invest $500 million in US and government bonds to weather the current bear market. Polkadot announced that it would change its governance model to move toward full decentralization. Although decentralized autonomous organizations (DAOs) are considered the future of governance, a recent study shows that less than 1% of all owners hold 90% of the voting rights in DAOs.

The battle-hardened Ronin Bridge reopens after a $600 million hack
The battle-hardened Ronin Bridge reopens after a $600 million hack

The top 100 DeFi tokens plunged into a red sea again after showing some resistance last week. Most of the top 100 tokens have seen double-digit losses over the past week.

Ronin Bridge to Axie reopens after $600M hack

Sky Mavis, developer of the popular non-fungible token (P2E) game Axie Infinity, announced the relaunch of the Ronin Bridge on June 28, three months after it was hacked for over $600 million.

On March 29th 173,600 ETH and 25.5 million USD coin (USDC) were withdrawn from the bridge after hackers gained access to validators’ private keys. The hack was worth more than $620 million at the time.

According to the Sky Mavis team’s announcement on Tuesday, the Ronin Bridge is back online after three audits (one internal and two external), a redesign and full compensation for stolen user assets.

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