Although the validator key scheme is decentralized and built to limit an attack vector like the one that just occurred, the hacker found a backdoor through the network’s gas-free RPC node and got the signature for the Axie DAO.Īt the time of writing, the RON token, which is Ronin’s native governance token, had dropped by over 20% over the past one hour. The Sky Mavi’s Ronin chain consists of nine validator nodes and five out of the nine are required to append their signatures for a deposit or withdrawal to be recognized. All of the AXS, RON, and SLP on Ronin are safe right now.Īccording to an official communication of Ronin Network on Substack, the hacker managed to take over the control of four of Sky Mavi’s Ronin validators together with a third-party validator managed by the Axie DAO. We are working with law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed. Ronin however said in the Twitter thread touching on the exploit that its team is working with “law enforcement officials, forensic cryptographers, and our investors to make sure that all funds are recovered or reimbursed.” It also said that “all of the AXS, RON, and SLP on Ronin are safe.” The Ronin bridge and Katana Dex have been halted.įollowing the hack, Ronin bridge and Katana DEX have both been halted. The Ronin bridge has been exploited for 173,600 Ethereum and 25.5M USDC. Those who have piled into these yield farms early have done so out of the belief that Ronin appears poised to have a bright future.According to a tweet posted on Ronin Network’s official Twitter handle, the Ronin bridge has been exploited and 173,600 ETH and 25.5 million USDC coins worth about $612 million were stolen. RON isn’t live, so no one knows what the reward yields will look like for Katana stakers just yet. Notably, this campaign is distributing 10% of the planned 1B RON supply over the next three months. In order to bootstrap Katana with liquidity in its earliest days and start distributing RON to the Axie community, the game’s builders are running a liquidity mining program for Katana.Īs such, in exchange for users supplying assets to the DEX’s flagship AXS/WETH or SLP/WETH liquidity pools and thereafter staking their LP tokens, the program is allocating RON rewards now that will be claimable later. ![]() Still unreleased, RON is set to be the “ecosystem token” of Ronin and will be used to pay for transactions on the sidechain in the future. Of course, a major contributing factor to this surge is RON incentives. Indeed, it’s not every day you see a dapp reach $1B in total value locked (TVL) within one week! What is surprising, though, is the sheer volume and sheer rapidity of the growth. ![]() ![]() Additionally, DappRadar estimates that ~175k users have already interacted with the DEX.Īxie Infinity has a large international community of fans, so the fact that Katana has had early growth isn’t shocking. Katana crossed $100M in liquidity for the first time ever last Wednesday and by Friday that figure had grown 10x to +$1B. In the process, the bespoke DEX helps the leading NFT game become that much more self-sufficient. With Katana live, now users can affordably handle key trades, and even liquidity providing (LPing), directly on Ronin. That transaction flow was lanky and costly, which is where Katana comes in. Thus prior to Katana, players would have to bridge funds back to Ethereum and use a third-party DEX to make new trades. Remember, users can bridge assets like ETH, USDC, AXS, and SLP over to Ronin from Ethereum and vice versa as needed. Katana unsheathed Via of the main reasons Ronin exists is to serve as specialized infrastructure for providing Axie Infinity players with low-cost, high-speed transactions. ![]() The practical utility combined with RON farming has led to a major liquidity migration to the DEX in recent days. Note, Katana’s also initially being bootstrapped with rewards denominated in RON, Ronin’s upcoming native token. This is a UX gamechanger for the Axie economy! Katana is a decentralized exchange, or DEX, based on the tried and true Uniswap V2 design.Īccordingly, players can now easily provide liquidity for, or trade through, Axie Infinity’s AXS and SLP tokens on the game’s bespoke sidechain, Ronin. Last week, leading NFT game Axie Infinity launched Katana.
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