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Axie Infinity’s Creator Sky Mavis Announced Plans To Reopen Ronin Bridge

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Coinflex Exchange Pauses Withdrawal Citing Extreme Market Conditions
  • Sky Mavis reported that the re-designed Ronin Bridge had passed an audit.
  • In April, the business received $150 million in further capital funding.

Axie Infinity’s creator, Sky Mavis, has announced plans to reopen the Ronin Bridge, which was hacked for $552 million in March. According to the most recent community update, the reopening of the Ronin Bridge, used by users to move assets between the Ronin chain and the Ethereum network, is scheduled for June 28th.

Certik Audit With Minor Changes Completed

According to the team, all node operators’ software will need to be updated as well since a hard fork is necessary for the bridge’s relaunch. In contrast, node operators who are not validators on the network will need to follow particular instructions provided by the developers to implement the system.

An estimated $552 million in Ethereum and USDC (at the time of the attack) was drained from the protocol by the Ronin bridge vulnerability at the end of March and was one of the biggest in the crypto industry.

Five of the network’s nine validator nodes, including four of Sky Mavis’ own validators, were apparently compromised by the attacker, who used stolen private keys to sign transactions. With minimal changes from Certik, Sky Mavis reported earlier this week that the re-designed Ronin Bridge had passed an audit.

Certik’s suggestions are being implemented, and the validator Governance Smart Contract will be deployed soon, Ronin stated on Tuesday. Sky Mavis has promised to either retrieve or repay the user monies that were taken as a result of the event. In April, the business received $150 million in further capital. Animoca Brands, Andreessen Horowitz, Paradigm, and others joined Binance in the fundraising effort.

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Decentraland Momentum Pushes MANA Into Consolidation Phase’s Higher Rung

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Decentraland

Decentraland (MANA) price has been steady in the range of $0.75 to $1.05 as it hovers with intensified upward movement.

  • MANA price on the daily chart is trying to hold the consolidation of the upper trendline from the lows seen on 2021
  • Decentraland price has managed to hover above 20 EMA and 50 EMA and warming up for the 100 and 200 DMA
  • MANA price has spiked by 0.13% and currently trading at $1.05

Decentraland (MANA) has been sitting within the same region since June 2022. While MANA is looking for ways to escape the consolidation phase, the bulls are unable to maximize their gains. On the other hand, bulls are headstrong to make a breach from the horizontal range.

Meanwhile, MANA’s price has been steady in the range of $0.75 to $1.05 as it hovers with intensified upward movement into the upper lane of the consolidation phase. In order for the token to soar above the restricted area, the bulls should firmly hold on to their posts at the trendline.

Decentraland (MANA) Price Surges 0.13%

According to CoinMarketCap, the MANA price has surged by 0.13% and is trading at $1.05 as of this writing.

Decentraland’s price has managed to jump from $1.037 to $1.05 in the past few hours which also registered an increase in the market value of 4.90%. More so, the intraday trading session also logged a spike of 2.76% in terms of the trading volume.

The above figures imply that investors are trying to help out MANA to exit from being pinned into the consolidation phase.

MANA Trying To Breeze Past Consolidation Phase

Judging by the daily price chart, it looks like MANA price is trying to breach the consolidation phase. In order to do so, MANA bulls must put their heads together to successfully bolster the breach of the token. On the other hand, due to the increase in trading volume, the bears can easily interfere and stop the bulls at any time.

Now, for MANA to cleverly breeze past the horizontal range, they must be up to speed. The good news is that technical indicators show MANA’s heightened momentum. The token’s RSI is at 59 and is moving near the overbought levels.

This popular metaverse project has experienced extreme volatility like other digital assets, especially in the gush of the crypto winter. More so, MANA price has been bearish since May 2022 exhibiting fluctuations or highs and lows and has not shown a steady gait. It had its ATH of $5.90 which is 81.66% lower compared to its current value.

MANA total market cap at $1.85 billion on the daily chart | Source: TradingView.com

Featured image from Voonze, chart from TradingView.com
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Is Ethereum Being Rejected At $2k USD Price Level?

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Is Ethereum Being Rejected At 2K Usd Price Level?