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Ronin adopts Chainlink CCIP to enhance bridge security

Ronin adopts Chainlink CCIP to enhance bridge security

GrafaGrafa2024/10/10 23:30
By:Mahathir Bayena

The Ronin (CRYPTO:RON) network has officially adopted Chainlink’s (CRYPTO:LINK) Cross-Chain Interoperability Protocol (CCIP) to strengthen the security of its bridge that connects the Ronin and Ethereum (CRYPTO:ETH) networks. 

This decision followed a three-phase selection process, where Chainlink’s decentralised oracles were chosen to safeguard cross-chain asset transfers. 

The adoption of Chainlink’s CCIP comes after Ronin validators approved the integration, prioritising security following past hacks on the Ronin Bridge. 

One of the key reasons for selecting Chainlink was its unique security features, such as multiple decentralised oracles, transaction integrity, and the ability to implement customisable security measures. 

According to Phuc Thai, Head Researcher at Sky Mavis, the developers behind Axie Infinity (CRYPTO:AXS), “Out of all the solutions available on the market, adopting Chainlink CCIP as Ronin’s canonical cross-chain infrastructure was an obvious choice. This is given the protocol’s unparalleled security features and reliability track record.” 

The Ronin Bridge previously experienced a series of security breaches, including a $600 million hack in 2022 and another incident in August 2024 where it lost 3,996 ETH worth $9.33 million. 

This raised concerns over the security of the bridge, prompting the need for a more secure solution. 

The transition to Chainlink’s CCIP will involve a user-triggered migration of all tokens currently bridged on the Ronin network. 

This migration is expected to take place over the next 2-3 months, with support initially for transfers between Ethereum and Ronin. 

In addition to improving security, Chainlink’s CCIP will allow Ronin developers to access advanced cross-chain capabilities, such as programmable token transfers and off-chain data solutions, ensuring a secure and scalable environment for future development.

At the time of writing, the Ronin price was $1.47, and the Chainlink price was $10.50.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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