Ronin Blockchain has announced an integration with Chainlink CCP, a blockchain oracle platform, to safeguard the cross-chain bridge of the Ronin network.
Ronin declared its intention to incorporate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) on October 10. According to the platform, the CCIP is an inter-chain messaging protocol that allows users to transmit communications, including transactions, to various blockchains.
Decentralized oracle networks are the driving force behind the CCIP, as they verify the validity of communications on both the sending and receiving chains.
Ronin validators voted to adopt the Chainlink CCIP
Ronin ultimately selected Chainlink’s CCIP as its canonical cross-chain infrastructure after conducting a three-phase selection procedure, according to Ronin.
Ronin stated that its integration with Chainlink will enhance the user experience, fortify its security, and open up resources to facilitate Ronin’s adoption.
Jeff Zirlin, the co-founder and chief growth officer of Sky Mavis, stated that Chainlink will contribute to the network’s improvement:
“Chainlink is battle-tested and the backbone of the world’s largest DeFi platforms. Ronin will become stronger and more secure from their contributions.”
According to Johann Eid, Chainlink Labs ‘ chief business officer, the team is enthusiastic about Ronin’s adoption of the CCIP.
“We are enthusiastic about the Ronin ecosystem’s decision to adopt Chainlink CCIP as the canonical cross-chain infrastructure of their network, which will significantly enhance the security of the network’s official bridge,” Eid stated.
Ronin emphasized in the announcement that users are not required to take any action to protect their tokens, as the integration will occur in the background. Efforts are underway to mitigate the effects of the CCIP integration on consumers, according to Ronin and Chainlink.
As Ronin stated, there will be no requirement for a user-triggered migration procedure for any of the current tokens on its blockchain.
The network clarified that the current Ronin Bridge will be converted to CCIP for its native cross-chain transfers, affecting all bridged crypto assets. The network announced that it would commence by facilitating transfers between Ronin and Ethereum.
Ronin stated that the migration is anticipated to be finalized within two to three months.
Enhancing security after Ronin Bridge Hack
One of the most significant breaches in the history of cryptocurrency is the Ronin Bridge hack of 2022. The assault led to the loss of over $600 million in crypto assets.
Ronin has since endeavored to enhance its security by augmenting its validator count. Also anticipated is the improvement of security for the Ronin Bridge through the new integration with Chainlink’s CCIP.
After the breach, Ronin collaborated with regulators to recover the stolen funds. Sky Mavis announced on June 7 that it had successfully recovered $5.7 million from the incident with the assistance of Norwegian authorities.
