After a 10 hour network shut down, Ronin L2 was migrated to its new home on May 12. This marked the end of four years spent as a “sidechain”.
You can read more about it here:
- Ronin performed its hard-fork at the block number 55,577.490 on 12 May, completing a 10-hour downtime to OP Stack Ethereum Layer 2.
- Under a new Proof of Distribution system that rewards active stakers over passive builders, RON token inflation falls from above 20% to under 1%.
- The migration of data was made possible by partners including Optimism Conduit Boundless EigenLayer and EigenLayer. EigenDA managed the off-chain availability.
This hard fork was executed on block 55 577 490, on 12 May, converting the Ethereum layer 2 gaming blockchain, which had been an EVM-based sidechain, into a fully Ethereum layer 2, built using Optimism’s OP Stack. Sky Mavis’ co-founder Jihoz announced In the run-up to the Network’s entry “hibernation” Users and players can relax for 10 hours without any action from them.
Ronin is the latest in a long line of purpose-built blockchains that operate under Ethereum through its OP Stack. “Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network,” Teamwork is important said You should announce the migration when you first do it. “The time has come to plug back into the mothership.”
Hard forks: What’s new?
Under the Proof of Distribution Model, RON inflation drops from 20% to 1% annually. 90,000,000 RON tokens that were previously designated for passive stake are now directed towards the Ronin Treasury. Market fees are increasing from 0.5 to 1.25 percent, and sequencer profits on Layer 2 will be deposited into the treasury.
Ethereum will provide settlement and finality while EigenDA manages off-chain data. Partner companies include Optimism Conduit Boundless and EigenLayer supported The migration is complete, and Ronin can now be integrated with Ethereum’s DeFi ecosystem.
All nodes running old software were disconnected once the new chain became active. Ronin has confirmed that during the downtime all the games in the network including Axie Infinity & Pixels suspended the on-chain and resumed it immediately.
Why migration has happened now
Ronin is no longer vulnerable to Lazarus Group, a $625 million company. bridge exploit The largest DeFi Bridge hack ever recorded will take place in March 2022. The fact that it was an independent, sidechain and had only nine validators led to a centralised system of security. Ethereum’s Layer 2 settlement can directly solve this by inheriting its base chain’s level of security.
Under the new structure of governance, token weighted voting will be used to give RON holders direct control over treasury decision-making, buybacks and DeFi projects. Ronin plans to use Uniswap v3 post-migration as the canonical DEX, backed up by a $1.55 million incentive program for liquidity to boost DeFi activities on the upgraded network.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
