Axie Infinity’s Ronin Network Expands with New Games

Sky Mavis, the creator of the popular blockchain game Axie Infinity, has announced that it is expanding its Ronin Network with the addition of four gaming studios. The move is aimed at creating a native gaming ecosystem that is more community-centric, rewarding, and fun.

Axie Infinity has gained immense popularity in the blockchain gaming space, with over one million daily active users and a market capitalization of over $4.5 billion. With the addition of new games on the Ronin Network, the company aims to attract more users to the Web3 space and drive the adoption of blockchain gaming.

“With the upgrade to DPoS, we are ready to open up our infrastructure and technology to the wider Web3 world. We believe that this is the path toward creating gaming that’s community-centric, more rewarding, and above all, more fun,” said Sky Mavis.

The addition of new games to the Ronin Network is part of the company’s game studio strategy, which aims to attract both Web3 and Web2 users. By working with teams that have a history of Web2 user acquisition, Axie Infinity hopes to get blockchain games exposed to the masses and be a catalyst for more Web3 adoption.

“Our goal is to work with teams to build great games that not only attract Web3 users but also attract millions of Web2 users,” said Osgood, a representative of Sky Mavis.

Despite the recent crypto winter, many believe that more traditional gaming firms will eventually enter the NFT and blockchain gaming space. In a recent discussion among Web3 executives, the potential for mainstream gaming companies to jump in was discussed, with a focus on NFT gaming models like play-to-earn and move-to-earn.

With its continued success and expansion, Axie Infinity is poised to be a leader in the Web3 gaming space and a catalyst for more widespread adoption of blockchain gaming.

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Axie Infinity’s Home Ronin Network Suffers Over $600m in another DeFi Hack

The Ronin Network has suffered what is being tagged as the largest hack in the history of Decentralized Finance (DeFi), which funds in excess of $625 million carted away by the hackers.

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The Ronin Network’s official blog post shared that the hackers perpetrated the attack on March 23, even though it is just being discovered.

Ronin Network is an Ethereum sidechain that was created with Axie Infinity’s community in mind. It is the product of the search by the Axie Infinity team for a fast, cheap, and reliable network resident on the Ethereum blockchain. As detailed in the Ronin Network blog post, a total of “173,600 Ethereum and 25.5M USDC drained from the Ronin bridge in two transactions.”

“The attacker used hacked private keys in order to forge fake withdrawals. We discovered the attack this morning after a report from a user being unable to withdraw 5k ETH from the bridge,” the blog post reads.

As detailed by Ronin Network, a transaction can only be recognized by at least 5 out of the 9 validators’ signatures the protocol has. The network said the hackers “managed to get control over Sky Mavis’s four Ronin Validators and a third-party validator run by Axie DAO.”

The Ronin Network also explained that the “validator key scheme is set up to be decentralized so that it limits an attack vector, similar to this one, but the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator.”

The address of the hackers is a relatively new one. Fortunately, the majority of the funds stolen are still existing, minus the 6,250 ETH that has been sent to various other addresses. As confirmed in the blog post, transactions on the Ronin Network and the Katana Decentralized Exchange have been halted to allow joint investigation with relevant agencies.

Prior to this Ronin Network hack, interoperability blockchain, Poly Network ranked as having the largest hacked funds in DeFi history, however, the entire $610 million hacked was completely returned after a bout of interactions between the hacker and the Poly Network team.

Image source: Shutterstock

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