The Ronin network has officially adopted Chainlink’s Cross-Chain Interoperability Protocol (CCIP) after receiving approval from its validators.
This integration allows Chainlink to strengthen the security of the Ronin Bridge, which facilitates the transfer of assets between the Ronin chain and the Ethereum network.
Chainlink to Help Secure the Ronin Bridge
Chainlink’s CCIP was voted as the choice security solution after a three-phase selection process involving LayerZero and Axelar. It follows a proposal on the Ronin network’s Discord channel, which validators have since approved amid a shared need for significantly increased security of assets bridged.
Prioritizing security, the Ronin ecosystem validators targeted certain specific properties unique to Chainlink CCIP. These include its transaction integrity property achieved via multiple decentralized oracles and customizable security features.
Chainlink CCIP also enables arbitrary messaging, programmable token transfers, and future-proof adaptability for developers looking to innovate in cross-chain interoperability.
“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. Beyond cross-chain interoperability, we are keen to work on integrating Chainlink’s suite of Oracle services that will serve as an important foundation for the next phase of DeFi growth on Ronin,” said Phuc Thai, Head Researcher at Sky Mavis, Axie Infinity’s developer.
Read more: What Is Chainlink (LINK)?
With the adoption of Chainlink’s CCIP, the Ronin network gains enhanced cross-chain security. CCIP utilizes multiple Decentralized Oracle Networks (DONs) and an independent Risk Management Network, offering top-tier security features like high-quality node operators, rate-limiting, and time-locked upgrades.
Additionally, the Ronin network can leverage Chainlink’s off-chain data and compute solutions to support its developer ecosystem. All tokens on Ronin will undergo a user-triggered migration, requiring no action from token holders, as the integration aims to minimize user impact.
“All assets bridged via the existing Ronin Bridge will be upgraded to use CCIP for native cross-chain transfers. It will start initially with support for transfers between Ethereum and the Ronin Network. The expectation is for the full migration to happen over the next 2-3 months,” a statement in the Ronin Discord read.
Chainlink Industry Standard Services Drive Partnerships
The Ronin network’s need for a cross-chain security solution followed the recent attack on its bridge. As BeInCrypto reported, the Ronin Bridge lost 3,996 ETH worth $9.33 million in early August to a hack. The incident added to the list of attacks on the Ethereum sidechain. This is after another exploit in 2022, where $600 million was lost after hackers accessed private keys to its validator nodes.
“Axie/Ronin is a cursed project I swear — Ronin bridge $600 million hack March 2022 — Axie/Ronin co-founder $9.7 million hack February 2024 — Now this bridge incident,” ZachXBT remarked recently.
This series of attacks raised questions. However, the Ronin network is not alone in adopting Chainlink’s CCIP for enhanced protection. Hong Kong’s IDA Finance also integrated Chainlink’s Proof of Reserve (PoR) and CCIP to boost the transparency and accessibility of its HKDA stablecoin. In this case, CCIP secures cross-chain data and value transfers.
Other notable collaborations include Swiss cryptocurrency custody and trading firm Taurus, and Bedrock, a liquid restaking protocol. Bedrock’s integration of CCIP came after a significant exploit on September 26 involving its staked wrapped BTC token, uniBTC.
Read more: What Is Blockchain Interoperability?
Sony’s Soneium also integrated Chainlink’s CCIP as its core infrastructure to support blockchain growth across multiple chains. These developments highlight how Chainlink’s industry-standard services continue to attract partnerships.
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