Ronin will move to Ethereum Layer 2 on May 12. The upgrade will lower inflation and improve blockchain security and scalability.

Ronin Moves to Ethereum Layer 2 With Major Upgrade on May 12

Ronin will move to Ethereum Layer 2 on May 12. The upgrade will lower inflation and improve blockchain security and scalability.

Ronin will complete a major blockchain migration on May 12. The gaming network will transition from a sidechain to a Layer 2 solution on Ethereum. Furthermore, the new system will be based on the OP Stack framework. Since 2021, Ronin has been a standalone blockchain for games. But now, developers are looking for more robust support of Ethereum and more scalability.

Ronin Network Will Pause During Migration Process

According to the developers of the Ronin network, the network will be offline for approximately 10 hours. At this time, all transactions will be temporarily halted throughout the blockchain. In addition, users are unable to make any transfers, swaps, or interactions with smart contracts during maintenance.

The outage will also impact blockchain games on the Ronin Network. Therefore, players may not access some on-chain game actions during the migration process. Developers have urged users to finish up key transactions before the downtime kicks in on May 12.

Reading more: Tokenization News: Ethereum Sees $8B Boom in Tokenized Treasuries — Market Doubles Fast – Ledger Tribune

The blockchain game Axie Infinity is the reason for Ronin’s popularity. Initially, the network’s mission was to facilitate quick and inexpensive gaming transactions. Consequently, numerous blockchain games followed suit in the ecosystem for reduced fees and faster transaction speeds.

But the developers of Ronin now think that Layer 2 technology on Ethereum is more beneficial in the long run. The migration will bring Ronin closer to the Ethereum’s bigger blockchain ecosystem. Furthermore, after the upgrade, developers can look forward to better compatibility with decentralized finance applications and NFT marketplaces.

Optimism’s technology will be used to build the new network structure. The OP Stack framework is designed to improve the efficiency of Ethereum networks in handling transactions. Thus, after successful migration, Ronin can hope for greater scalability and performance.

The upgrade will also help to lower down the inflation of RON tokens considerably. The current annual inflation is above 20% throughout the network. Developers, however, said that they expect inflation to be below 1% per year following the migration. This cut could help decelerate the growth in tokens in the future.

The lower inflation could also benefit the long-term stability of tokens held by investors. Furthermore, the new blockchain architecture may make it easier for validators to operate throughout the network. The developers of Ronin hope these enhancements will help the game expand in the future and draw in additional developers.

Ronin Continues Recovery After Massive 2022 Bridge Hack

Ronin had one of crypto’s biggest bridge security hacks in the past. Hackers have stolen almost $625 million from the Ronin Bridge platform in 2022. The exploit was one of the largest decentralized finance hacks in blockchain history.

The attack was directed at validator nodes that are linked to the Ronin Bridge system. Hackers were able to successfully withdraw significant amounts of Ethereum and USDC from the network. Later, the United States authorities traced the cyber attack to the Lazarus Group of North Korea.

Ronin halted bridge services and enhanced network security after the exploit. Additionally, Sky Mavis raised funding to repay affected users completely. The attack had a profound impact on the crypto industry, with several major firms stepping in to help with the recovery.

Since then, the developers of Ronin have been working tirelessly to enhance the security of the blockchain. The transition to Ethereum Layer 2 is one of the continuous efforts to improve.

Meanwhile, blockchain gaming has been on the rise despite the general crypto market turbulence. Many game projects are now opting for scalable networks that have lower transaction fees. Thus, Ronin is hoping that this move will help it gain a better foothold in the competitive blockchain gaming industry.

Now, Ronin users are getting ready for the upcoming downtime before the migration officially starts. Once the upgrade is successful, normal blockchain operations should be resumed, developers said. The crypto industry will be closely monitoring to see if the Ethereum Layer 2 transition will boost the future growth and security of Ronin.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top