For the Ronin Bridge, Binance led a $150 million funding round for Sky Mavis, the developer of the popular NFT breakout game Axie Infinity. This money will be used to bring the bridge back to its original state. In more detail, Animoca Brands, a16z, Dialectic, Paradigm, and Accel were all there when the funding round took place.
The money will be used to pay back people who had their accounts hacked by the Ronin Validator. Sky Mavis will add 21 validators to its team. Finally, these validators are to be shared with people in the Axie community who are in charge of maintaining an open-source codebase.
Thanks to the new round, all users will get paid. The Ronin Network bridge will open after security is upgraded and some checks are done in a few weeks.
— Binance Labs Fund (@BinanceLabs) April 6, 2022
Binance has made it possible for customers to withdraw and deposit ETH and USDC, so they can make transactions. Once the Ronin Network bridge is up and running, users can easily get their money.
If the global ecosystem wants to keep growing, Binance CEO Changpeng Zhao said that they must work together, especially in the area of security. This is what they specialize in.
People who buy land NFT from Sky Mavis will be able to connect to Binance through the Mavis Hub. Trung Nguyen, the CEO of Sky Mavis, said:
With Binance’s help, we will be able to quickly increase the number of validators from five to 21 so that the Ronin network is safe. Starting tomorrow, Axie Infinity: Origin is going to be released. As a team, we’ve decided to focus on what’s next, starting with that. Binance NFT will also be a great partner for us in the future on new projects, too.
Axie Infinity has helped spread the use of NFT gaming platforms by having the largest NFT gaming ecosystem by the amount of money traded in it. When it comes to Axie Infinity, the most-anticipated Origin update has been put on sale in early access.