Latest Developments in the Ronin Network
Recently, Ronin Network managed to recover approximately $10 million in digital assets lost to an MEV exploit. This significant recovery was accomplished with the help of whitehat hackers who returned around 4,000 Ethereum taken from Axie Infinity’s Ronin Bridge due to a Maximum Extractable Value (MEV) bug.
The Significance of MEV in Crypto Transactions
MEV, which stands for Maximum Extractable Value, refers to the maximum value that miners or validators can extract from ordering transactions without requiring permission. This concept has been likened to an “invisible tax” collected by sophisticated on-chain actors and is a topic of much discussion within the crypto community.
Implementing Enhanced Security Measures
In light of the recent incident, Ronin Network has announced plans to audit its bridge and introduce a new system for its cross-chain transaction terminal to prevent similar incidents from occurring in the future. The project aims to shift away from its current structure and work with Ronin validators to onboard a new solution to enhance security.
